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Banking & Finance

Shinhan Bank signs MoU with Momo E-Wallet

Released at: 17:33, 21/08/2017

Shinhan Bank signs MoU with Momo E-Wallet

Photo: Shinhan Bank

MoU to further strengthen relationship between the two in developing financial services in Vietnam using digital applications.

by Thu Hoang

Shinhan Bank Vietnam announced on August 21 that it has signed a Memorandum of Understanding (MoU) for a cooperative arrangement with the Online Mobile Service Joint Stock Company (M_Service), the owner of MoMo e-wallet.

Prior to signing the MoU, Shinhan Bank and M_Service signed a contract linking the bank’s customer account numbers with MoMo e-wallet, which expires at the end of September.

“One of Shinhan’s 2017 strategies is to globalize digital banking, and with MoMo e-wallet, we believe our strategy will be successfully implemented,” said Mr. Shin Dong Min, CEO of Shinhan Bank Vietnam.

The MoU is necessary to strengthen the relationship between Shinhan Bank and M_Service to develop financial services with digital applications in Vietnam.

The cooperative deal will also open up a new development direction in attracting customers to use Shinhan’s modern and convenient digital banking services. At the same time, existing and prospective customers of MoMo e-wallet will also be offered new banking services from one of the strongest foreign banks in Vietnam.

MoMo e-wallet is a smartphone app with over 3 million users, providing customers with a One Touch Payment experience and more than 200 convenient services, including money transfer, mobile top-up, bill payments, pay-as-you-go, and mobile commerce.

It owns a network of more than 4,000 transaction offices in 45 cities and provinces in Vietnam, allowing more than 2 million customers in remote areas - where banking and smartphone services are still not so popular - to gain access to modern financial services.

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