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Banking & Finance

Money Forward Vietnam opens HCMC office

Released at: 14:38, 10/01/2019

Money Forward Vietnam opens HCMC office

Two directors from Money Forward, Inc. and Money Forward Vietnam Co., Ltd (Photo: Money Forward

Subsidiary of Japanese fintech company opens office in District 4.

by Phi Linh

Money Forward Vietnam, a subsidiary of Japanese financial technology (fintech) company Money Forward, Inc., held a grand opening ceremony for its new office in Ho Chi Minh City on January 8.

The office is on the 21st floor of the E.Town Central building, 11 Doan Van Bo Street in District 4.

Mr. Yosuke Tsuji, Representative Director, President and CEO of Money Forward, Inc., Mr. Takayuki Tsuzuki, General Director of Money Forward Vietnam, and representatives from Japanese corporations active in Ho Chi Minh City attended the ceremony.

“Vietnam was selected for our first foreign branch due to its huge number of talented engineers, especially young software engineers, along with the cooperation, honesty, and responsibility of Vietnamese people,” Mr. Tsuzuki told the gathering. “Vietnam is also our first step in plans to penetrate into Southeast Asia.”

The company aims to release a variety of services that could become a financial platform not only in Japan but also every corner of the world. According to data on Vietnam’s fintech market from Statista and a Solidiance report released last May, the country’s fintech market is predicted to rise from $4.4 billion in 2017 to $7.8 billion in 2018 and perhaps $35 billion in 2025.

Vietnam also has support policies for fintech, a declining use of cash, an increase in population, a good business environment and IT platform, and, especially, a 45-year relationship with Japan and geographical proximity.

Money Forward, Inc. aims to build financial and IT-oriented services to ease concerns about personal and company financial foundations and develop services to become a “financial platform”.

It offers personal finance and asset management support services, such as business operation analysis software and electronic documentation applications, etc. Money Forward ME - a financial management service for individuals - has 7 million users, giving it the largest market share in Japan.

Established last August, Money Forward Vietnam has investment capital of $910,000 and its mission is to support and upgrade existing products available in Japan. With experienced software engineers in Vietnam, the company contributes to developing fintech services for the Japanese market and in the future will provide such services in Vietnam and throughout Asia.

Established in May 2012, Money Forward, Inc. focuses on developing two ranges of products in Japan: applications for individuals and personal financial management services (Money Forward), money saving applications (Sira Tama), and financial planning services (Mirai talk), as well as cloud-based applications for back-office operations (Money Forward Cloud Series).

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