Digital financial ecosystem expands access to formal credit sources

Illustration photo. Source: Internet

According to updated data from the State Bank, as of December 7, system-wide credit grew by 12.5%, significantly higher than the more than 9% growth rate in the same period in 2023. At the end of the year, credit demand continued to increase sharply, not only from businesses but also from individuals for consumption and investment purposes.

Despite the high demand for credit, a large segment of the population, especially in remote areas and low-income groups, still faces difficulties in accessing formal credit sources. According to a survey on vulnerable groups and low-income people by EY Vietnam, up to 42% of respondents said they had used informal services such as borrowing from acquaintances, hot loans, and playing savings and loan association. within the past year. These people face high costs and great financial risks.

Therefore, the emergence of black credit with easy loan packages has attracted many people, despite the 'exorbitant' interest rates, unclear terms and high risks. Thus, providing transparent and accessible financial solutions has become an urgent need to meet the market and ensure financial security.

The Viettel Money digital financial ecosystem appears as a comprehensive solution, helping a wide range of customers access legitimate and safe financial services. With the advantage of technology and a wide network, this platform simplifies the lending process, creating conditions for all customers, even in difficult and remote areas, to conveniently access legal financial services.

Viettel Money does not require collateral or complicated procedures. Users only need to have citizen identification information (CCCD), no need to prove financial status, after a few operations on the application, they can register for loan packages. All transactions on Viettel Money are secure and transparent, ensuring the rights of users. The platform also provides detailed information on interest rates, fees and contract terms, does not incur additional loan fees, helping people avoid black credit traps.

Viettel Money's 'Fast and flexible loan (Cash Loan)' package is highly appreciated by customers because it provides loans of up to 30 million VND, with a maximum loan term of 24 months.

In addition, the Vietnamese financial market is witnessing a major change as digital transformation gradually becomes the main trend. With the mobile Internet subscription rate reaching over 90% of the population, digital financial platforms such as Viettel Money are increasingly facilitating financial inclusion for everyone. Not only serving basic financial needs such as bill payments and money transfers, this platform also popularizes financial services to vulnerable groups, such as freelancers and small businesses. This is a group of people often overlooked by traditional credit institutions, but is a potential source of customers on digital financial platforms.

By expanding its scope of operations and diversifying its services, Viettel Money is bringing practical benefits to users, contributing to the fight against black credit and at the same time contributing to the universalization of digital finance.