IRVINE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) — Vemanti Group, Inc. (OTCQB:VMNT) (“Vemanti”) announced today that it has signed a Fintech and Banking-as-a-Service (“BaaS”) business cooperation Memorandum of Understanding (“MOU”) with Vietnam Public Joint Stock Commercial Bank (“PVcomBank”) to jointly develop financial products and banking solutions for the underserved consumers and small businesses in Vietnam.
PVcomBank is a fully licensed and regulated bank in Vietnam with comprehensive core banking products and services. It has a network of 109 transaction offices in major provinces and cities in Vietnam that provide a wide range of products services for its individual and corporate clients. In recent years, it has made significant progress in the digital banking segment, bringing superior financial products and services to customers while also enhancing their experience. PVcomBank has received numerous awards from prestigious international financial institutions, including “Most Innovative Digital Bank – Vietnam, 2020”, “Best Bank for Customer Services in Vietnam for 2021”.
According to the signed MOU outlining the partnership, Vemanti will gain access to the technical know-hows and banking expertise of PVcomBank via the latter’s bank license, core banking services, and an existing technology platform purpose-built for API-based integration. The partnership’s mission is to develop, demonstrate, and provide innovative, tech-driven, embedded financial and banking services to customers without requiring them to go into a physical branch to become registered bank customers. A market study to assess the business opportunity and commercial feasibility of the planned services will be jointly carried out by both parties. Once launched, the on-demand commercially-ready banking services from PVcomBank will be accessible via Application Programming Interfaces (APIs) and offered as Vemanti-branded products in its ecosystem. It is aimed to be a cost-effective and efficient approach to bring banking services to the underserved consumers and small businesses compared to traditional banking products that are either under-penetrated or under-marketed.
The MOU is only the beginning. Both parties plan on establishing deeper collaboration down the line to further tackle existing and incoming challenges by leveraging technology to increase efficiency, especially in cross-border transactions.
About Vemanti Group, Inc.
Vemanti Group, Inc. (OTCQB:VMNT) is a technology-driven company that seeks to become active in high-growth and emerging markets. The Company’s mission is to advance financial inclusion for the unbanked, underbanked consumers and businesses of the world. It is focused on building a financial ecosystem based on innovative fintech and blockchain applications. To learn more about VMNT, visit https://www.vemanti.com/
Vietnam Public Joint Stock Commercial Bank (PVcomBank) was founded on September 16, 2013 as a corporate amalgamation between PetroVietnam Finance Joint Stock Corporation (PVFC) and Western Joint Stock Commercial Bank (WesternBank). On October 1, 2013, PVcomBank officially operated with a charter capital of 9,000 billion VND and total assets of more than 100,000 billion VND. Up to now, PVcomBank has developed a strong network of 109 transaction points with more than 4,000 employees. With the mission “Bank Without Distance”, PVcomBank always aims at building an image of a friendly, dedicated bank, working for the success of customers. We are committed to become the best bank in providing services following social standards. With a professional working environment, taking customers’ and partners’ benefits as the main target, at the same time, implementing corporate social responsibility, PVcomBank hopes to bring benefits to employees, community, and value added to shareholders. We were named as one of the Top 500 Fastest Growing Enterprises in Vietnam (FAST500) by the Vietnam Report JSC and the VietNamNet e-newspaper on March 10, 2021. To learn more about PVcomBank, visit https://www.pvcombank.com.vn/
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s Form 10 filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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