Consumer finance groups tap new funds 21:26 | 25/05/2021
Lenders are more likely to try and capitalise on overseas experience. Photo: Le Toan
In April, Japanese financial institution Sumitomo Mitsui Financial Group â which is the parent of Sumitomo Mitsui Banking Corporation (SMBC) â successfully acquired 49 per cent in Vietnamâs largest consumer finance company FE Credit in a $1.4 billion deal â the largest financial merger and acquisition (M&A) deal in Vietnam.
Accordingly, FE Creditâs valuation is estimated to be around $2.8 billion, which is higher than mid-sized banks in Vietnam such as VIB, HDBank, SHB, and OCB.
According to an integrated service provider of financial data FiinGroup, FE Credit has a price-to-earnings (P/E) ratio of nearly 22 with a price-to-book (P/B) ratio at 3.4, which is nearly 40 per cent higher than the average transactions involving consumer finance companies in the past few years. The price i
Fraudulent digital apps stalk, rob Vietnamese netizens
By Dat Nguyen May 3, 2021 | 08:00 am GMT+7
The interface of Coolcat. Photo by VnExpress/Luu Quy.
Investment platforms offering quick, handsome profits are mushrooming in Vietnam as fraudsters look to take advantage of gullible social media users.
Over 700 reports have recently been filed with HCMC police by thousands who have been tricked by smartphone app Coolcat. The extent of fraud is estimated at VND200 billion ($8.7 million), the police said.
This is just one of many apps that have made their appearance in Vietnam recently, aiming to trick investors with promises of quick and easy profits.