Financial Inclusion firm Doreming Secures Partnership with Leading Vietnamese retail bank Lien Viet Post Bank and Mitsui Knowledge Industry
News on 19th September 2017
Doreming, the Japanese financial inclusion firm and member of Innovate Finance, today announced it has signed a Memorandum of Understanding (MOU) with Lien Viet Post Bank, a leading leading retail bank and Mitsui Knowledge Industry (MKI), a wholly-owned subsidiary of Mitsui & Co. As part of the agreement, Doreming will build a solution for managing and paying wages to workers in Vietnam through Lien Viet Post Bank’s Vien Viet non-physical card.
Doreming, a Japanese FinTech firm based in London and Tokyo, offers an innovative service that provides businesses with a solid HR platform and enables workers to receive pro-rata payments, easing cash flow problems for those who find themselves trapped by limited salaries and payday loans, particularly in developing countries.
In the initial phase, the parties agreed on a plan for the development and implementation of the Proof of Concept (PoC) program with the objective of conducting a feasibility study among the parties. MKI supports marketing activities and localisation in Asia to commercialise Doreming. MKI plans to introduce a number of Japanese enterprises based in Vietnam that demand Doreming’s human resources management solutions, real-time payroll system and early access to earned wages for employees through the Vien Viet card, which can be used at 12,000 locations.
Lien Viet Post Bank is one of the leading Vietnamese retail bank that has assets over USD 6,400 million and is striving to become “A bank for everyone.” The number of Vien Viet subscriptions is currently 1.4 million, aiming 2 million by the end of 2017.