Shares of Vemanti Group (OTCMKTS:VMNT) continues to trend higher and now up 90% in a week
Market Reaction
On Friday, VMNT stock moved up 16.03% to $0.80 with 233k shares, compared to its average volume of 85K shares. The stock moved within a range of $0.6747 – 0.8400 after opening trade at $0.69.
Vemanti Group Closes Deal with PVcomBank to Launch First SME-Focused Digital Banking Platform in Vietnam
Vemanti Group (OTCMKTS:VMNT) on March 22, 2022 announced entering into 10-year agreement with Vietnam Public Joint-stock Commercial Bank for launching one of the first Small-to-Medium Enterprise digital banking solutions in the country.
The agreement demonstrates significant collaborative step forward. Harnessing PVcomBank’s dominant incumbent position, the firm will use API, cloud computing, Artificial Intelligence as well as Machine Learning, and blockchain technologies for powering new digital-first platform.
Fully licensed and regulated by State of Vietnam, PVcomBank is a state-owned bank having core banking products. Focusing on spearheading digital banking services, the bank will now share pursuit with Vemanti Group. The unique approach will enable customers use complete range of digital services at convenience.
Ha Viet Nguyen, Deputy CEO from PVcomBank said that the company is excited on taking the step with the Group as it aims to actively build joint platform and commence onboarding customers in the near future. The Deputy CEO added that the physical banking presence in the country along with Vemanti’s forward-thinking platform will provide businesses a tech-forward and adaptable solution for banking needs.
Tan Tran, CEO of Vemanti Group said that the agreement signals next part of growth for the company. Tran added that Vietnam is one of the rapidly growing economies globally with a young population of 100M people. The SMEs account for over 41% of GDP, projected to trend around 310B USD in 2022 and 340B USD in 2023.
Key Quote
“We’re excited to take this next step with Vemanti Group as we now look to actively build our joint platform and begin onboarding customers in the near future,” stated Ha Viet Nguyen, Deputy CEO from PVcomBank. “Our physical banking presence in Vietnam combined with Vemanti’s forward-thinking platform will give businesses a tech-forward, adaptable solution to their banking needs.”
Traders Review
VMNT stock is trading above the 20-Day and 50-Day Moving averages of $0.60 and $0.69 respectively. However, the stock is trading above the 200-Day moving average of $0.86.
