Fintech company Habit Factory (Co-CEOs Dong-ik Lee and Yun-ho Jeong) announced on the 16th that it signed a business agreement (MOU) with Bao Viet, a Vietnamese state-owned life insurance company, and is pursuing cooperation to enter the Southeast Asian market.
The main goal of this agreement is to help Habitfactory enter the Southeast Asian market and to introduce artificial intelligence (AI) to Bao Viet’s overall operations. The two companies plan to promote digital transformation in the Vietnamese insurance industry and strengthen technological cooperation to improve customer-centered services.
Through collaboration with Bao Viet, Habit Factory will ▲build AI solutions for customers and insurance designers ▲provide data-based analysis technology ▲advise on insurance product development, etc. Bao Viet will be in charge of providing local market information and professional manpower support, and will also pursue joint development of digital insurance products in the future.
Habit Factory said it has noticed that the pace of AI adoption and digital transformation in the Vietnamese insurance industry is relatively slow compared to other sectors. It also explained that it expects a positive impact based on its technological capabilities in the Vietnamese market, which recorded an economic growth rate of approximately 7% last year.
“In the process of accelerating digital transformation, the application of HabitFactory’s AI technology will help secure competitiveness in the insurance industry,” said Nguyen Quang Phi, CEO of Bao Viet. “Through cooperation, we will further strengthen our leading position in the industry.”
Jeong Yun-ho, co-CEO of Habit Factory, said, “This agreement is the starting point for technology-based innovation in the Vietnamese insurance market,” and “We plan to expand our position as a global fintech company, starting with the Southeast Asian market.”
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