More than 93 % of loans in Vietnam still need collateral, and 75.5 % of SMEs say they cannot get bank financing without it, according to the 2025 Provincial Competitiveness Index report published by the Vietnam Chamber of Commerce and Industry (VCCI). This leaves many shop owners dependent on costly informal lenders.

Fintech firms such as Cake and KiotViet have responded by offering loans of up to 300 million VND (about 11,400 USD) through the KiotViet app. The whole process—from electronic KYC to credit‑limit approval and fund transfer—takes only a few minutes.

Instead of demanding collateral, the platforms use an AI‑based system that evaluates a merchant’s creditworthiness from transaction and cash‑flow data collected in the sales‑management app. This method matches the real‑time financial health of the business.

MISA Lending, another digital‑lending service, reported a 36.2 % success rate for loan applications, which is ten times higher than the rate of traditional unsecured channels. The high approval level shows how data‑driven scoring can unlock financing for many households.