The U-ME Capital – Urban Migrant Entrepreneur Capital in Vietnam initiative will create a sustainable and scalable business model by building the customer base and increasing market penetration for both JupViec and LienVietPostBank. It aims to directly benefit 31,500 workers who will provide domestic services to 200,000 customers in 20 urban centers in Vietnam.

Background

This partnership brings together technology start-up JupViec, LienVietPostBank, CARE, and the Australian Department of Foreign Affairs and Trade (DFAT) to increase the well-being of urban migrants by providing access to formal financial services and jobs.

The partners are collaborating on the Urban Migrant Entrepreneur Capital (U-ME Capital) initiative, which will create an integrated mobile app to provide migrants with access to income-earning opportunities and a range of formal financial services. The app will include options for daily salary payments, remittances, micro-loans, online savings, and mobile and utility bill payments.

Objective of U-ME CAPITAL

The U-ME Capital partnership will create a sustainable and scalable business model by building the customer base and increasing market penetration for both JupViec and LienVietPostBank. This initiative aims to directly benefit 31,500 workers who will provide domestic services to 200,000 customers in 20 urban centers in Vietnam. It will also support Lien Viet Bank in acquiring 100,000 new customers.

Partners and their roles in U-ME CAPITAL

Department of Foreign Affairs and Trade (DFAT)
The Australian Government, through DFAT, contributes to sustainable economic growth and poverty reduction through stronger, more inclusive private sector growth. The BPP is designed as an entry point for new partners to work with DFAT to deliver social impact and commercial returns and promote initiatives that drive gender equality.

Key contributions:

• Catalytic funding
• Private sector engagement expertise
• Technical advice on gender
• Policy advocacy with the government of Vietnam on gender equality and women’s empowerment

JupViec
JupViec is a market-leading technology-based job-matching service that easily and quickly connects workers and customers via a mobile app and website.

Key contributions:

• Experience working with migrant workers and understanding their demands
• Knowledge of the financial product needs of workers
• Leading market position

Lien Viet Post Bank 
LienVietPostBank is the largest commercial bank in terms of network in Vietnam. The bank’s vision is to become a leading retail and universal bank that services the mass market.

Key contributions:

• Banking services and products
• Understanding of customer needs
• E-wallet technology
• Financial literacy training for program users

CARE 
CARE is a non-profit international development organization dedicated to ending poverty and achieving social justice.

Key contributions:

• Experience addressing gender equality and women’s empowerment
• Understanding of female migrant workers
• Child protection and prevention of sexual harassment
• Monitoring and evaluation, and program quality

Participants of U-ME CAPITAL

Time

6/2019 – 3/2022

Donor