Nano: How Earned Wage Access is Improving Employee Financial Wellbeing in Vietnam

Openspace is proud to have supported our portfolio company, Nano, as they publish a unique financial impact report. The study was led by CIIP (the Center for Impact Investing and Practices (CIIP), a non-profit centre established by Temasek Trust) and amongst 4 companies from the Earned Wage Access space in Southeast Asia, Nano's Vui App was the sole participant from Vietnam.

The study took a 3-tier research approach: interviews with management, analysis of applications, and in-depth user interviews.

Overall, Vui App has been shown to have a positive impact on users' overall quality of life and improves the relationship between employees and the company:

• Financial inclusion: 95% users said they did not have prior access to a similar loan financial product; 91% Users said they couldn’t find a better alternative than Vui App.
• Household Impact: 78% believe their overall life quality had improved, 91% say Vui App has improved their financial situation and savings.
• Client Protection: 89% of users agreed they clearly understood their fees, 98% users say they have never experienced an unexpected charge of fee.
  
• Financial resilience: 76% users say that their ability to face emergency expenses had improved, 66% users reported that their ability to manage finances had improved
• Agency and control: 63% users said that their ability to achieve a financial goal had improved, 65% users said that their confidence had increased
• Work relationship: 75% of Vui app users felt more engaged with their work after being offered EWA.

We hope you enjoy the report and that it helps continue to expand our understanding of Vietnam, and the effectiveness of solutions like this in such markets.

For more information, please reach out to freddie@openspace.vc

‍