Circle Asia
Circle Asia operates an AI-powered PayLater platform in Vietnam, delivering the VPBank Circle Paylater Visa Platinum credit card through a Banking-as-a-Service partnership. The mobile-first product targets underbanked consumers and young professionals with instant onboarding, flexible installments, and cashback rewards.
- Company typePrivate
- Founded2025
- HeadquartersHo Chi Minh City, Vietnam
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Circle Asia does
Circle Asia is a Singapore-incorporated fintech company (Circle Asia Technologies Pte. Ltd) operating a Banking-as-a-Service (BaaS) consumer credit platform in Vietnam. The company powers the VPBank Circle Paylater Visa Platinum credit card, delivering an AI-driven mobile experience that enables underbanked Vietnamese consumers to obtain credit cards using only a CCCD (national ID) and a smartphone, with virtual card issuance in approximately five minutes. Its primary target segments are underbanked consumers and young Vietnamese professionals (ages 20-40) seeking mobile-first credit, flexible installment payments up to 12 months, 0.5% unlimited cashback, and lifetime-fee pricing. Credit limits extend up to 100 million VND per cardholder.
The platform architecture combines proprietary AI components — including AI underwriting and risk assessment for users without traditional bank accounts, 24/7 fraud anomaly detection, predictive credit scoring (Circle Score), an AI-driven expense management assistant, and a chatbot (Tappy) — with regulated infrastructure supplied by strategic partners. VPBank acts as the licensed issuing bank and compliance entity, Visa provides the global payment network enabling acceptance at 100M+ merchants, and Pismo supplies the cloud-native core banking platform. Circle Asia holds PCI DSS v4.0.1 certification and Visa Certified Member status. Beyond its core Vietnamese consumer credit business, the company has expanded into adjacent financial services, most notably through a March 2026 partnership with Willis (WTW) to launch Asia's first digital art insurance facility for collectors and galleries in Hong Kong.
Circle Asia monetizes primarily through interchange fees on Visa-network transactions, interest and fees from installment plans (0% for 3 months on eligible transactions, longer plans up to 12 months), and commissions from insurance and reward partnerships (UrBox, Grab, Agoda, Vietnam Airlines). Distribution is entirely product-led via the Circle mobile app on iOS and Google Play, with an invite-only/early-access model supplemented by social channels (Facebook, LinkedIn, TikTok) for top-of-funnel awareness. The company is backed by 500 Global and GSR Ventures, and operates with 11-50 employees across Singapore (regional headquarters) and Ho Chi Minh City (Vietnam operations).
Circle Asia firmographics
Firmographics- Name
- Circle Asia
- Legal name
- Circle Asia Technologies Pte. Ltd
- Website
- https://getcircle.ai
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Circle Asia operates an AI-powered PayLater platform in Vietnam, delivering the VPBank Circle Paylater Visa Platinum credit card through a Banking-as-a-Service partnership. The mobile-first product targets underbanked consumers and young professionals with instant onboarding, flexible installments, and cashback rewards.
- Ownership category
- akta.pro rank
Circle Asia industry classification
Industry- Product category
- Consumer Credit Cards
- NAICS
- Credit Card Issuing (52221), Credit Card Issuing (522210)
- SIC
- Personal Credit Institutions (6141), Finance Services (6199)
- akta.pro primary industry
- BNPL Card / Virtual Card Programs (FSAKACAC)
- akta.pro secondary industry
- Virtual Prepaid & Single-Use / Tokenized Cards (FSAMANAJ)
Keywords
Where Circle Asia is headquartered
LocationHeadquarters
- HQ city
- Ho Chi Minh City
- HQ country
- Vietnam
- HQ region
- Asia
Offices2 records
Markets served
Circle Asia business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure
Revenue model
- Interchange Fees: Circle earns interchange fees from card transactions processed through the Visa network on VPBank Circle Paylater cards. Each purchase generates revenue from the merchant's acquiring bank.
- Installment Interest: Revenue generated from 0% interest installments for 3 months on eligible transactions. The product also offers up to 12-month installment plans, potentially generating interest income beyond promotional periods.
- Cashback and Rewards: Circle offers 0.5% unlimited cashback on all transactions, funded through interchange fees with the difference retained as margin.
