The fintech seeks to wean the country’s citizens off mobile trading apps and speculation.
If you are going to redefine an entire finance industry segment in Vietnam, doing so at the start of the Year of the Dragon is probably as good a time as any.
According to a news release published on Monday, local tech 1Long just got the money to do exactly that.
A $500,000 pre-seed round backed by Iterative, Monk’s Hills Ventures R2VP, and Orionis Capital will help it to fund technology development and partnerships with asset managers and financial institutions.
Clear Ambition
Although the sum might be considered relatively modest in the context of Sam Altman’s rumored not-so-paltry request (collated Google search) for roughly $7 trillion in AI chip-making capacity, 1Long’s ultimate objective is no less ambitious.
It wants to get Vietnamese residents off their current diet of mobile trading apps and speculation while giving them a more «stable and sustainable financial pathway», the announcement says.
Growing Affluence
The question is exactly how. According to 1Long, it intends to «democratize» wealth in the decidedly one-party state by letting the country’s growing affluent class start with less than $1.
The two initial savings products will provide annual returns of up to 6.6 percent that would ratchet up to 9 percent on deposits that are kept for longer terms. They will also allow for transfers and withdrawals daily without charging fees.
Investment Products
Over time, plans are to provide investment products comprising stocks, bonds, real estate, retirement services, and tax planning.
«Breaking conventions, the fintech app is created for users seeking a relaxed, non-trading-centric approach to wealth management,» the announcement indicated.
