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Vietnam launches 1st peer-to-peer lending platform

Vietnam has launched its first peer-to-peer lending platform that allows individual borrowers and lenders to transact with each other via smartphones, Xinhua News Agency reported Dec. 7, citing Vietnamese online newspaper VTV.

Vay Muon is managed by Next Tech and matches borrowers and lenders through their smartphones. Next Tech said cash flow between borrowers and lenders is regulated via an intermediate payment platform licensed by the State Bank of Vietnam.