Masan to inject over US$100 million in Singapore
VOV.VN - Vietnamese conglomerate Masan has been licensed to carry out investment activities in Singapore through its subsidiary, The Sherpa.
The certificate granting ceremony took place on February 10 at the Vietnam-Singapore Business Forum taking place during Prime Minister Pham Minh Chinh's official visit to Singapore.
Masan signed a Memorandum of Understanding with Singapore-based Trust IQ Pte. Ltd through an investment of up to US$105 million, equivalent to a 25% ownership rate in Trust IQ.
The project is part of Masan's strategic goal for 2025, aiming to create a consumer - retail - technology ecosystem that is capable of meeting 80% of the essential consumption needs of Vietnamese people.
The injection of additional investment is expected to become a key driving force in helping Masan to accelerate the application of artificial intelligence in retail (AI Retail) and AI in consumption (Consumer AI).
Specifically, Masan and Trust IQ will work together in order to build an AI platform in retail and consumption, as well as a platform to help consumers gain access to finance, while cooperating with domestic financial partners to accelerate the opening of new credit cards.
