Ho Chi Minh, September 8th, 2022, KMS Solutions announced a partnership with axefinance to introduce a digital lending solution, Axe Credit Portal (ACP), to its Digital Bank suite. The cooperation agreement between the two parties is expected to increase opportunities for businesses by digitalizing lending services while accelerating the growth of the Lending market in the APAC region.
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According to the report of Grand View Research, the global digital lending platform market size is anticipated to reach USD 44.50 billion by 2030, registering a compound annual growth rate (CAGR) of 25.9% from 2022 to 2030.
The report of Agribank indicates that as a consequence of the Covid-19 crisis on business performance and household incomes, lending during recovery and beyond is recognized to constantly increase, with credit of the whole economy reaching over VND 11.4 quadrillion at the end of the fiscal year 2022, increase by 9.35%. In addition, the ongoing economic uncertainty may increase credit risks and reduce the realizable value of conventional recourse sources in the case of default.
In response to this situation, TPBank, VIB Bank, VP Bank, and many other financial institutions in Vietnam have already adopted digital credit models to support payments, credit information, and secured transactions.
Thus, the online lending platform for banks and financial institutions is expected to grow shortly since it simplifies the lending process and gives borrowers transparency, resulting in substantial time savings and boosting the likelihood of successful loan approval.
Among various digital lending solutions, Axe Credit Portal (ACP) – an end-to-end loan origination software powered by axefinance is the prominent one. With more than 18 years on one and only core business – the lending digitalization – confers axefinance an edge of expertise in this area. Axefinance addresses every lender’s need to automate the entire credit lifecycle from initiation to servicing, including banks, NBFI, microfinance, and BNPL business.
By reinvesting more than 40% of the company’s turnover in the R&D department, ACP has adopted cutting-edge technologies to automate the credit lifecycle efficiently. As a highly flexible Artificial Intelligence (AI)-based credit process automation platform, it covers the entire credit lifecycle, including KYC and Onboarding, Credit Origination and Scoring, Approval & Automatic Decision, Limits and Collateral management, Collection, Post-disbursement, and Loan Services. ACP is a future-proof solution offering scalability, flexibility, and self-sufficiency to financial institutions to increase customer satisfaction, maximize operational efficiency, and ensure time-to-market while constantly innovating to meet the trends.
The digital banking space in Vietnam is thriving on the back of rapid Fintech adoption, a booming e-commerce industry, and the COVID-19 impact. axefinance has proven expertise in lending automation with top-tier banks in Vietnam, the company succeeded in leveraging new technologies to overcome the pandemic challenges and ensure seamless automation of an omnichannel financing journey.
Regarding the increased demands for digital banking platforms, KMS Solutions has offered a diverse array of solutions, consisting of Mobile Banking, Online Banking, electronic Know-your-Customer (eKYC), Business Intelligence, and Quality Testing dedicated to the BFSI sector. Having accumulated 12 years of experience, the company stands out with its enormous technological capacity and the ability to adapt the latest technologies to help world-leading banks grow.
Since Digital Lending is integral to KMS Solutions’ Digital Bank suite, the collaboration to introduce the ACP system to the APAC market is expected to give significant opportunities for the solution to flourish.
With regard to strategic collaboration, Mr. Le Huu Tan Tai, Vice President of Vietnam Business from KMS Solutions said, “As customer’s lending behavior has changed, there’s a greater need to digitalize banks’ loan processes. By adding ACP, axefinance’s Digital Lending solution, to KMS Solutions’ available offers for the banking sector and combining the technical skills of both axefinance and KMS’ talents to build digital platforms, this partnership can address the majority of challenges in business lending. Changing core systems will help banks simplify the lending process and manage it efficiently.”
Considering the potential of collaborating with KMS Solutions, Karim Rekik, Executive Partner at axefinance said, “We are very excited about the partnership with KMS as we see a fantastic opportunity to leverage each other’s strengths to expand our footprint in Vietnam while bolstering the quality of the support for our existing customers.”
About KMS Solutions
Part of the KMS group, KMS Solutions is a technology consulting firm with a mission to empower digital enterprises and help them operate more effectively by leveraging software engineering excellence, digital capabilities, specialized accelerators, and fit-for-purpose solutions alongside strategic software partners.
KMS Solutions has cooperated with high-end enterprises operating in various industries, including ISVs, Banks, Financial Services, Insurance Institutions, FinTechs, and Healthcare across the Asia Pacific region.
To learn more about KMS Solutions, visit: https://kms-solutions.asia/
Founded in 2004, axefinance is a global market-leading software provider focused on credit automation for lenders looking to provide an efficient, competitive, and seamless omnichannel financing journey for all client segments, including Retail, Commercial, BNPL, and FI’s.
Axe Credit Portal – ACP – is axefinance’s future-proof AI-driven solution to automate the loan process from KYC to servicing, available as a locally hosted or cloud-based solution. axefinance is a trusted partner of respected global FI’s such as Société Générale, ARB, FAB, VCB, and VIB.
At axefinance, every customer is unique, as a focused provider we can adjust to ever-changing customer needs to ensure tailored implementation, specific integration, and high-quality customer service. axefinance customers will always be valued and long-term partners, inspiring the ACP solution roadmap.
Discover more about axefinance and ACP solutions at: https://www.axefinance.com/