MUA TRƯỚC TRẢ SAU: Cạm bẫy hay Đòn bẩy? | Nguyễn Ảnh Cường - | Tiền Không Tệ EP 4 | Spiderum X CIMB
Short Summary:
This podcast episode discusses Buy Now, Pay Later (BNPL) services in Vietnam, exploring whether they are a beneficial tool or a dangerous trap. Key points include the psychological impact of debt, the importance of differentiating BNPL from traditional loans and credit cards, and the role of data in improving risk assessment and lowering interest rates for consumers. The episode highlights the importance of financial literacy and responsible borrowing, contrasting the cultural differences in debt perception between Vietnam and the US. Specific examples like Fundin's BNPL model, which prioritizes customer experience and avoids aggressive debt collection, are used to illustrate best practices. The application of BNPL is shown to be beneficial for those lacking access to traditional credit, but emphasizes the need for responsible use and understanding of financial products. The discussion includes a detailed comparison of BNPL with traditional lending processes, highlighting differences in loan amounts, procedures, and risk assessment methods.
Detailed Summary:
The podcast features Nguyễn Ảnh Cường, founder and CEO of Fundin, a Vietnamese fintech company specializing in BNPL services. The conversation is structured around several key themes:
Section 1: Introduction and Personal Background: The episode begins with introductions and a brief overview of Cường's background in investment and his motivation for founding Fundin – to address the pain points of consumer finance in Vietnam, particularly the negative psychological impact of debt and the prevalence of debt-related suicides. He emphasizes the importance of understanding "human capital" – investing in oneself – alongside financial capital.
Section 2: Financial Literacy and the Future of Consumer Finance: Cường discusses the increasing use of financial products by young people, drawing parallels with developed countries like the US, Japan, and South Korea. He challenges the notion that Vietnam will inevitably follow the US model of lifelong debt, highlighting cultural differences in family structures and attitudes towards debt. He stresses the crucial role of financial education in mitigating the risks associated with increased access to credit. A key point is the need for consumers to understand the value and risks of any financial tool before using it.
Section 3: Cường's Entrepreneurial Journey and Perspective on Finance: Cường shares his personal journey, including previous startup failures and his unique perspective on finance shaped by his investment background. He emphasizes focusing on revenue generation over strict cost-cutting, believing that this approach fosters innovation and personal growth. He advocates for prioritizing the development of human capital, viewing work as an opportunity for learning and growth, rather than solely a source of income.
Section 4: BNPL vs. Traditional Lending: The discussion delves into the specifics of BNPL, differentiating it from traditional loans and credit cards. Cường explains that BNPL offers a similar function to credit cards but targets those lacking access to traditional banking services. He highlights the key differences in the customer experience, emphasizing the speed and convenience of BNPL's digital processes compared to the often cumbersome procedures of traditional loans. He also explains the differences in loan amounts, with BNPL typically focusing on smaller transactions while traditional loans handle larger sums. The role of data and improved risk assessment in lowering interest rates for consumers is also discussed.
Section 5: Fundin's Approach and Collaboration with CIMB: Cường details Fundin's unique approach to BNPL, emphasizing its focus on customer experience, responsible lending practices (avoiding aggressive debt collection), and the absence of compound interest. He explains how Fundin's partnership with CIMB will expand its reach and impact, making its responsible BNPL model accessible to a wider audience.
Section 6: Advice for Listeners: The episode concludes with Cường's advice to young people, emphasizing the importance of investing in human capital (education, experience, skill development) over solely focusing on saving a small percentage of a low income. He encourages listeners to view work as an opportunity for growth and to prioritize developing their skills to increase their earning potential in the long run.
Notable Quotes: "The business of debt collection has left a lot of pain and psychological trauma... there have been suicides due to debt, not only in Vietnam but also in other developing countries... the consumer finance sector must take responsibility for this." and "The assets of a person are twofold: human capital and financial capital. We should invest in ourselves to improve our human capital."