Milbank LLP advised Masan Group Corporation (“Masan”) in its US$65 million investment in Trusting Social Company JSC, a Singapore and Vietnam-based credit scoring startup (“Trusting Social”). The investment marked the initial close of Trusting Social’s Series C funding round from the Sherpa Company Ltd, a subsidiary of Masan.
Masan is one of Vietnam’s largest private sector conglomerates operating in retail, branded food and beverage, consumer agriculture, financial services and high-tech materials. Trusting Social delivers artificial intelligence (“AI”) and machine learning-led (“ML”) products to leading banks and finance companies, enabling them to provide consumption financing products to unbanked and underserved consumers at scale. The partnership, which is expected to provide Masan with a cutting-edge AI and ML platform tailored for 100 million Vietnamese consumers, will allow it to accelerate its transition to e-commerce.
“We are delighted to advise Masan on this exciting and transformative partnership with Trusting Social, which is an attestation to the growing importance of, and support for, developing fintech platforms across Asia” said partner Jacqueline Chan.”