Vietnam-based fintech firm MFast has launched in the Philippines with the aim of providing financial products and a sustainable career pathway to Filipinos, according to an announcement.
The fintech firm will operate under the guidance of Carolyn Rose G. Lao, a veteran in the local financial services industry.
The Vietnamese firm seeks to replicate its success in Vietnam by introducing its business model of learn-practice-earn framework, which allows individuals from diverse backgrounds to become all-in-one agents.
“The launch of MFast in the Philippines is a strategic move to mirror the success achieved in Vietnam and to positively influence the lives of Filipinos,” the Vietnamese startup said.
Set up in 2017 by founders Phan Thanh Long and Phan Thanh Vinh, MFast claims that it has 160,000 active agents to serve customer needs, especially in tier-2 and tier-3 cities, in Vietnam.
Through MFast, these agents acquire a deep understanding of financial services and are provided with a full-fledged agent app to earn significant supplementary income.
These agents provide crucial services in finance, banking, and insurance, thereby fostering a wave of financial education and opportunity throughout their communities, the company said.
Notably, some agents on the MFast platform in Vietnam can earn more than 100 million VND monthly (around 225,000), ten times the average salary in the country, it added.
As MFast expands, the Phan brothers remain committed to their original vision, which is making financial tools and knowledge universally accessible, thus enhancing financial literacy and overall well-being.
In August last year, MFast announced raising $6 million in a Series A funding round led by Wavemaker Partners, with participation from new investors Finnoventure Fund I and Headline Asia.
It was during this funding round when MFast CEO Long Phan disclosed the company’s plans to expand to the Philippines.
The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, has set a goal of having 70% of adult Filipinos in the financial system as part of its financial inclusion goal.