Author: GIMO TEAM

E-HRM in a nutshell   

E-HRM (Electronic Human Resource Management) uses web-based technologies to monitor all HR systems and activities to achieve operational excellence for the department [1]. Some might argue that e-HRM is the evolution of traditional HRM. However, the fundamental goal of e-HRM is to make it easier to track imbalances between human resource demand and supply inside a company. This system eventually automates the HRM process, allowing quicker responses to employee-related services and HR decisions.   

There are three different types of e-HRM including:   

Operational: basic administrative activities including record maintenance, payroll processing or data management.   

Relational: activities of human relations nature such as recruitment, onboarding and training.    

Transformational: in-depth and HR-focused process like knowledge management and strategic orientation.   

Integrating technologies into the HR management process is not something newly discovered. In fact, HR personnel have been utilizing it for decades. However, the rapid growth and evolution of technology have indeed taken e-HRM to the next level.

E-HRM transformation in Industry 4.0   

Since first publicly introduced in 2011, Industry 4.0 has been breathing immense effect on all business aspects, including HRM. New technologies have significantly improved talent management, turning mindless tools into powerful and intelligent assistants.   

The recruitment process made easy with cognitive computer AI assistants. Companies lose as many as 89% of potential candidates due to a prolonged screening process [2]. Nowadays, various automated AI systems can shorten the process by taking over tasks such as sorting through candidate profiles, scheduling interviews, sending rejection emails, etc [3]. With the help of AI, the recruitment process can be more productive and less biased. For example, IBM AI technologies proactively source and locate individuals from talent pipelines that meet key success profiles, uncovering prospects that recruiters may have overlooked and removing any steps in the search process that could have introduced unconscious bias [4].   

More accurate HR analytics with Big Data. One of the most impactful effects of big data on talent management will be detailed analytics for future prediction. HR managers can use future forecasting to strengthen their long-term HR strategy and minimize hiring, retention, and performance in the future. Making the right decision all comes down to having a sufficient amount of information and data instead of using personal opinion or intuition. Big data provides HR managers with just that.

Integrated cloud computing system. HR professionals will be able to offer real-time support with an easy-to-use, fully integrated software that is always “on” and accessible across the enterprise. As a result, all process becomes more transparent than ever between both employees and managers. Moreover, thanks to the cloud, large scale deployment can be done in minimal time and effort for any business, especially for multinational corporations.   

Interactive training and learning experience with virtual reality. Especially in times like COVID, when people cannot go outside and have fundamental social interactions, augmented reality becomes the ultimate solution. People can enjoy the incredibly lifelike virtual tour and activities without stepping foot outside of their office or home. It allows people to save some costs for travelling and organizing and ensure safety and minimize on-site accidents. Furthermore, since the reality can be altered according to the organizer, users are given a wide selection of vastly different experiences, keeping it emerging and captivating always.   

Radio-frequency Identification (RFID) in attendee tracking and real-time location system. RFID uses radio-frequency to automatically track objects with the attached tags or so-called “smart labels”. The application of RFID technology in e-HRM are most commonly found in controlling personnel access to office spaces, automatic attendee check-ins for events or keeping company assets in check. In addition, using the RFID system, the talent management team can achieve a greater purpose for outdoor and long-distance monitoring.      

New opportunities come with new threats

Cybersecurity is a significant business concern. Cybele researchers from the cybersecurity firm said they discovered the credentials for over 500,000 Zoom accounts on the dark web, either for sale or for free in 2020 [5]. The online availability of data and personal information exposes businesses to hacking and data theft. In addition, most systems are now hosted online. Therefore, once the security is breached, the whole system can be easily manipulated. Due to this threat, business needs to focus on fortifying their safety, right from the start.   

Technology can be rigid. Technologies can only work with the data they are given. Human cognitive functions such as empathy, intuition and strategic thinking still lack from most automated machines and systems, making them overlook certain qualities in potential candidates. At the end of the day, machines are merely tools assisting humans in resource optimization and decision making.  

Digital transformation is costly. High tech equipment setup can be expensive for companies who wish to transform their internal human resource management systems. The sizeable investment can seem intimidating, especially to SME (small to medium enterprises) with a limited budget and incompatible existing infrastructure.  

When human qualities like independent thinking, common sense and ethical thinking combine with data analytics, the business will achieve much more significant values. Technologies are the future and can be a worthy investment for a business of any size in optimization for the long run. 

