An Industrial fire is a type of industrial disaster involving a conflagration which occurs in an industrial setting. Industrial fires often, but not always, occur together with explosions. They are most likely to occur in facilities where there is a lot of flammable material present. Such material can include petroleum, petroleum products such as petrochemicals, or natural gas. Processing flammable materials such as hydrocarbons in units at high temperature and or high pressure makes the hazards more severe. Facilities with such combustible material include oil refineries, tank farms (oil depots), natural gas processing plants, and chemical plants, particularly petrochemical plants.
Such facilities often have their own fire departments for firefighting. Sometimes large amounts of dust or powder are vulnerable to combustion and their ignition can cause dust explosions. Severe industrial fires have involved multiple injuries, loss of life, costly financial loss, and /or damage to the surrounding community or environment.
The funds will be used to invest in business expansion, talent acquisition and technology develop- ment. Finhay also bought a securities brokerage, making it the only licensed digital investment platform in Vietnam, according to the startup.
Finhay was founded in 2017 by Huy Nghiem, a Vietnamese-Australian who quit his finance job in Australia. The startup operates a micro-investment platform for Millennials and has more than 2.7 million registered users in the country of almost 100 million people. It recommends multiple micro-financial products including saving, investment and insurance based on the customer’s personal information and risk assessment.
“Finhay is already emerging as the clear frontrunner in Vietnam’s booming investment space,” Jessica Huang Pouleur, partner at Openspace, said in the statement. “We believe a massive opportunity exists in Vietnam, which has an enterprising population hungry for the chance to invest smartly.”
“A large number of people are now looking for ways to start investing – often for the first time, and we are exploring different ways to enable them,” added Nghiem. “It’s such an important inflection point.”
Other rising fintech platforms in Vietnam include MoMo, which has raised money from the likes of Goldman Sachs, Warburg Pincus and Vietnam Investments Group, and Toss, the fintech superapp operated by South Korean billionaire Lee Seung-gun’s Viva Republica.
