A three way partnership between ViaInvest’s dad or mum firm, VIA SMS Group, and Twino has completely ceased operations in Vietnam because of what they describe as “repressive measures” by native regulators in the direction of lenders.
By way of SMS predicts the whole non-bank lending sector in Vietnam will likely be affected.
“You will need to emphasise that the suspension of operations in Vietnam was not a proactive choice made by Twino Group and the VIA SMS Group. Nevertheless, the unexpected and more and more difficult native enterprise atmosphere has left us with no different however to discontinue our operations,” By way of SMS famous.
Whereas the three way partnership between the 2 European peer-to-peer lending teams , named VAMO.vn, had sought to co-operate with native supervisory authorities, it mentioned there had been a “vital shift” within the regulators’ perspective in the direction of the trade. The corporate added that this led to a rising variety of “repressive measures” towards companies offering lending providers.
“As a result of an more and more unfavourable funding atmosphere in Vietnam and issues over our worker security, we made the choice to run down our operations on this nation,” By way of SMS defined.
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ViaInvest additionally took the chance to tell buyers that the Vietnam enterprise credit score has been totally repaid.
The three way partnership had been in place since 2019.
Philippines replace
Following Twino’s announcement that it might exit the Philippines enterprise, By way of SMS reassured buyers this might not affect the compensation of the Philippines enterprise loans on ViaInvest.
“Moreover, we’re happy to share that each one securities backed by the Philippines loans have been totally repaid,”
The three way partnership within the Phillippines proved to be short-lived, having been introduced again in September of final 12 months.
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