Source:

[1] e-HRM – Business Jargons

[2] Candidate Experience Statistics, 2021 – Zety

[3] Applying artificial intelligence: implications for recruitment, 2018 – Emerald Insights

[4] The Business Case for AI in HR, 2018 – IBM

[5] Researchers found and bought more than 500,000 Zoom passwords on the dark web for less than a cent each, 2020 – Business Insider

HANOI, Vietnam – August 5th, 2021  

On August 5th, 2021, in partnership with GIMO, Ba Sao – one of the pioneers in catering services with over 14 years of experience- had successfully launched the new financial welfare program. The virtual event took place with the participation of nearly 60 people, including representatives from Ba Sao’s Board of Directors (BOD) and representatives from GIMO. With this new financial welfare program, Ba Sao’s employees can now receive their earned wage before payday, conveniently and quickly, via GIMO’s mobile app whenever they need.   

“We are constantly looking for a new welfare program to upgrade our current employees’ benefits. In collaboration with GIMO, Ba Sao’s Management Board wishes to accompany our employees when it comes to financial difficulties, together with building a healthy and stress-free workplace.”, said Mr. Bach Nguyen – Head of Internal Control Department at Ba Sao.    

“The pandemic continues, causing many disturbances to our lives. GIMO and Ba Sao’s Board of Directors want to minimize as much as possible the negative impacts affecting everyone’s lives during this tough time. We sincerely hope that the new financial welfare program will be of much help to you all.”, said Mr. Ngoc Nguyen – Co-founder and Chief Product Officer of GIMO.  

During the event, the attendees had the opportunity to participate in multiple q&a sessions, learn more about how to manage personal finance effectively, and share their expectations for the new program. They also had a chance to experience first-hand GIMO App and together share their experiences.   

“I am one of the first to experience GIMO App. I am pleasantly surprised by how convenient and practical the app is. It’s great that now I will be able to advance my payment without any paperwork “, said Ms. My – one of Ba Sao’s employees.   

For the past year, COVID has been heavily disruptive towards Vietnamese businesses. To cope with the situation and getting on with the new normal, Ba Sao strives to streamline its business process while also enhance the welfare of its most important stakeholders. GIMO’s tech-based solution is an efficient tool in times of financial emergency, helping Ba Sao to take better care of its employees and, in turn, increase its employee’s engagement.  

About Ba Sao   

Founded in January 2005, after more than ten years of establishment and development, TRISTAR now has 03 affiliated member organizations: Ba Sao, Trong Dong, and F&B. Ba Sao has been increasingly asserted its name as one of the leading industrial catering companies in the Northern region, with a staff community of 2,000 employees. Ba Sao is proud to be a reliable partner providing more than 200,000 meals daily to large corporations such as Honda, Yamaha, Panasonic, Hoya, Samsung, LG, …. from countries such as Japan, Europe, Korea, …

Learn more about Ba Sao company here.

About GIMO    

GIMO is one of the pioneers to provide Earned Wage Access solutions to Vietnamese enterprises and workers. With two-thirds of Vietnam’s working population having no or limited access to the formal lending system, we see an opportunity to make a difference. 

 

 

Contact Information 

Hotline: 1900 232 360  

Email: [email protected] 

A shortcut to start your financial management effectively! 

To have strong financial health is one of the ultimate goals for working people. It is not just about striving for higher income but also lies in improving personal financial management. 

What is personal financial management? 

By a standard definition, personal financial management is to have a certain level of understanding of one’s current financial situation to optimize the use of the budget for the present and future. In other words, it is to have an effective plan to control inflows and outflows to achieve short and long-term financial goals. 

People might wonder why an adult, who has been working for many years, cannot have any savings? While another person with the same salary had bought a house or a car? The answer lies in how individuals manage their finance. Having sound financial management helps you to get closer to stronger financial wellness. On top of this, it brings peace of mind and happiness in life. 

A basic guideline to personal financial management  

No matter how eager you want to gain ground, the process should start with baby steps. Here are the suggested general principles of planning and managing personal finance that can be easy to follow: 

1. Setting the target:  

No matter what goal you are heading, it is recommended to set your short-term and long-term goals SMART: Specific, Measurable, Achievable, Realistic, and Timely. Among those, the most challenging adjective to make possible is “achievable”, as it mainly relies on your subjective thinking. To make it more straightforward when it comes to personal financial management, consider the below target in sequence. 

