Vemanti Group signs agreement with PVcomBank to launch Vietnam’s first SME-focused digital banking platform

Vemanti Group, Inc.

IRVINE, Calif., March 21, 2022 (GLOBE NEWSWIRE) — Vemanti Group, Inc. (“Vemanti” “Vemanti Group” or the “Company”) (OTCQB: VMNT) announced today that it has entered into a formal 10-year agreement with Vietnam Public Joint-stock Commercial Bank (“PVcomBank” or the “Bank” ) to launch one of the first digital banking solutions for small and medium-sized enterprises (SMEs) (aka neobank) in Vietnam. This agreement marks a major step forward in the collaboration between the two parties, who signed a letter of intent (LOI) earlier this year. Leveraging PVcomBank’s dominant position, Vemanti plans to use cloud computing, API, automated KYC/AML, artificial intelligence, machine learning and blockchain technologies to power its new digital platform .

PVcomBank, fully licensed and regulated by the State Bank of Vietnam, is a public bank offering comprehensive basic banking products and services. The Bank is focused on spearheading digital banking services and will now share this pursuit with the Vemanti Group, which will help fuel a unique hybrid neobank model. This unique omnichannel banking approach will allow customers to use a full range of digital services at their convenience, powered by the Vemanti platform, while also having the option to take advantage of PVcomBank’s physical branches for in-person support if needed.

“We are excited to take this next step with Vemanti Group as we now seek to actively grow our joint platform and begin onboarding customers in the near future,” said Ha Viet Nguyen, Deputy Managing Director of PVcomBank. . “Our physical banking presence in Vietnam combined with Vemanti’s forward-thinking platform will provide businesses with a technologically advanced solution that is adaptable to their banking needs.

Vemanti will use PVcomBank’s cutting-edge banking expertise to provide Vietnamese SMEs with an innovative digital-only financial solution through PVcomBank’s existing core banking system. As part of this new digital model, the Vemanti-branded banking platform will allow customers to create accounts and access services entirely online, while still having the ability to visit a convenient branch if needed. . All customers will have access to bespoke banking services and financial products that can be seamlessly integrated into their business operations.

“This agreement signals the next phase of growth for Vemanti Group,” said Tan Tran, CEO of Vemanti Group. “Vietnam remains one of the world’s fastest growing economies with a well-educated workforce and a predominantly young population of nearly 100 million people. Today, SMEs account for more than 41% of its GDP, which is expected to trend around USD 310 billion in 2022 and USD 340 billion in 2023. By leveraging our core competencies in this area, we are able to create a whole new banking experience for entrepreneurs and underserved business owners. We believe our technology-driven, yet human-led formula is the right approach to accelerate digital transformation initiatives and seamlessly drive customer engagement. We look forward to working with PVcomBank and to combine our unique expertise to better meet the banking needs of customers in Vietnam and beyond.

PVcomBank has a network of 108 transaction offices in the main provinces of Vietnam and offers a wide range of products and services that fully meet the demands of individual and corporate customers. The company is committed to providing the best financial services and products while continuously increasing value for its shareholders. In 2021, PVcomBank was rated “The Best Digital Bank in Vietnam” and also one of the “100 Strongest Brands in Vietnam”. Vemanti and PVcomBank are eager to contribute to the global digital transformation movement in banking.

For more information and updates, potential shareholders and investors are encouraged to follow @Vemanti on Twitter (https://twitter.com/Vemanti).

On Vemanti Group, Inc.

Vemanti Group, Inc. (OTCQB: VMNT) is a technology-focused company looking to become active in high-growth and emerging markets. The company’s mission is to advance financial inclusion for the world’s unbanked and underbanked consumers and businesses. It focuses on building a financial ecosystem based on innovative fintech and blockchain applications. To learn more about VMNT, visit https://www.vemanti.com/

On PVcomBank

Public Joint Stock Commercial Bank of Vietnam (PVcomBank) was founded on September 16, 2013 as a result of a merger between PetroVietnam Finance Joint Stock Corporation (PVFC) and Western Joint Stock Commercial Bank (WesternBank). On October 1, 2013, PVcomBank was officially operating with a registered capital of VND 9 trillion and total assets of over VND 100 trillion, equivalent to USD 390 million and USD 4.4 billion. So far, PVcomBank has developed a strong network of 109 transaction points with over 4,400 employees. With the “Banque Sans Distance” mission, PVcomBank always aims to build an image of a friendly and dedicated bank, working for the success of its customers. We are committed to becoming the best bank by offering services that meet social standards. With a professional working environment, taking the benefits of customers and partners as the main goal, while implementing corporate social responsibility, PVcomBank hopes to bring benefits to employees, the community and added value to shareholders. We were named one of the 500 fastest growing companies in Vietnam (FAST500) by Vietnam Report JSC and electronic newspaper VietNamNet on March 10, 2021. To learn more about PVcomBank, visit https://www.pvcombank.com.vn/

Legal disclaimer

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1933. Exchange Act of 1934, as amended. Statements regarding possible business combinations and their financing, and related matters, and all other statements other than statements of historical facts included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions, insofar as they relate to us or to our management team, identify forward-looking statements. These forward-looking statements are based on the beliefs of management, as well as assumptions made by the management of the Company and information currently available to it. Actual results could differ materially from those contemplated by the forward-looking statements due to certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SECOND”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, including those set forth in the Risk Factors section of the Company’s Form 10 filings with the SEC. The Company assumes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact information

Vemanti Group, Inc.
Investor Relations
(800) 768-1288
[email protected]

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