Habit Factory Partners with Vietnam's Largest State-Owned Insurer BaoViet to Accelerate Southeast Asia Expansion

Habit Factory, a fintech company, announced on July 16 that it has signed a memorandum of understanding (MOU) with BaoViet, a state-owned life insurance company in Vietnam, to expand into Southeast Asia.

The purpose of this agreement is to establish a foothold for Habit Factory's entry into the Southeast Asian market and to introduce artificial intelligence (AI) throughout BaoViet's operations.

The two companies agreed to share a vision of setting a new standard in the Vietnamese insurance market. Habit Factory will support the improvement of BaoViet's insurance sales procedures and customer experience. Specifically, Habit Factory will be responsible for building AI solutions for customers and insurance planners, providing data analytics technology, and offering consulting for insurance product development.

Jung Yoonho, co-CEO of Habit Factory (left), and Nguyen Quang Phi, CEO of BaoViet, are posing for a commemorative photo. Habit Factory

BaoViet will provide local market information and business professionals. The two companies also explained that they plan to jointly develop digital insurance products with customer convenience in mind in the future.

Habit Factory noted that the Vietnamese insurance industry is slower in adopting AI and promoting digital transformation compared to other sectors. The company believes that leveraging its AI capabilities in Vietnam, which recorded an economic growth rate of 7% last year, can bring about positive changes.

Nguyen Quang Phi, CEO of BaoViet, said, "As part of our plan to accelerate digital transformation, we have partnered with Habit Factory, which stands out for integrating AI into the insurance industry. We will use this technological strength to solidify our position as the market leader."

Jung Yoonho, co-CEO of Habit Factory, said, "We look forward to the innovation that this collaboration will bring to the Vietnamese insurance market. Starting with this opportunity, we will prove our excellence in various overseas markets and establish ourselves as a global fintech company."