• Stability: At the early stage, set the fundamental goal of “financial independence”, whereby employees can pay their daily living expenditures without any difficulty. You can also add a sufficient reserve to cover unexpected expenses such as illness, accidents, etc. This target suits newly employed workers or unskilled workers whose income is not too high compared to the basic standard of living. 
• Savings: After being financially stable, the next target is to increase savings and property. Employees should also reinforce mid to long-term financial security goals such as life insurance and health insurance. 
• Investment: When the above goals have been achieved, employees should think about increasing passive income. Several forms of investment in Vietnam include stocks, bonds, gold, and real estate. 

2. Planning and selecting management methods 

To make the set goals come true, you need to specify how you will manage your finance. These are the most common methods: 

• The 50/30/20 method by Elizabeth Ann Warren and Amelia Warren Tyagi: 50% for essential spending; 30% for flexible cost; 20% for savings; 
• The 6 jars method by T.Harv Eker: 1st jar – Essential expenditures (55%); 2nd jar – Long-term savings (10%); 3rd jar – Education fund (10%): 4th jar – Entertainment/ Pleasure (10%); 5th jar-investment (10%); 6th jar – Charity fund (5%) 
• The Kakeibo book by Motoko Hani runs on four questions: How much money do you have? How much money do you want to save? How much money will you spend? What will you do to improve? 

3. Following the plan persistently 

• Strictly following the original plan, dividing the budget into small parts, separate into different bank accounts or different wallets. 
• Using applications that support financial tracking, setting notifications to remind you every day at the same time frame to take notes  
• Using a note-taking application on your phone; or using excel to set up automatic calculation formula. 

4. Evaluating and adjusting 

To know whether your financial management plan is effective, you need to compare the spending results at the end of the month with the planned target at the beginning of the month, then consider making adjustments if needed. For instance, at the beginning of the month, you set a goal to save 10%; at the end of the month, you only save 5%. Then you need to find out why? Was the reason for your failure lies in overspending, or was it because the goal is out of reach with your current earnings. Conversely, if you still have a spare amount of money at the end of the month and save 15% of your income, then you should consider increasing your savings goal for the next month. 

Now you are ready to wind up for an effective and sustainable personal financial plan! Come back and tell us if the guidelines help! 

“As the BOD of Mobicast, we believe that it is necessary to constantly explore new ways to enhance employee’s engagement and welfare. At first, the BOD was not yet able to evaluate the benefits of the program. However, we have been successfully persuaded with the positive feedbacks from our own employees, proving to us just how useful the program can be.”

Ms. Tran Thuy Duong, HR Manager of Mobicast

Introduction

Keeping employees’ best interests at heart, the human resource management team at Mobicast constantly pushes themselves, looking for ways to ensure and enhance employees’ welfare. However, due to the lack of options, they have yet to find the most suitable and optimal solution until GIMO came into the picture. Starting from 2020, Mobicast collaborated with GIMO to adopt our on-demand payment platform as a new financial benefit for all employees. 

Key Takeaways

69% of the respondents used GIMO for emergent payment. This was concluded to be the most popular reason among the respondents. Aside from that, 38% uses GIMO to pay off their credit card, and 31% uses GIMO to make personal investments. It is safe to say that most respondents have financial burdens in their daily lives that need to be taken care of with urgent cash payments. 

On average, each of the respondents makes four payment requests every month on GIMO’s platform. Since provided with GIMO’s platform, the majority of the respondents seem to have used it regularly. All of the respondents have agreed that GIMO had indeed relieved some of their financial burdens. 

100% of the respondents had a pleasant experience using GIMO’s platform. The majority find that the app is easy to use, and the request is processed relatively quickly. Additionally, the overall rating for the app is now at 4.31 on a scale of one to five, showing that the respondent has little to no trouble accessing their earned wage every month through GIMO’s app. Ms. Dung, one of Mobicast’s employees who have been using GIMO for the past six months, stated that GIMO has helped with her finances quickly and conveniently. Thoroughly enjoying her experience, she has also recommended GIMO to her friends and colleagues, giving highly positive feedback. 

GIMO’s survey has proven that when employees can proactively access their earned salary, their lives seem to have significant improvement. The financial burden is an issue for every working human being, and GIMO’s solution can help with just that. Not only are we giving employees rightful access to their earnings but also bettering their personal financial management. 

