LIFT and Hana Ratings Forge Strategic Partnership for Financial Inclusion

LIFT Vietnam, a fintech company operating an AI-driven Earned Wage Access (EWA) platform, announced on August 19 that it has signed a Memorandum of Understanding (MOU) with Hana Ratings, the first foreign-invested credit rating agency in Vietnam. This partnership marks a major collaborative effort to establish an alternative credit scoring system tailored for Vietnamese workers who have historically lacked access to formal financial services. 

Transforming Labor Records into Financial Assets

In Vietnam, a significant portion of the working-class population—particularly those in manufacturing and hourly-wage sectors—are categorized as "thin-file" individuals. Due to a lack of traditional credit history or formal banking transactions, these workers often struggle to qualify for standard financial products. Consequently, many remain vulnerable to predatory lending or loan sharks. 

The collaboration aims to bridge this gap by combining LIFT's deep reservoir of alternative data—accumulated through its EWA service—with Hana Ratings' sophisticated evaluation methodology. LIFT’s data, which includes real-time records of actual labor, wage earnings, and repayment behavior, serves as a "most honest record" of a worker’s diligence and financial integrity. By converting these daily work activities into formal credit information, the two companies intend to build a robust alternative credit scoring model that enables unbanked workers to access institutional finance. 

A New Paradigm in Financial Welfare

Yang Jung-ho, CEO of LIFT, emphasized that "data accumulated through EWA is the most accurate proof of reliability for workers who lack conventional financial history." He added that the partnership would materialize a financial environment where "one's work record becomes one's credit." 

Hana Ratings CEO Ham Ho-keun noted, "LIFT’s alternative data is an exceptionally rare asset that can expand beyond simple corporate credit ratings into a comprehensive personal credit infrastructure." By applying professional credit evaluation methodologies, the partners aim to broaden the foundation of Vietnam's credit rating market.

Broader Impact on Vietnam’s Fintech Landscape

The EWA market in Vietnam has been rapidly gaining traction, as flexible pay models help workers manage cash flow gaps without the burden of high-interest rates or predatory fees. LIFT has already established strategic partnerships with major financial institutions, including Shinhan Bank Vietnam, Shinhan Finance, DB Insurance, and VNPT ePay. By integrating their services into manufacturing workplaces, LIFT is not only providing liquidity but also helping to reduce turnover rates and improve overall financial stability for employees. 

This MOU represents a landmark case of Korean fintech firms exporting their advanced data utilization and financial infrastructure capabilities to international markets. As these two organizations work toward Proof of Concept (PoC) for their new scoring model, the initiative is expected to set a new benchmark for financial inclusion in Vietnam, demonstrating how digital innovation can empower the underbanked and foster a more equitable financial ecosystem.