Singapore fintech startup TASConnect expands to Vietnam

TASConnect, a supply chain fintech platform incubated through Standard Chartered’s SC Ventures, has been present in Vietnam’s underserved supply chain finance market, forecasted to reach $35 billion by the end of next year.

Singapore-based TASConnect, which began commercial operations in the second quarter of 2022, has appointed Valiant Co. Ltd., as its Vietnam channel partner to provide ground support and smooth deployment of the startup’s supply chain fintech solutions.

With offices in Ho Chi Minh City and Hanoi, Vietnam’s two largest cities, Valiant is managed by a group of seasoned bankers and technologists with a deep knowledge of Vietnamese banking regulations and market practices.

“We will work with Vietnamese financial institutions, multinational companies and regional banks to enhance Vietnam’s supply chain finance market,” TASConnect co-founder and CEO Kingshuk Ghoshal said Thursday.

Valiant vice president Hanh Tran said, “We look forward to leveraging the expertise of TASConnect’s team who have experiences from Standard Chartered, Citibank, and Deutsche Bank to better serve Vietnamese customers.”

The Vietnamese supply chain finance market is predicted to reach $35 billion by the end of 2024, TASConnect said. The Singapore startup estimates Vietnam’s economic growth faces a 70% financing gap, even as the fast-expanding economy is benefiting from recent shifts in the global supply chain from the “China plus one” trend.

TASConnect said it offers solutions for accounts payable and accounts receivable transactions throughout the supply and distribution chain. The fintech firm also provides value-added services beyond digitalization and working capital.

Standard Chartered is a global banking group and it sees Vietnam as a significant market to invest in, and this long-term investment aligns with its business commitments and strategies.

“Vietnam remains a key growth market for Standard Chartered and we will continue to invest in Vietnam to drive commerce and prosperity. Standard Chartered has stepped up our investment in Vietnam over the past few years,” Standard Chartered Bank Vietnam CEO Michele Wee told The Investor.