Twino to launch Vietnam investment product
Twino has unveiled a new product offering investments in asset-backed securities based on business loans issued to a consumer lending company in Vietnam.
The product will have a term of three to 12 months and an interest rate of 12 per cent per annum. It is expected to launch in the next few days.
The European peer-to-peer lending platform also revealed that it has made some user interface and functionality updates.
These include the implementation of filters and sorting options on its loan securities pages (both manual investment and individual investments), the ability to download an overview of investments in securities, and adding withholding tax to the dashboard and the income statement.
Read more: Twino implements EU tax rate reduction for investors
The updates follow recent management changes at Twino. The firm appointed Helvijs Henšelis as its new chief executive officer and chairman of the management board, succeeding Karīna Caunīte-Orupe.
Caunīte-Orupe has been with Twino since 2015, holding various leadership roles.
The role of Henšelis has been approved by the Financial and Capital Market Commission and, for the past few weeks, he and Caunīte-Orupe have been working on Henšelis transitioning to take over the position officially by 25 November.
Henšelis has 10 years of experience in the financial sector, consulting on business, financial and strategic matters, including a long tenure as a leading expert in some of the largest consulting companies in Latvia, such as Deloitte and PwC.
At Twino he has gained a deep understanding of the business model, governance, P2P lending and investment fields, the platform said.
Read more: Twino reaches €1bn funding milestone
“I would like to thank Karīna for her excellent work and wish her well in future endeavours”, said Twino founder and chairman of the supervisory board Armands Broks.
“I also wish Helvijs all the best in his new role and am convinced that given his extensive background in the financial sector and historical cooperation with Twino in different roles, including as an advisor during the time when Twino obtained its investment firm license, he is in a great position to oversee the continued momentum of Twino.”
Read more: Twino has stopped accepting new UK clients