Meanwhile, Vietnam has the highest growth of middle-class population in ASEAN. Over the past 10 years (2009-2019), its labor market has expanded 1.36 percent per year on average. Blue-collar workers, amounting to 80 percent of Vietnam\u2019s total workforce, are an important customer base of the earned wage access (EWA) service business, which has grown 1.94 percent p.a. on average in recent years. <\/p>\n\n\n\n
Additionally, the EWA model is being investigated by local employers to make EWA services as part of their welfare program for workers and the promising solution to labor shortage. This will be an important factor supporting the EWA service business in Vietnam, going forward. <\/p>\n\n\n\n
KVision, with a mission to explore businesses having innovation potential that meet the needs of KBank\u2019s customers in the AEC+3 region, has advised Beacon BC to jointly invest in Vui App, the leading EWA platform in Vietnam as its users are mainly blue-collar workers who have difficulty accessing financial products \u2013particularly loans \u2013 before scheduled payday. <\/p>\n\n\n\n
The EWA solution from Vui App will allow workers of the company which has entered into a service agreement to link with the Vui App to access their earned wage with no need to submit additional documents or details of their qualifications. The Vui App, therefore, can meet the needs of users, including workers who need cash and companies which can provide welfare benefits for their employees more conveniently. <\/p>\n\n\n\n
![\"\"](\"https:\/\/www.thestorythailand.com\/wp-content\/uploads\/2022\/10\/Vui-App.jpg\")
<\/figure><\/div>\n\n\n\nDzung Dang,<\/strong> Co-Founder and Chief Executive Officer of Vui App<\/strong>, noted, \u201cPresently, Vui App\u2019s main business is earned wage access (EWA) services giving employees access to their earned pay at any point of the month. More and more employers connect to Vui App to provide a distinctive benefit for their workforce. The number of employees granted access to their earnings on Vui App has accrued from 60,000 to 100,000 in just three months. <\/p>\n\n\n\n Vui App is expanding its business in order to provide additional services such as mobile phone top-up, electricity and water bill payment, and high-yield saving accounts. In the future, Vui App also plans to be an intermediary in offering other financial products such as loan and insurance products tailored for blue-collar workers. This makes Vui App number one in Vietnam\u2019s EWA industry at present. <\/p>\n\n\n\n KBank and KVision have referred Beacon Venture Capital Co., Ltd., the venture capital arm of KBank, to jointly invest in Vui App. For this pre-series A funding round, the lead investor will be Openspace Ventures (Singapore\u2019s leading venture capital investor). Other venture capital firms and investors include Golden Gate Ventures (regional fund in SEA), FEBE Ventures (early-stage venture capital investor), Good Water Capital (global venture capital), and Ventura Capital (American venture capital). <\/p>\n","protected":false},"excerpt":{"rendered":" KASIKORN Vision Co., Ltd. (KVision) has announced its advisory role in the investment of Beacon Venture Capital Co., Ltd. (Beacon) \u2013 a KBank subsidiary \u2013 in Vui App<\/p>\n","protected":false},"author":8,"featured_media":80653,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117,13938],"tags":[12005,15331,15332],"class_list":["post-80611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-en","category-business-strategy","tag-kvision","tag-vui-app-2","tag-salary-advance-platform"],"yoast_head":"\n