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About Mobicast

Mobicast is a Vietnam-based start-up in the field of MVNO. The Mobicast team focuses on developing telecommunication solutions and useful technologies for users towards a user-friendly experience and optimal performance with a customer-centric orientation. 

 

About GIMO

GIMO is one of the pioneers to provide Earned Wage Access solutions to Vietnamese enterprises and workers. With two-thirds of Vietnam’s working population having no or limited access to the formal lending system, we see an opportunity to make a difference. GIMO has been serving more than 6,000 workers from nearly 20 partnered businesses to access their earned wages.

HANOI, VIETNAM – July 06, 2021 

To provide our users with a more fantastic experience as well as more business insights, GIMO’s mobile app and website has come back with a new look, and indeed, it is better than ever.  

To make sure your experience will be pleasantly and seamlessly wonderful, we have added multiple assistive new features. This latest mobile app update includes:

• A completely different interface which you will love
• Earned wage access made easier with a few steps
• A time-check calendar is at your fingertips

On the other hand, GIMO’s new website includes not only a neat and sleek look but an abundance of exciting new content for you to discover: a comprehensive and detailed profile of GIMO as well as a diverse educational content library.   

• Our Platform. Get an inside scoop on our solution and how we integrate our platform into the client’s existing infrastructure.    
• For Corporates. Check out the estimation on how GIMO can enhance business performance with our brand new interactive calculator.  
• For Employees. Listen to the voice of our clients sharing their experience with us and how GIMO has become essential in their daily life through valued testimonials and case studies.
• Insights. The enriched content library includes Insightful blogs and news to keep you updated on what is going on in the financial technology world, tips and tricks for better personal financial management and more.  
• About Us. For those who wish to understand our brand, here is our mission and what value we work harder every day to deliver. You will also get a glimpse of GIMO’s experienced leaders, one of the main driving forces of our success.    
• Contact Us. Do not forget to connect with us via LinkedIn and Facebook to keep up with our latest news.   

GIMO sincerely hopes that you will enjoy our new updates. Feel free to contact us with any inquiries.

Contact Information  

Hotline: 1900 232 360   

Email: [email protected] 

“To win in the marketplace, you must first win in the workplace” – Doug Conant, former president and CEO of Campbell’s Soup.

People are the most critical assets of any organization.  

Human resource is one of the factors that distinguishes one organization from another. It gives a company a competitive edge while also assisting in the development of sustainable long-term growth [1]. At the end of the day, whether you are a CMO, CFO or any line manager, you are still first and foremost leading and managing a team of people, which requires an understanding of human resource management.  

According to a PWC’s survey findings, 93% of managers acknowledge the need to enhance their company’s talent acquisition, yet 61% haven’t made the initial move [2]. A possible reason for that would be not knowing where to start since most of them are not HR professionals. Understanding and measuring key HR metrics is how all managers can achieve this.  

HR analytics and metrics  

HR analytics is a methodology that employs statistical tools and techniques to unify and evaluate quantitative and qualitative data from employees, resulting in meaningful insights that can be used to improve future decision-making [3]. When utilized correctly and efficiently, HR analytics may provide firms with the information they need to address challenging issues such as a lack of diversity or a high turnover rate [4].

However, analytics do not just come out of thin air; analytics are derived from metrics. Raw data are just numbers. Metrics are used to formulate and calculate those data into meaningful statistics, which then can be used to analyze and back up directive decisions. Therefore, to have a solid, fact-based and convincing decision, all managers should first understand basic metrics.  

Basic HR metrics to wrap your head around 

Down below are the ten most basic HR metrics that can give you a well-rounded overview of your business human resource’s performance: 

Recruitment  

Cost per hire: The cost of employing new staff on average. This figure is calculated by adding internal and external hiring costs, then dividing the total by the number of people hired in a specific period.  

Acceptance rate: The number of offer letters sent out by your company divided by the number of candidates who accept it. 

Training and development  

Completion rate: The percentage is calculated by dividing the number of employees who completed a particular course by the total number of employees and multiplying by 100.  

Training expense: The entire cost of training courses and programs at your company divided by the total number of employees. 

Employee performance  

Nine-box matrix: Employees are split into nine categories depending on their performance and potential in this well-known talent management tool. It allows you to categorize employees for better succession and leadership planning. 

