Vietnamese Fintech Startup MFast Launches in the Philippines
MFast, an agent banking aggregator platform that allows users in underserved communities to access financial services, is officially in the Philippines. The fintech startup founded in Vietnam launched in the country less than a year after it raised $6 million to fund its expansion in the region.
MFast’s platform provides crucial services in finance, banking, and insurance to its users. It also leverages new technologies such as AI to maintain high integrity and trust within its network.
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The Philippine launch follows a Series A funding round in August 2023 in which MFast was able to raise $6 million (about P345 million). The round was led by Wavemaker Partners LLC, a Southeast Asian venture capital firm led by Filipinos Paul Santos and Eric Manlunas.
In Vietnam, MFast claims to be the largest sales agent network for financial services, leveraging the learn-practice-earn framework for its agents. The platform spans all 63 provinces, employing a vast network of agents who bridge the gaps in traditional field sales models.
“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,” MFast Co-founder and CEO Phan Thanh Long said.
According to Phan, MFast’s agents in Vietnam earn as much as 100 million Vietnamese Dong or about P225,000 per month, which is 10 times more than the average salary in Vietnam.
“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,” Phan said.
In the Philippines, MFast is led by seasoned banker Carolyn Rose G. Lao.
Phan noted that with tech-based agent banking, MFast could drive financial literacy and inclusion in remote areas, which are normally excluded from participating in the financial systems due to their locations.
