MFast Launches in Philippines, Aiming to Enhance Financial Inclusion

MFast, a Vietnamese fintech firm, has formally opened for business in the Philippines to close the financial services gap in underprivileged areas. The firm successfully obtained $6 million in a Series A fundraising round to support its regional development, and now it is launching.

MFast was established in Vietnam and functions as an agent banking aggregator, providing a strong network of agents to provide access to necessary banking, insurance, and finance services. Through the use of cutting-edge technology such as artificial intelligence, MFast guarantees elevated standards of integrity and trust throughout its platform.

Wavemaker Partners LLC spearheaded the finance for the Philippine launch in August 2023. The founders of this well-known venture capital company in Southeast Asia, Paul Santos and Eric Manlunas, are Filipinos who are enthusiastic about the potential benefits of MFast.

With a presence in all 63 provinces, MFast has the greatest sales agent network for financial services in its native nation. The organisation uses a special “learn-practice-earn” system that gives its agents a great deal of authority. Co-founder and CEO of MFast Phan Thanh Long claims that agents in Vietnam may make up to 100 million Vietnamese Dong (about P225,000) a month, which is much more than the average for the country.

“We are thrilled to bring MFast to the Philippines, a country known not only for its vibrant culture but also for the resilience and enterprise of its people,” Phan said during the event. “Launching here is more than just expansion; it's about creating opportunities that could lead to transformative possibilities for financial empowerment and independence for every Filipino we reach.”

Experienced banker Carolyn Rose G. Lao is leading the way in the Philippines and is predicted to repeat the success that has been seen in Vietnam. Especially in rural regions that traditional financial institutions usually overlook, MFast seeks to advance financial inclusion and literacy.

With its goal of enhancing lives via financial instruments, MFast expects to see development and empowerment spread across the region, not just in the Philippines.