AsiaCollect, a Southeast Asia-focused credit management service startup based in Singapore, has acquired its first consumer non-performing loan (NPL) portfolio valued at US$6.5 million face value from an financial institution in Vietnam, the firm said on its website.
A street in downtown Hanoi.
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"By purchasing NPL portfolios, we enable them to focus on their core task of lending and offering services to consumers. At the national level, it increases capital resources for lending and strengthens a country's economic growth," he added.
The company is focused on executing many more such transactions going forward, according to Borowski.
Additionally, AsiaCollect is helping over 112,000 debtors across the three markets become debt free, it claims.
It uses proprietary technology to streamline and automate a majority of debt collection processes while minimizing the need for traditional field collection which presents a reputational risk to lenders and an embarrassing, hostile experience for consumers.
Founded in 2016, AsiaCollect is currently managing over US$45 million in debt and working closely with close to 20 companies in Vietnam, the Philippines and Indonesia, including banks, financial institutions, non-bank lenders, and digital lending startups.
AsiaCollect was seeded and developed by FORUM, the largest fintech venture builder in Emerging Asia.