Time tracking  

Absenteeism: The average number of days employees are absent in a given period, not including approved PTO  

Engagement and retention  

Turnover rate: The number of employees who leave your organization within a given period divided by the average number of total employees (then multiplied by 100 to come up with a percentage).  

Employee satisfaction: The percentage of employees who would suggest your organization to a friend as an excellent place to work vs those who would not, reflecting overall employee happiness.

HR service and software  

Cost of HR per employee: The total amount your organization spends on HR functions divided by the total number of employees.  

ROI (Return on investment) on HR software: Several factors contribute to the ROI of your HR software, but the core formula is the difference between how much the software costs your organization and the money it generates or saves your organization in terms of HR costs.  

The HR metrics listed above will give you a basic understanding of your human resource performance. However, there are plenty more that might also be relevant depending on your business’s specific needs. Moreover, when researched in detail, each of the metrics can significantly affect different aspects of your business’s growth. 

Reference

[1] A Study on Talent Management and its Impact on Organization Performance, 2020 – International Journal of Engineering and Management Research

[2] The talent challenge Adapting to growth, 2014 – PwC

[3] HR analytics in Business: Role, Opportunities, and Challenges of Using It, 2020 – Shivam Tomar and Mamta Gaur

[4] Why Your Human Resources Professionals Need HR Analytics, 2020 – Learn Hub

For the past few years, the workforce in European countries, U.S. and Australia, has been offered earned wage access (EWA), allowing employees to get their earns before their payday. As it has quickly shown significant impacts on people’s life and work, the solution has been newly introduced in developing countries; including Vietnam. 

As a matter of fact, expenses may arise at any time, while most employees get paid on a monthly basis. Thereby, EWA is welcomed whenever it reaches a new market. Let’s take a closer look at the up-and-coming market of EWA in Vietnam and its full potential. 

A market of 50M workers, opportunity to give care for the unbanked and the underbanked

As of the first quarter of 2021, nearly 50 million Vietnamese people are in the working age and currently having a job [1], which accounts for about 51% of the total population [2]. The Vietnamese labour market is undoubtedly prosperous in quantity, yet the level of financing is limiting the living quality of the workforce. 

According to a 2018 report from World Bank [3], a significant proportion of 69% of Vietnamese is unbanked, which means they didn’t have access to any financial service, including the most common one – a bank account; not to mention the underbanked. The situation is substantially improved, with 63% of people having banking accounts, as stated by the General Statistics Office of Vietnam in late 2019 [4]. However, the target of increasing this number to 80% in 2025 [5] needs immediate solutions. 

EWA, as mentioned above, can closer the gap. Being offered control over their wages, Vietnamese employees seem to be able to make it easier from paycheck to paycheck. As an effect, this disruptive solution brings greater education to the Vietnamese workforce about personal financial management and how to achieve financial inclusion. 

A market that is wide-opened to tech-related innovations 

Tech-based solutions are vastly developing in Vietnam, especially in the financial sector.  According to a new report conducted by Fintech News Singapore, the number of startups in Vietnam’s fintech sector has tripled from 2017 to 2020 [6], gaining $4.6 billion in venture capital over the last five years [7].

The Internet economy is also thriving. With the GMV of its Internet economy set to account for over 5% of the country’s GDP in 2019, Vietnam is emerging as the most digital of all economies in the Southeast Asia region [8]. Thus, the level of internet and digital solution exposure in Vietnam is escalating, making way for new service, as EWA for example, come closer to end-users. 

EWA services are provided on also in mobile apps, which is most likely compatible with Vietnamese users’ behaviour. The country is recently ranked among the top 10 countries using smartphones the most in the world, statistics from market research firm Statista in May 2021 [9]. 

A market with a welcome mindset, low entrance barriers

EWA has been widely adopted in several countries worldwide. Looking back a few years ago, when the concept of EWA had a fresh appearance, most people astounded by the idea of earned-wage access. Distinctly, a proportion of businesses in Vietnam has already allowed their employees to send requests to get paid earlier than the paying period. Though the manual process is quite complex and takes time, this practice is actively ongoing, and most Vietnamese employers and employees have been familiar with the concept in elemental form.  

EWA market in Vietnam is receiving positive attention from both the investor side and corporate side. Millions of dollar investments from national and regional funds have been endowed to EWA companies to benefit Vietnamese businesses, empower the Vietnamese workforce, and enhance their financial wellness. In the coming near future, EWA is expected to facilitate a major shift in how employees get paid, work and live. 

