OCB prioritizes providing capital to start-up businesses.

With quick procedures and streamlined processes, start-up businesses can easily borrow capital without collateral, with limits up to 3 billion VND fromOCB .

The product is expected to provide rapid funding for start-up businesses in Vietnam.

According to VCCI statistics, only about 30% of start-up businesses in Vietnam have access to bank capital, as most fail to meet loan approval criteria such as lack of collateral, insufficient past credit data, or a lack of customer and market base, etc. Therefore, OCB 's unsecured loan product, specifically designed for start-up businesses operating for one year or more, especially in the technology and innovation sectors, is expected to support and facilitate the development of this customer group, enhancing their competitiveness in the market. Businesses can borrow up to VND 3 billion for a maximum of 12 months, serving the needs of supplementing working capital, financing trade, and issuing guarantees for the company's main production, business, and service activities. “At OCB, we build financial solution packages with the orientation: A complete journey of partnership with businesses. Specifically, we don't just provide individual products, but focus on implementing comprehensive financial solution packages from loan support, cash flow management, consulting on solutions to help businesses leverage technology, connecting the digital ecosystem with stakeholders... In particular, these solution packages will be designed according to the specific needs and characteristics of each business. We want to accompany and support customers from the startup stage to when they grow into large enterprises. With this strategy, OCB expects to bring long-term customers/partners to the bank,” shared Mr. Le Dang Khoa - Director of Corporate Banking (CMB) at OCB. It is known that in September, OCB signed a comprehensive cooperation agreement with Genesia Ventures. Accordingly, the bank will conduct assessments to allow start-up businesses invested in by Genesia Ventures Fund in Vietnam to borrow capital in the form of unsecured loans, similar to the product mentioned above, while also providing comprehensive digital financial products and services to help businesses enhance their potential and efficiency in cash flow management. According to StartupBlink's "Global Startup Ecosystem Index 2024" report, Vietnam has regained positive growth momentum in the startup sector, rising two places to 56th in the global startup nation ranking. In Southeast Asia, Vietnam maintains its 5th position, while ranking 12th in the Asia -Pacific region and 31st globally in terms of the number of startups. This result reflects Vietnam's continuous efforts in building a strong startup ecosystem, aiming for sustainable and comprehensive development. Market dynamics have also played a significant role in promoting the development of the startup and technology innovation ecosystem in Vietnam. Firstly, strong government support through innovation policies and programs, focusing on encouraging technology transfer, human resource training, and product commercialization, has created a foundation and conditions conducive to startup development. Secondly, increased investment from domestic and foreign investors is also a crucial driver of startup growth. However, total investment in startups has been declining in recent years. In 2023, Vietnamese startups received a total of $529 million in investment, a 16.5% decrease compared to $634 million in 2022. In the first half of 2024, total funding decreased by 52.7% compared to the first half of 2023 (according to the market data platform Tracxn). Experts predict that with the current gloomy situation, the rate of capital outflow in 2024 may increase compared to the 17% figure of 2022. The main reason is believed to be the increase in interest rates at central banks; therefore, if investment in startups cannot surpass bank interest rates, it will not attract investors. In particular, the difficult economic situation and many risks are also causing investors to tighten spending and inject capital sparingly. At this time, intervention and loosening of lending conditions for startup businesses are considered urgent actions by commercial banks to support the development of this segment. Source: https://diendandoanhnghiep.vn/ocb-uu-tien-tiep-von-cho-doanh-nghiep-start-up-10144622.html