Vietnam’s MFast Ventures Into the Philippines Market, Starting With Manila

Vietnam’s MFast Ventures Into the Philippines Market, Starting With Manila

by May 13, 2024

MFast, a Vietnamese fintech company, has announced its expansion into the Philippines, signalling a strategic move into the rapidly growing Southeast Asian fintech sector.

Founded by Thanh Vinh Phan and Thanh Long Phan, twin brothers from the rural town of Binh Phuoc, Vietnam, MFast aims to address financial challenges in underserved communities, an endeavour inspired by the founders’ own experiences.

The company, which last year raised US$6 million in a Series A funding round and boasts a sizable sales agent network for financial services in Vietnam, plans to open its first Philippine office in Manila, with subsequent expansions to Cebu and Davao.

Under the leadership of Carolyn Rose G. Lao, a seasoned financial services expert, MFast Philippines will offer “unlimited earning potential, flexible working conditions, and dynamic training opportunities,” according to the company’s CEO, Phan Thanh Long.

Phan Thanh Long

Phan Thanh Long

“We are thrilled to bring MFast to the Philippines, a land known not just for its vibrant culture but for the resilience and enterprise of its people,”

said Long.

“From our humble beginnings in Binh Phuoc, we’ve always believed in the power of financial tools to transform lives. Launching MFast here is not just about expanding our reach – it’s about planting seeds of opportunity and watching them grow into possibilities far beyond what we ever imagined.”

MFast operates on a ‘Learn-Practice-Earn’ framework, empowering individuals to become versatile agents in finance, banking, and insurance. This model has been effective in Vietnam, where the platform spans all 63 provinces, and is now aimed at replicating this success in the Philippines.

As MFast embarks on this new chapter, the Phan brothers reiterate their commitment to making financial tools and knowledge accessible, thereby enhancing financial literacy and well-being. This mission, they believe, will translate into inclusive economic growth for the Philippines.

 

Featured image credit: [From left] MFast founders Phan Thanh Long and Phan Thanh Vinh. Edited from Do Ventures