Source:

[1] Press Release on Labor Situation and Employment Q1/2021 – General Statistics Office of Vietnam 

[2] Vietnamese Population as of June 8, 2021 – Worldometer 

[3] Southeast Asia Adult Population and Banking Penetration, 2018 – Euromonitor, World Bank, Bain and Temasek   

[4] Developing digital banks to promote cashless payments – Thoi Bao Tai Chinh Viet Nam 2019  

[5] 80% Adults Will Have Banking Accounts, November 9, 2020 – Lao Dong E-Newspaper   

[6] Fintech News Singapore   

[7] The Future of Fintech in Southeast Asia, Jan. 2015 – July 2020. – Dealroom 

[8] e-Conomy SEA 2019 – Google, Temasek, Brain & Company   

[9] Statista

According to the General Statistics Office of Vietnam,  the “golden” ratio of the Vietnamese population will remain until 2039, with the majority of people in the prime working age (from 15-65 years old). Overall, the quality of local human resources is still relatively low compared to other countries in the region. As assessed by the World Bank, the quality of human resources in Vietnam scores a point of 3.79 (on a scale of 1-10), ranked 11th out of 12 surveyed countries in Asia. This is likely one of the main reasons Vietnamese enterprises have not achieved high labour efficiency and rapid growth. The challenge now for local businesses is how to improve the quality of human resources and increase the productivity of workers in particular and enterprises in general.  

The assessment of employees performance 

Performance is evaluated based on the work results, the time taken to do the job, and the resources used to produce that result. In other words, a high-performance worker will be able to deliver high-quality results in the least amount of time and with the minimum use of necessary resources. Analyzed by Joseph Prokopenko in “The Handbook of Labor Performance”, the two factors that determine a person’s work performance are: “the will to do” and “the ability to do”. One will be highly productive and able to achieve great results if in possession of these factors. “The will to do” is basically facilitated by job satisfaction which can be greatly enhanced by a more interesting scope of work or bigger challenges. Whereas “the ability to do” is a function of knowledge, skill, aptitude,… matters that can be improved through educational activities like training, career planning and so on. 

The productivity-boosting “toolkit” for human resource managers  

Clear career pathway. Discuss with employees upfront about their future within the company, clarifying expectations and goals from both sides. With a clear and transparent roadmap, employees will be more focused on working towards the set goals, eliminating doubts regarding a vague and unclear promotion. In addition, having a distinguished orientation also helps employees feel more connected to the company and secure with their current job.  

Continuous learning. In addition to traditional training courses, businesses may consider creating opportunities for employees to experience job rotation to different departments. Interacting and working with various people from other functions will give employees a broader view of the operating system and learn more comprehensive skill sets. In addition, this is also a good opportunity for employees to gain more empathy for other colleagues, minimizing potential conflicts. 

Planning and decision-making process contribution. Being involved in public discussions will help employees feel that their opinions are heard. Not only that, directly contributing to the enterprise’s shared purpose will make workers feel more accountable for their job and more aware of the impact they have on the company’s growth. 

Timely reward and encouragement regime. Rewards can include both financial (allowance, salary, bonus) and non-financial (gifts, vouchers, certificates of merit). However, what matters most is not what workers are given but when. Encouragement right after significant achievements will create a positive mental note for the worker, urging them to do better every time. 

There are various ways for employers to encourage and improve employees’ productivity. However, there is no “one size fits all” solution for every enterprise. It is up to the human resource managers to deeply understand the core of productivity itself then tailor the “toolkit” to their own employees’ wants and needs, achieving maximum results. 

Reference

[1] Vietnam ends the “golden” population structure period from 2039, 2020 – Baodautu Online 

[2] World Bank: Vietnam ranks 11/12 countries in terms of human quality, 2016 – Viet Times

[3] Productivity Management: A Practical Handbook – Joseph Prokopenko

Constantly receiving attention from researchers and policy-makers for the past two decades, financial inclusion is an essential means to benefit the economy and society.

Since 2013, the World Bank Group has set Universal Financial Access by 2020 initiative, which focuses on 25 priority countries where almost 70% of all financially excluded people live. The program envisions that adults worldwide will have access [M2] to a transaction account or electronic instrument to manage their financial lives better. 

In Vietnam, since the end of 2020, the Prime Minister has approved a financial inclusion strategy, targeting at least 80% of Vietnamese adults to have at least one bank account by 2025. 

