A Vietnamese consumer conglomerate, Masan Group, will contribute up to US $105 million for a 25% interest in Trust IQ, a Singapore-based technology company that controls the Trusting Social credit rating platform.
A subsidiary of Masan called The Sherpa Company would make the investment.
According to a statement from the firm, Masan hopes to hasten the deployment of AI in retail and consumption with this arrangement. In addition to other initiatives, both parties will cooperate on developing a platform for consumer credit access based on loyalty programs without the need for income verification.
By 2025, Masan wants to build a consumer, retail, and technological ecosystem that can snag 80% of the wallets of Vietnamese consumers. Owned by it, WinCommerce runs the neighborhood supermarket chain WinMart.
Nguyen Nguyen founded Trusting Social in 2013 with the goal of improving consumer access to financial services and offering credit scoring in rising Asian countries. According to Crunchbase, the firm has raised US $109 million since its founding.