KUALA LUMPUR, April 6 (Bernama) -- Singapore-based fund manager, Point Hope Pte Ltd, has partnered with Longan Group Pte Ltd to launch a funding platform that will acquire, service and restructure consumer non-performing loan (NPL) portfolios in emerging markets across Asia.
Point Hope Chief Executive Officer, Subra Iyer said: “This is more than a collections business; while recovery of debts is a key part of it, to do so sustainably and ethically at scale is what we stand for.
“We are proud of the high standards to which we hold our collection teams, and the trust gained by our financial partners, to ultimately help promote financial health and solve consumer indebtedness for the two billion population in Southeast and South Asia.”
The Singapore-domiciled fund, called Annexe Fund VCC - Longan NPL Fund (Fund), was launched in 2022 and mainly invests in delinquent unsecured consumer credit in Vietnam and Indonesia, with plans to enter India, Malaysia, the Philippines and Thailand in the coming years.
According to a statement, the Fund partners with regional financial institutions and fintech companies to purchase NPL portfolios from their books.
Managing the Fund is a team with 10 years of track record in consumer credit globally, comprising 150 staff members in Vietnam and Indonesia with extensive experience in credit scoring, data analysis and best practices.
The Fund’s infrastructure in Asia uses an advanced proprietary credit scoring system that applies artificial intelligence and machine learning tools to price NPLs.
Within six months of launch, the debt servicing business in Vietnam became a top three market leader, growing its local NPL book to over US$300 million. (US$1=RM4.40)
The Fund aims to gain a first mover advantage in the Asian consumer NPL space, aided by multiple tailwinds such as rising household debt, greater financial inclusion and a significant growth in consumer credit.
-- BERNAMA
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