- Art Insurance Partnership: Partnership with Willis to offer digital art insurance facilities for collectors and galleries in Asia, generating commission revenue from insurance product distribution.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | VPBank Circle Paylater - Lifetime Free |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Circle Asia product offering
Product offeringCore offering
Circle Asia operates a digital PayLater credit card platform issued in partnership with VPBank (Vietnam Prosperity Bank) on the Visa network. Consumers can apply for and receive a virtual Visa Platinum credit card within approximately 5 minutes using only a Vietnamese national ID (CCCD) and a smartphone. The company also distributes an Art Insurance Facility for Asian collectors and galleries in partnership with Willis (WTW).
Product overview
Circle Asia is a financial technology company operating as a platform-plus-modules architecture, primarily offering the VPBank Circle Paylater Visa Platinum credit card in Vietnam alongside supplementary features. The core product is the co-branded credit card issued by VPBank, which Circle Asia powers through its mobile app providing AI-driven spending management, security, and reward features. The product suite includes Circle Score (credit scoring), Circle Family (family card management), Circle Reward (loyalty/cashback), and Circle Protect (security controls) as integrated modules within the app. Beyond Vietnam, Circle Asia has launched an AI-powered PayLater card in partnership with Pismo and Visa, and an art insurance facility with Willis (WTW) for the Asian art market. The company holds PCI DSS v4.0.1 certification and operates as an official Visa member.
Differentiator
Problem solved
Functional benefit
Brands
- Circle Reward: Exclusive rewards program for Circle cardholders offering cashback and promotional offers
- Circle Family
- Circle Score
- Circle Protect
Products and services
- VPBank Circle Paylater A Visa Platinum credit card issued by VPBank in Vietnam and powered by Circle Asia's technology platform, offering a lifetime-free card, 0% interest installments up to 12 months, a credit limit up to 100 million VND, and AI-powered spending management through the Circle app. It targets Vietnamese consumers seeking a digital-first, no-paperwork credit card experience.
- AI PayLater Card An AI-powered PayLater virtual credit card developed in partnership with Pismo and Visa, featuring AI-driven risk assessment, instant approval, flexible installment plans, and global payments on the Visa network. It is targeted at users without traditional bank accounts and is rolling out in phases starting in early 2026.
- Art Insurance Facility A digital art insurance facility for individual collectors and galleries in Asia, launched in partnership with Willis (WTW). It provides comprehensive coverage with lower minimum premiums and streamlined digital policy management through Circle's platform, with initial focus on Hong Kong and broader Asian markets.
Quantifiable outcome
- Instant virtual card issuance within 5 minutes using only CCCD and smartphone
- +5 more outcomes
Companies that use Circle Asia
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Circle Asia technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
AI capability6 records
Feature6 records
Circle Asia partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered flagship, core and minor.
- Willis (WTW)flagshipWillis, a WTW business, partnered with Circle Asia to launch Asia's first digital art insurance facility for collectors and galleries. The facility offers comprehensive coverage with lower minimum premiums and streamlined digital management through Circle's platform, addressing the growing and evolving art market in the region, particularly in Hong Kong.
- VPBank (Vietnam Prosperity Bank)coreCircle Asia Technologies partnered with VPBank to launch the VPBank Circle Paylater credit card. VPBank handles regulatory compliance, card issuance, and banking operations while Circle provides the technology platform, AI-powered risk assessment, digital card management, and mobile app experience. This is a Banking-as-a-Service (BaaS) partnership where Circle's technology is embedded in VPBank's banking infrastructure.
- VisacoreCircle Asia partnered with Visa and Pismo to launch Vietnam's first AI-powered PayLater card. Visa provides the payment network infrastructure and brand certification while Circle contributes AI underwriting technology and digital experience. The card will offer features such as instant approval, flexible installment plans, and global payments through Visa's network.
- PismoflagshipPismo provides the banking platform and processing infrastructure for the AI-powered PayLater card in Vietnam. The partnership enables core banking functionalities including card issuance, transaction processing, and regulatory compliance through Pismo's cloud-native banking platform.
- UrBoxminorUrBox provides the rewards and gift box membership program for Circle's Circle Reward loyalty program. New cardholders receive UrBox Membership with various brand offers and discounts upon successful card activation.
- GrabminorGrab partners with Circle to offer promotional discounts (up to 50K VND) for Grab rides paid with the VPBank Circle Paylater card. The promotional period runs from December 1, 2025 to March 31, 2026.
- AgodaminorAgoda partners with Circle to offer up to 15% discount on hotel bookings when paid with the VPBank Circle Paylater card. The promotional period runs from December 1, 2025 to September 31, 2026.
