The American growth equity firm General Atlantic and the Dragoneer Investment Group have led a Series B funding round of about $250 million into the Vietnamese Life Joint Stock Group, also known as the VNLIFE company. VNLIFE is a fintech startup which develops new banking, digital payments, online travel, and retail solutions. HSBC One Member Limited Liability Bank provided foreign exchange services and advices for the two international investors to open accounts. This is their first investment in Vietnam. VNLIFE will use the invested capital to accelerate the growth of existing business segments. The funding also supports the development of new technology platforms. This development will help VNLIFE to better serve its sales partners and consumers. The successful transaction demonstrates the experiences of HSBC in encouraging international investment inflows into Vietnam.
HSBC will continue to connect the international investors with the potential Vietnamese technology companies. Regardless of the progressing fund raising phase, the One Member Limited Liability Bank will try to create as many as possible more new technology unicorns. This is a strategy that HSBC One Member Limited Liability Bank is using to support both of the direct and indirect international investments. VNLIFE is providing the technology solutions for more than 40 banks across the country of Vietnam. VNLIFE has a subsidiary called Vietnam Payment Solution Joint Stock Company or VNPAY. This VNPAY subsidiary also has a cashless payment network called VNPAY-QR. This cashless payment network VNPAY-QR has 22 million users and over 150,000 merchants. VNLIFE also developed two other subsidiaries. These subsidiaries include the Online Travel Agency or OTA named VNTravel Tourism Joint Stock Company or VNTRAVEL, and the new retail arm named Teko Vietnam Technology Joint Stock Company or TEKO.
Sources of information include Tuoi Tre News and VNExpress.