IRVINE, Calif., March 21, 2022 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. ("Vemanti” "Vemanti Group” or the "Company”) (OTCQB: VMNT) today announced it has entered into an official 10-year agreement with Vietnam Public Joint-stock Commercial Bank ("PVcomBank” or the "Bank”) to launch one of the first Small-to-Medium Enterprise (SME) digital banking (aka neobanking) solutions in Vietnam. This agreement signals a major collaborative step forward for the two parties, which signed a Letter of Intent (LOI) earlier this year. Leveraging PVcomBank’s dominant incumbent position, Vemanti plans to utilize cloud computing, API, automated KYC/AML, Artificial Intelligence, Machine Learning, and blockchain technologies to power its new digital-first platform.
PVcomBank, fully licensed and regulated by the State Bank of Vietnam, is a state-owned bank with comprehensive core banking products and services. The Bank is focused on spearheading digital banking services and will now jointly share this pursuit with Vemanti Group, which will help power a unique hybrid neobanking model. This unique omnichannel banking approach will allow customers to utilize a full range of digital services at their convenience powered by the Vemanti platform, while also having the ability to take advantage of PVcomBank’s physical branch locations for in-person support if needed.
"We’re excited to take this next step with Vemanti Group as we now look to actively build our joint platform and begin onboarding customers in the near future,” stated Ha Viet Nguyen, Deputy CEO from PVcomBank. "Our physical banking presence in Vietnam combined with Vemanti’s forward-thinking platform will give businesses a tech-forward, adaptable solution to their banking needs.”
Vemanti will utilize PVcomBank’s industry-leading banking expertise to provide SMEs in Vietnam with an innovative digital-only financial solution via PVcomBank’s existing core banking system. As part of this new digital-first model, the Vemanti-branded banking platform will allow customers to sign up for accounts and get access to services entirely online, while still having the option of visiting a convenient branch location if needed. All customers will have access to tailored banking services and financial products able to be seamlessly integrated into their business operations.
"This agreement signals the next phase of growth for Vemanti Group,” said Tan Tran, CEO of Vemanti Group. "Vietnam remains one of the fastest growing world economies with a well-educated workforce and mostly young population of nearly 100M people. Today, SMEs account for more than 41% of its GDP which is projected to trend around 310B USD in 2022 and 340B USD in 2023. By leveraging our core competencies in this space, we’re able to create an entirely new banking experience for the underserved entrepreneurs and business owners. We believe our tech-driven but human-led formula is the right approach to accelerate digital transformation initiatives and to seamlessly drive customer engagement. We are looking forward to working with PVcomBank and combining our unique expertise to better address the banking needs of customers in Vietnam and beyond.”
PVcomBank has a network of 108 transaction offices in major provinces in Vietnam, and provides a wide range of products and services, that fully meet the demands of personal and corporate customers. The company is focused on bringing the best financial services and products while continually increasing value for its shareholders. In 2021, PVcomBank was ranked "The Best Digital Bank in Vietnam” and also one of the "Top 100 Strongest Brands in Vietnam”. Both Vemanti and PVcomBank look forward to contributing to the global movement of digital transformation in banking.
For more news and updates, shareholders and prospective investors are encouraged to follow @Vemanti on Twitter (https://twitter.com/Vemanti).
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, equivalent to 390M USD & 4.4B USD. Up to now, PVcomBank has developed a strong network of 109 transaction points with more than 4,400 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 becoming 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.
Vemanti Group, Inc.
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