Unlocking Business Credit with Unsecured Loans
In 2019, MISA conducted a survey among small and micro-businesses. The results showed that out of 100 businesses approaching banks for unsecured loans, 97 were unable to secure funding.
The primary reason was the lack of collateral or incomplete accounting data, leading to banks’ refusal due to perceived high risk.
It’s worth mentioning that at the time, the digital transformation in banking was just beginning, and loan processes remained largely traditional. Even a small loan could take up to a month to disburse.
As 97% of Vietnamese businesses are small and micro-sized, addressing their financing needs presents a significant opportunity to boost economic growth. Banks can also tap into this vast and untapped market.
At the recent Banking Digital Transformation event, Ms. Nguyen Thi Ngoan, MISA’s CFO, shared that by harnessing the power of data, MISA developed MISA Lending to connect small and micro-businesses with banks and credit institutions (CIs), facilitating their access to capital.
Ms. Nguyen Thi Ngoan speaking at the Banking Digital Transformation event 2025. Photo: Hoang Giap |
The necessary indicators provided to banks for risk assessment are continuous and based on live data, accessible at any time, thus reducing risks for the financial institutions.
“Through MISA Lending, we’ve facilitated the disbursement of VND 22,500 billion; 30% of businesses successfully obtained loans, a tenfold increase over traditional models. The risk ratio is also within acceptable limits for banks,” said Ms. Ngoan.
At MB Bank, data is treated as a “red book” for unsecured lending.
Mr. Vu Hong Phu, a member of MB’s Management Board, shared that a business with a good cash flow history, regular salary payments, and tax compliance would be prioritized for credit without collateral.
In 2024, over 4,000 businesses received unsecured credit from MB based on data, reducing processing time by 80% for each loan.
“There were 14,500 disbursement orders executed automatically within minutes. Each order took just 5 to 15 minutes instead of the traditional 2 hours. In total, we saved 36,000 working hours in 2024, equivalent to 4,500 working days,” said Mr. Vu Hong Phu.
Leveraging data, VietinBank offered its corporate clients an online disbursement solution via VietinBank eFAST.
Mr. Tran Cong Quynh Lan, Deputy CEO of VietinBank, shared that the bank had completed over 87,000 online disbursement transactions for corporate clients, totaling more than VND 270,000 billion. The online disbursement ratio stood at 36%.
Customer data is increasingly crucial in bank lending activities. Photo: Nam Khanh. |
Safe and Precise Growth
With the government targeting a 16% credit growth and 8% GDP growth in 2025, the challenge for banks is not just to grow but to do so selectively, safely, and accurately.
AI-powered solutions automatically process and comprehensively assess credit profiles, analyzing data from multiple sources, including financial, industry, credit behavior, and market fluctuations. This enables banks to make faster, more accurate, and less subjective decisions.
In the midst of Vietnam’s strong digital transformation wave, the concept of “living in a digital world” is no longer a distant vision but an emerging reality.
However, for the digital journey to be truly effective and complete, the prerequisite lies not in technology but in people and secure digital identities.
In this context, Vietcombank, in collaboration with the RAR Center under the C06 Department (Ministry of Public Security), has developed a digital signature solution integrated with VNeID on the VCB Digibank application.
Beyond authentication, the digital signature service allows individual customers to apply for loans, disburse funds, and sign contracts anytime, anywhere, without visiting a physical branch.
Ms. Phung Nguyen Hai Yen, Deputy CEO of Vietcombank, commented, “In the era of a thriving digital economy, unique, secure, and authenticated digital identities for each citizen are crucial to ensuring efficient, transparent, and legal digital transactions.”
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According to Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank of Vietnam, data is now considered a core resource and the foundation for driving digital transformation and developing the digital economy. The State Bank has directed credit institutions and payment intermediaries to research and apply population data, smart ID cards, and the VNeID electronic identification and authentication system to clean up data, identify and verify customers accurately. They are also encouraged to utilize population data in developing convenient and secure banking products and services for the people and businesses. To date, over 113 million individual customer profiles and 711,000 organizational customer profiles have been biometrically matched using smart ID cards or VNeID. The National Credit Information Center (CIC) has completed six offline data matching batches, totaling approximately 57 million customer profiles. |
By Tuân Nguyễn
– 06:00 02/06/2025
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