Trusting Social seeks cooperation opportunities with companies under CMSC
CMSC On the morning of July 30, Chairman of the Commission for the Management of State Capital at Enterprises (CMSC) Nguyen Hoang Anh worked with a delegation from the fintech company Trusting Social, led by its founder and chief executive officer (CEO) Dr. Nguyen An Nguyen.
Briefly introducing Trusting Social, Dr. Nguyen An Nguyen said the company was established in June 2013 in the US. Trusting Social’s first application was in the field of consumer credit with the development of a credit scoring system that combines artificial intelligence (AI), big data and data from social networks, websites and cellular data, targeted at three billion customers from emerging markets. This group of consumers cannot be assessed with traditional credit systems due to a lack of credit history.
Dr. Nguyen An Nguyen said that during the time working abroad, he found that people in developing countries often meet difficulties in seeking access to credit due to a lack of necessary data for financial trust assessment. According to him, technological revolutions have created vast data resources for each resident, which can be used to measure financial trust, helping people access credit resources.
|Dr. Nguyen An Nguyen, the founder and CEO of Trusting Social|
Dr. Nguyen An Nguyen added that Trusting Social currently has a staff with about 250 members, and most of those involved in product research and development are Vietnamese scientists. In the Vietnamese market, Trusting Social has cooperative relations with the Military-run Industry and Telecoms Group (Viettel) and the MobiFone Corporation.
|Mr. Nguyen Huu Quang, CEO of Trusting Social Vietnam|
Mr. Nguyen Huu Quang, the CEO of Trusting Social Vietnam, said that the data for credit scoring of more than 500 million people all over Asia enable Trusting Social to access millions of consumers immediately. This provides financial institutions with opportunities to increase credit in the future. With its technologies, Trusting Social can identify potential customers, forecast customer demand and propose suitable pricing policies for each product and service at each point of time, as well as forecast risks according to each customer in order to propose suitable credit and interest rate policies.
|Chairman of the Commission for the Management of State Capital at Enterprises Nguyen Hoang Anh|
Highly appreciating Trusting Social’s products, CMSC Chairman Nguyen Hoang Anh said that consumer credit is not a concept only in the finance and banking sector but can also be applied in other areas such as rail, land and air transport, and services related to energy consumption. He believed that in the era of Industry 4.0, Trusting Social can cooperate with companies under the CMSC to contribute to improving the lives of Vietnamese people.
|Mr. Nguyen Tuan Anh, Deputy Head of the CMSC Office|
Mr. Nguyen Tuan Anh, Deputy Head of the CMSC Office, discussed with representatives of Trusting Social matters related to information security and the ability to compete with similar products in the market as well as effective ways of cooperation between Trusting Social and companies under the CMSC.
|Mr. Tran Cong Hoa, Executive Deputy Director of the CMSC’s Information Center|
Mr. Tran Cong Hoa, Executive Deputy Director of the CMSC’s Information Center, said that the Commission’s policy is making the most of science and technology to enhance the effectiveness of management as well as production and business activities at companies under the Commission. Big data technologies can be applied in a wide range of fields and sectors. Therefore, Trusting Social can persuade businesses and customers of the good effects as well as the benefit of applying these technologies. The CMSC is willing to assist the company by connecting it with Vietnamese businesses and helping it learn about their specific demands.
At the meeting, CMSC Chairman Nguyen Hoang Anh suggested that Trusting Social can organize a workshop to introduce its products to Vietnamese companies.