MFast, a Vietnamese fintech startup has received US$6 million in series A funding, VN Express is reporting. The firm’s business peer-to-peer sales model appears to be something akin to Uber for financial services. Individuals can sign up to assist customers to take out credit cards, insurance, open digital wallets, and to access After Pay-style deferred payment services. Salespersons are then paid a commission on the services they assist in provisioning.
Food for thought: The Vietnamese insurance industry has been under some pressure of late regarding predatory sales practices. This may be a problem for MFast’s business model if greater regulations around the sale of financial services are put in place as a result.