Similar to Uber, Mofin’s P2P lending platform is contributing to the development of the sharing economy in Vietnam

July 02 22:36 2019
From the sharing of bicycles, cars, even luxury BMWs to clothing, China’s booming sharing economy has attracted enormous investment in these models. The wave of “sharing” has also been gradually spreading to Southeast Asian countries in general and to Vietnam in particular.

Similar to Uber, one of the typical models of the sharing economy, the foundation for Mofin’s peer-to-peer is also contributing to the development of the sharing economy in Vietnam.

What is actually a sharing economy?

By the end of 2017, the size of China’s sharing economy has reached 680 billion USD that proves the extremely potential power of the economy. However, it seems that the new start-up enterprises in China are over adopting the term “sharing”, but most of them are not operating based on the fundamentals of the sharing economy.

These business models are far different from the way Grab is doing- the most popular sharing-economy startup today. Grab does not own cars: its platform helps people connect with other individuals to provide or to use transportation services.

To get it right, intermediaries that help connect people who are in need of service providers are typical businesses that contribute to the development of a sharing economy.

Mofin’s P2P lending platform is contributing to the development of the sharing economy in Vietnam.

Mofin: Peer-to-peer P2P Lending platform

Mofin is currently the model that connects people who are in need of money and who have money. It provides people in need the opportunity to borrow a modest sum of money from 3 to 5 million dongs and those who have money (temporarily called investors) have the opportunity to increase their capital effectively.

This foundation will help smooth the flow of money in society, to fill the supply-demand gap, to address the urgent needs of the majority of low-income people (such as students, office staff, etc.). For an extremely low fee (100,000VND ~ 4 USD for students and 200,000VND ~ 8 USD for employees), this is currently the lowest fee in the market of peer-to-peer lending.

With simple, quick and convenient registration procedures, this is really a savior for office staff or students at the end of each month when their financial source is especially low. It Not only does it help solve urgent matters, but moreover, the platform is considered a backup or a visa card for those who are not eligible to own a visa card from other financial institutions.

With only three simple steps of application downloads, account registration, pending verification, users can borrow from 3-5 million dongs right within the day. This is currently the foundation of civilized financial support with the lowest fees in the market.

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Country: Vietnam

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