Masan Group received a licence to invest in Singapore
The Sherpa Company Limited, a subsidiary of Masan Group Corporation (Masan), received a licence to invest in Singapore at a ceremony on February 10, 2023.
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| Masan Group licensed to invest in Singapore: At the licence handover ceremony. (Photo: VNA) |
The investment is worth up to 105 million USD for 25% of share ownership of Trust IQ Pte. Ltd (TS). (TS), a Singapore - based tech company, equivalent to 9,388,756 shares.
The project is part of Masan's strategic goal by 2025 to create a Consumer - Retail - Technology ecosystem.
TS operates primarily in software development, technology and applications on a global scale, which includes the development of comprehensive, accurate credit risk assessment methods based on AI technology and computer science.
Therefore, the investment in TS will accelerate Masan's application of artificial intelligence in retail (Retail AI), and in consumption (Consumer AI).
Specifically, the two sides will work together to build a platform of Retail AI, and Consumer AI; apply and develop AI and machine learning (ML) technologies into the consumer sector, integrate offline to online contributing to an optimal O2O experience and minimise consumption costs for the Vietnamese.
They will also issue credit cards for mass consumers without requiring proof of income. WinCommerce (the operator of WinMart/WinMart /WIN retail chain) with a high-tech platform from TS will cooperate with domestic financial partners to drive new credit cards usage, towards the goal of universalization of credit access for Vietnamese people.
With the integration of technology pieces from TS into its consumer-retail platform, Masan Group aims to become the leading enterprise meeting daily consumer needs of nearly 100 million Vietnamese consumers on both offline and online platforms.
(Source: VNA)