What is Financial Inclusion? 

According to World Bank Group, “Financial Inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered responsibly and sustainably.” 

How to Achieve Financial Inclusion? 

Among all mentioned parties, Fintech companies play an increasingly important role in promoting financial inclusion. With the advantage of technology, Fintech companies continuously innovate and integrate with financial institutions and utility partners to bring on-demand financial services closer to individuals and enterprises. 

Benefits of Financial Inclusion 

Financial inclusion positively impacts the economy and society, especially targeting poor people with below-average financial capacity and limited access to health, education, saving, credits. 

Studies show that when people access the financial system, they are enabled to start and expand businesses, invest in education, manage risk, and respond to financial broken. Financial inclusion is not an end goal itself but an initiative to promote economic development and social well-being.   

1. Easing the poverty 

Opportunities to access financial services, such as savings, credit, insurance and many monetary funds, formal financial institutions, bring vulnerable people to many options suitable with their spending levels. With reasonable fees provided, people enable to resolve personal financial matters; minimize the risk of falling into the black credit trap, which could put their life under threat.  

2. Closing the gender gap 

Financial inclusion equally provides access to financial services and financial opportunities for both men and women, enabling them to improve their financial capacity, status, and income. Accordingly, financial inclusion contributes to shortening the gender gap and equality in the community.   

3. Enabling people to have the capability and tools to manage and save their money 

With the adequate support of technology, the access and use of many safe and secured financial services open up opportunities for individuals and small and medium enterprises to save and invest safely. From there, they could be actively in capital budgeting for reinvestment, capital contribution and business. 

4. Empowering people to make the right financial decisions 

Financial inclusion equips individuals and organizations with financial knowledge to make better investments, savings and consumption decisions. Also empowering people with the skill to make plan financial management to build stronger financial health in the future for individuals and businesses. 

HO CHI MINH, Vietnam – May 10, 2021 

GIMO surpasses more than 200 startups to get in the top 13 of SK Startup Fellowship (SKSF) 2021. 

The SK Startup Fellowship Program (SKSF) objective is to identify high-potential early-stage startups and offer them financial and in-kind assistance. At the same time, the Program aims to establish long-term relationships with all startup alumni.   

  

The Top 13 will receive the chance to opt-in BSSC’s Vietnam Startup Day 2021, one of Southeast Asia’s major startup events. The Demo Day event in October 2021 will bring the SKSF 2021 to a close. During Demo Day, each company will pitch in front of investors/judges, with the Top 4 receiving a no-equity grant worth $ 50,000 each and the remaining 9 startups receiving funding worth $ 16,000 each. GIMO, along with 12 other startups, joined Orientation Day on the afternoon of May 6 to kick off the SKSF program.   

According to SK Group, the second batch of SKSF got over 200 applications, which is more than three times the number received last year. This highlighted the Vietnamese startup ecosystem considerable interest in the program. Mobility, healthcare, medtech, finance, edutech, AI/deep-tech, and other domains are represented among the Top 13 SKSF 2021 startups. Regardless of different sectors, most entrepreneurs have the same goal in mind: to create a positive social impact with their products/solutions. 

About SK Group 

SK Group – the third largest asset-based conglomerate in Korea, with a history of nearly 70 years, SK has 107 subsidiaries that operate across over 40 countries and territories spanning industries: Energy & Chemicals, Telecommunications & Semiconductors, Logistics & Services. SK Group entered as a Fortune Global 500 after reaching a total revenue of 132 billion USD. From 2018, SK Group has officially invested in the Vietnamese market through major deals: investing $ 1 billion in Vingroup, investing $ 470 million in Masan Group, owning shares of PVOil and Petrolimex, invested USD 28.9 million in Imexpharm, invested USD 30 million to support the Vietnamese government in building an Innovation Center located in Hanoi 

About GIMO 

GIMO is one of the pioneers in Vietnam to provide EWA (Earned Wage Access) solutions to local enterprises and workers.The company was founded in 2019 by two Millennials Nguyen Van Ngoc and Nguyen Anh Quan, formerly seasoned professionals in banking, finance, and technology, and some experience in entrepreneurship. With two-thirds of Vietnam’s working population not owning a bank account or having limited access to the formal lending system, they see an opportunity to make a difference. Since 2019, GIMO has been providing solutions to over 3000 workers of 20 clients. 

Contact Information 

Hotline: 1900 232 360 

Email: [email protected]