Technology has become the lifeblood of the nation

Born in an era when technology was a luxury, Khang has witnessed every stage of the digital age, from the first fax machine to the groundbreaking advancements in AI.

For him, technology is not just a tool, but an inspiration to change the way we live and work. "What would the world be like without technology? Try turning off all devices for two hours, and you’ll realise how technology has become as essential as breathing," said Khang.

Under his leadership, Home Credit Vietnam has embraced the wave of digital transformation and pioneered the application of technology to provide easier access to financial solutions for people.

Vietnam’s consumer finance market is entering a phase of positive recovery after a period of stagnation, driven by supportive credit and interest rate policies and the recovery of export industries.

However, experts believe there are still challenges such as unstable retail sales, increased competition among financial firms, and growing customer demand for personalised, fast, and convenient services.

Recognising these challenges, Pham Ngoc Khang believes Home Credit Vietnam has innovated to adapt to market changes.

"We focus on potential customer segments, putting customers at the centre, and constantly innovating products to provide flexible financial solutions, simplicity, and the best customer experience," said Khang. The company’s performance in the first half of 2024 affirms Khang’s assertions, as Home Credit Vietnam reported post-tax profits of VND474 billion, a 124 per cent increase compared to the same period last year.

According to the general director, the consumer finance market still holds significant growth potential. In Vietnam, consumer credit accounts for only over 10 per cent of GDP, much lower than in developed markets.

"While there’s still much to be done, the combination of increasing consumer demand, technological adoption, and supportive policies will continue to drive robust growth in this sector," he said.

Amid recent market shifts, Khang believes that consumer finance is entering a new phase. This phase is marked by technological advancements, changing consumer behaviours, and new policy frameworks.

"Vietnam is on the verge of becoming a digital economy, and Home Credit is proud to be a pioneer in driving digital transformation in finance," he said.

The general director sees this as a golden opportunity for Home Credit Vietnam to demonstrate leadership and accelerate the digital economy of the future. By investing in AI and big data, the company has digitised the entire loan process–from registration and approval to customer support. Its Home App has also been upgraded to deliver a seamless experience, including instant loan approval and 24/7 chatbot support.

"Gen Z is gradually becoming our main customer group. They expect smart, personalised financial solutions. That’s why we integrate technology to meet these needs while maintaining our commitment to responsible lending," Khang explained.

Additionally, Home Credit Vietnam collaborates with e-commerce platforms and retailers to build a comprehensive digital financial ecosystem. This approach extends customer reach and ensures a seamless offline-to-online experience.

"Of course, technology is only effective when customers feel secure," said Khang. Home Credit Vietnam has invested heavily in cybersecurity, implementing advanced measures to protect customer information and promote sustainable finance.

Leaders like Khang will play a crucial role as Vietnam progresses towards a digital economy. In specialised fields like finance, leaders must not only quickly grasp emerging trends and opportunities but also spearhead their organisation’s transformation.

An admitted technology enthusiast, Khang marvels at the leaps and bounds made in technology, "I’m like a child amazed at the technological advancements of our time," he said.

From collecting old devices to applying AI in management and operations, the general director believes technology has been a constant source of inspiration.

Technology has helped him continuously learn and leverage the advancements of the digital age to enhance work efficiency.

Another source of inspiration for Khang stems from the responsible business philosophy tied to Home Credit’s mission, 'Empower people to live the life they want'.

For him, responsible business is not just a slogan but a core value. "Home Credit is committed to providing trustworthy, transparent, and suitable financial solutions for our customers," said Khang.

According to the general director, responsible business benefits the community while ensuring sustainable growth for the company.

"Customers, investors, and partners all expect businesses to operate with sustainability as a goal. Responsible business is at the core of corporate governance. When it becomes a foundation, companies not only achieve sustainable development but also build reputation and trust, creating long-term value," Khang said.

Under Pham Ngoc Khang’s leadership, Home Credit focuses not just on profits, but also is strongly committed to social responsibility. This commitment includes responsible lending practices, accurately assessing customers’ repayment capabilities to provide transparent financial solutions.

Looking towards the future digital economy, the general director believes that people and technology will play crucial roles in shaping the finance sector in the coming years.

"Reflecting on my journey, I feel the connection between technology and people. Technology may evolve, but the ultimate goal is to improve people’s lives," Khang added.

Home Credit Vietnam was named one of the Best Companies to Work for in Asia at the HR Asia Awards 2024 ceremony on August 8.

Home PayLater from Home Credit formed a strategic partnership with Be Group on November 5 to expand the availability of Home PayLater - the "Buy Now, Pay Later" (BNPL) method that offers credit up to $988.

In the first episode of Greennovate's second season, Jakub Kudrna, chief strategy officer and chairman of Home Credit Vietnam’s Environmental, Social, and Governance (ESG) Steering Group, shared his insights on sustainability in consumer finance.