99.99 percent of Vietnam’s digital bank Timo owned by Indonesia’s BNPL platform Kredivo

Kredivo, an Indonesian buy now pay later (BNPL) company, currently owns 99.99 percent of Timo Vietnam JSC, which BVBank refers to as Timo Digital Bank in Vietnam.

Kredivo Vietnam JSC has a stake in Timo Vietnam worth VND898.6 billion ($34.1 million), according to the company’s most recent business license, which was updated in mid-April and recorded with Vietnam’s National Business Registration Portal. With its brands Kredivo, KrediFazz, and Krom, Indonesia’s Kredivo Group (formerly known as FinAccel) is the top supplier of digital financial services in Southeast Asia, including Kredivo Vietnam.

In turn, FPL Capital Pte. Ltd., a Kredivo company incorporated in Singapore, owns 57.5% of Kredivo Vietnam. In 2021, Nguyen Thanh Phuong and Nguyen Hoang Bao founded Phoenix Holdings, a Vietnam-based company that owns 99.93 percent of Kredivo Vietnam. One of BVBank’s key stakeholders and co-founder is Nguyen Thanh Phuong.

Vietnam’s first digital bank is called Timo by BVBank. It was founded in 2015 as a fintech company called Lifestyle Project Management. In 2020, it began a strategic alliance with BVBank.