- Vietnam AirlinesminorVietnam Airlines partners with Circle allowing VPBank Circle Paylater cardholders to earn air miles (tích dặm) with their card spending. The promotion runs from February 12, 2025 to May 14, 2026.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Circle Asia competitors and assessment
Company assessmentEmerging players
- Shopee PayLater: BNPL product from Sea Group's Shopee, offering installment payments to Vietnamese consumers within and outside the Shopee ecosystem. Comparable in PayLater mechanics and target demographic.
Broad incumbents
- ZaloPay: Major Vietnamese e-wallet and consumer payment platform with expanding credit and installment offerings. Operates in the same customer base and competes for digital payment wallet share with Circle.
- Home Credit Vietnam: Established consumer finance lender in Vietnam offering POS installment credit, cash loans, and credit cards to mass-market and underbanked consumers—the dominant incumbent in the segment Circle is targeting.
- FE Credit: Vietnam's largest consumer finance company, offering installment loans and credit cards to underbanked consumers. Represents the entrenched competitor Circle must displace in the same customer segment.
- MoMo: Vietnam's largest e-wallet and consumer fintech super-app with payments, lending, and credit products. Competes with Circle for the same mobile-first Vietnamese consumers and has unmatched distribution scale.
Direct peers
- Atome: Pan-Asian BNPL platform offering pay-in-installments at online and offline merchants across SE Asia. Closely comparable in product (BNPL + virtual card) and target market (underbanked/young digital consumers).
- Cake by VPBank: Digital banking app from VPBank—the same issuing bank partner that powers Circle Paylater. Highly comparable in card issuing infrastructure, target segment, and parent-bank model, and the most direct substitute for Circle's product within VPBank itself.
- Akulaku: SE Asia-focused BNPL and digital lending fintech with operations in Indonesia, Vietnam, and the Philippines. Overlaps with Circle on installment credit for underbanked consumers and a mobile-first experience.
- Kredivo: Indonesia-headquartered BNPL and digital credit provider that underwrites underbanked consumers and offers virtual card and installment products across Southeast Asia—directly comparable to Circle's PayLater value proposition in Vietnam.
Regional players
- Timo: Vietnamese digital banking platform offering mobile-first banking and card products to young, tech-savvy consumers. Comparable in digital-first card experience and target segment, though broader in product scope than Circle.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Circle Asia social profiles
Digital presenceCircle Asia compliance and trust
Trust signalCompliance2 records
Circle Asia financial estimates
Financial estimateRevenue estimate
Valuation estimate
Circle Asia leadership team
Management profileNumber of profiles
Circle Asia funding detail
Funding detailFunding overview
Funding rounds1 record
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Circle Asia M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Circle Asia
What does Circle Asia do?
Circle Asia operates a digital PayLater credit card platform issued in partnership with VPBank (Vietnam Prosperity Bank) on the Visa network. Consumers can apply for and receive a virtual Visa Platinum credit card within approximately 5 minutes using only a Vietnamese national ID (CCCD) and a smartphone. The company also distributes an Art Insurance Facility for Asian collectors and galleries in partnership with Willis (WTW).
Is Circle Asia a public or private company?
Circle Asia is a private company. It is classified as venture growth investor backed and is currently operating.
When was Circle Asia founded?
Circle Asia was founded in 2025. It employs 11 to 50 people.
Where is Circle Asia based?
Circle Asia is headquartered in Ho Chi Minh City, Vietnam, in the Asia region.
How does Circle Asia make money?
Four revenue lines are on record. Interchange Fees are the primary driver. The others are installment Interest, cashback and Rewards and art Insurance Partnership.
Who are Circle Asia's main competitors?
Shopee PayLater is listed as an emerging player. Broad incumbents are ZaloPay, Home Credit Vietnam, FE Credit and MoMo. Direct peers are Atome, Cake by VPBank, Akulaku and Kredivo. Timo is listed as a regional player.
Does Circle Asia have an API?
No public API is recorded for Circle Asia.
What industry is Circle Asia in?
Circle Asia's product category is Consumer Credit Cards. Its primary akta.pro industry code is FSAKACAC, BNPL Card / Virtual Card Programs, with a secondary code of FSAMANAJ, Virtual Prepaid & Single-Use / Tokenized Cards. Its NAICS code is 52221 and its SIC code is 6141.