(Bloomberg) -- Masan Group is taking a 25% stake in Vietnamese fintech startup Trusting Social valued at $65 million as the consumer conglomerate accelerates its transition to e-commerce.
Masan will tap the startup Trusting Social's fintech technology as it integrates its offline and online businesses, according to a statement from Masan. Trusting Social uses artificial intelligence to provide credit scores of more than 1 billion people.
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The startup, a unit of Singapore-based Trust IQ Co., has been backed by funders that include Sequoia Capital, Tanglin Ventures Partners Pte and 500 Startups, according to the statement. It has more than 170 financial institutions as clients in Vietnam, Indonesia, India and the Philippines.
500 Startups is now called 500 Global.
Masan still plans for an initial public offering for its unit The CrownX in 2023-2024, Masan Group Chief Executive Officer Danny Le said at the company's shareholders meeting in Ho Chi Minh City. The CrownX holds Masan's interests in Masan Consumer Holdings and VinCommerce.
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The IPO could be held on the New York Stock Exchange or in Singapore or Hong Kong or Vietnam, he said.
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