Vietnamese Fintech Startup MFast Expands to the Philippines
MFast, a leading agent banking aggregator platform that focuses on providing financial services to underserved communities, has officially launched in the Philippines. This move comes less than a year after the Vietnam-based fintech startup secured million in funding to support its expansion across the region.
The platform offered by MFast plays a vital role in the finance, banking, and insurance sectors by incorporating advanced technologies like AI to ensure trust and integrity within its network.
Following a successful Series A funding round in August 2023, where MFast secured million (approximately P345 million), the company has entered the Philippine market. The funding round was spearheaded by Wavemaker Partners LLC, a Southeast Asian venture capital firm co-led by Filipinos Paul Santos and Eric Manlunas.
In Vietnam, MFast boasts of being the largest sales agent network for financial services, utilizing a learn-practice-earn framework for its agents. The platform has a wide reach across all 63 provinces in Vietnam, employing a vast network of agents to fill the gaps in traditional field sales models.
MFast’s Co-founder and CEO, Phan Thanh Long, expressed his excitement about expanding to the Philippines, a country known for its vibrant culture and resilient people. He highlighted the potential of financial tools to create positive transformations in people’s lives, citing the success of MFast agents in Vietnam who earn significantly higher than the national average salary.
With seasoned banker Carolyn Rose G. Lao leading the Philippine operations, MFast aims to promote financial literacy and inclusion in remote areas through its tech-based agent banking model. This approach targets regions that are typically excluded from the formal financial systems due to their geographical locations.
Phan emphasized that MFast’s entry into the Philippines represents more than just business expansion. It symbolizes a commitment to fostering financial empowerment and independence among Filipinos, laying the foundation for a brighter future filled with opportunities for personal growth and development.
