Kredivo announces launch of Việt Nam operations as part of ambition to build Southeast Asia’s leading BNPL

August, 27/2021 - 10:00

As one of Southeast Asia’s fastest growing and most promising digital economies, Việt Nam represents significant growth potential for Kredivo

Jakarta - Ho Chi Minh City - Following the recent announcement of its plan to become a publicly traded company, Kredivo, Indonesia's leading digital credit platform, today announced its market entry into Việt Nam through a Joint Venture with Phoenix Holdings, a pioneering family investment office based out of Viet Nam with a diversified portfolio in consumer, financial services, retail and technology sectors. The Vietnamese entity, Kredivo Vietnam Joint Stock Company, will be able to leverage Kredivo’s extensive PayLater expertise as well as Phoenix Holdings' broad local network and know-how.

Kredivo's Chief Operating Officer Valery Crottaz said: “The launch of Kredivo in Vietnam, our first market outside of Indonesia, is another key achievement and milestone for the business this year. Việt Nam was as a logical choice given the low penetration of credit cards in the country and a rapidly growing middle class; the fast growing e-commerce market; and the similarities in demographic and consumption patterns to Indonesia.’’

Nguyen Lan Trung Anh, CEO of Phoenix Holdings said: “Kredivo and Phoenix share a mutual vision of financial inclusion and access. Together we want to make credit and financial services more easily available to those who qualify for and need it. In Việt Nam, with a golden generation that is upwardly mobile and digital native, our services like Buy Now Pay Later will cater to consumer needs where other credit services come with unreasonably high barriers. As in other markets, we believe BNPL will unlock and catalyze another important growth stage in the Việt Nam economy.”

In Việt Nam, Kredivo will partner with VietCredit Joint Stock Company, a leading finance company, to operate Kredivo’s PayLater business in Việt Nam. Kredivo's core products will be launched in stages, starting with bill payments for daily needs and personal loans, to be followed by e-commerce BNPL (Buy Now, Pay Later) in Q4, 2021.

VietCredit’s Chief Executive Officer Hồ Minh Tâm said: “We’re incredibly excited about applying the Kredivo Digital Lending platform to VietCredit’s new products. We believe that collaborating with Kredivo in a spirit of open innovation is a powerful driver of digital transformation and can offer better products and services to customers, and thus improve customer experience as well as gain a competitive edge.”

Recent data shows that Việt Nam is one of the countries with the lowest credit card penetration in Southeast Asia, besides Indonesia and the Philippines, with only 4.1 per cent of the population owning a credit card. In addition, the credit gap and lack of knowledge about digital payments is a challenge in the country and has resulted in the majority of transactions being carried out in cash. This expansion signifies that Kredivo's mission is getting closer to serving tens of millions of consumers with fast, affordable and easy-to-access financial services.


About Kredivo

Kredivo is the leading digital credit platform in Indonesia that gives customers instant credit financing for ecommerce and offline purchases, and personal loans, based on real-time decisioning. Kredivo users can buy now and pay later with one of the lowest interest rates amongst digital credit providers in the country. Kredivo’s merchant partners benefit from instant point-of-sale financing, powered by its unique 2-click checkout. Kredivo is operated by FinAccel, a Singapore-headquartered financial technology company backed by leading investors such as Mirae Asset, Naver, Square Peg Capital, MDI Ventures, and Jungle Ventures, among others. Kredivo is supervised by OJK’s multi-finance division in Indonesia. To learn more about FinAccel and Kredivo, visit and

About Phoenix Holdings

Phoenix Holdings is a pioneering family investment office based out of Việt Nam with a diversified portfolio in consumer, financial services, retail and technology sectors. Its investments include "bricks & mortar" licensed businesses in the financial sector (banking, consumer finance, asset management and securities brokerage) as well as fintech ventures such as Timo (a digital bank), Moca (a payment company acquired by Grab) and Interloan (a P2P lending platform).

About VietCredit

On August 3, 2018, VietCredit Finance Joint Stock Company officially appeared on the consumer finance market. It was formerly known as Cement Joint Stock Company, with 10 years of operating in general financial service. VietCredit is taking advantage of technologies, particularly AI and big data, to develop financial products suitable for Vietnamese consumption demands. Currently, the company highlights itself as a pioneer in providing consumer finance solutions through the Card Loan (Revolving Loan). This is the first type of Card Loan in the market that offers a simple procedure, short approval time and transparent interest rate without any fees. VietCredit always strives to use the latest technology to continually develop new products and services to keep up with changing consumer wants and needs. To learn more about VietCredit, visit and