CEBU CITY – Looking to capitalize on the country’s lucrative financial technology sector, an innovative Vietnamese fintech company is expanding to the Philippines.
MFAST founders Phan Thanh Long, CEO, and Phan Thanh Vinh, chairman, announce their company’s expansion to the Philippines. (Calvin D. Cordova)
MFast's first office in the Philippines will be in Manila but will soon expand to Cebu and then to Davao.
Founded by twin brothers Thanh Vinh Phan and Thanh Long Phan from Binh Phuoc, a rural Vietnamese town, MFast is driven by a mission to address the financial challenges prevalent in underserved communities – a struggle the founders witnessed growing up.
According to the company’s founders, the launch of MFast in the Philippines is a strategic move to mirror the success achieved in Vietnam and positively influence the lives of Filipinos.
Under the guidance of Carolyn Rose G. Lao, a veteran in financial services, MFast Philippines is set to provide unlimited earning potential, flexible working conditions, and dynamic training opportunities.
"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. 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. We see this as a new chapter for our business and every Filipino joining us on this journey towards financial empowerment and independence,” said Phan Thanh Long, company CEO.
The founders’ vision evolved into MFast, which today stands as the largest sales agent network for financial services in Vietnam.
MFast’s distinctive business model is built on the Learn-Practice-Earn framework, enabling individuals from diverse backgrounds to become all-in-one agents.
These agents provide crucial services in finance, banking, and insurance, thereby fostering a wave of financial education and opportunity throughout their communities.
MFast is looking to duplicate its success in Vietnam. The platform spans all 63 provinces, employing a vast network of agents who effectively bridge the gaps in traditional field sales models.
As the first to establish an Agent Network Platform in Vietnam and expanding into non-life insurance, MFast has achieved significant milestones, including winning the prestigious SME100 Asia Awards in 2023.
Notably, some agents on the MFast platform in Vietnam can earn more than 100 million Vietnamese Dong monthly (around P225,000), 10 times the average salary in the country.
As MFast expands, the Phan brothers said they remain committed to their original vision: Making financial tools and knowledge universally accessible, thus enhancing financial literacy and overall well-being. In the Philippines, this vision translates into inclusive economic growth, where every Filipino has the chance to prosper.