Investment of $28 million to push Vietnamese app's development.
MoMo, a mobile e-wallet developed in Vietnam, has received investment of $28 million from Standard Chartered Private Equity (SCPE) and global investment bank Goldman Sachs, M_Services JSC, the operators of MoMo, announced on March 17.
“I believe that our broad international network, coupled with our full suite of innovative, customized products and services, will support the development of Vietnam’s fintech industry, of which MoMo is an integral part, in achieving its growth aspirations,” Mr. Nirukt Sapru, CEO of Standard Chartered Bank (Vietnam), said.
The bank has teamed up with MoMo to provide Straight2Bank wallet payments for its corporate clients in Vietnam.
Mr. Pham Thanh Duc, CEO of the M-Service JSC, expressed his thanks for the investment and said that MoMo will develop rapidly by continuing to invest in the launch of new products and services, expanding bank and merchant connectivity, and extending the nationwide installation of MoMo point-of-sale terminals at retail outlets.
With over 1 million mobile e-wallet customers, MoMo provides consumers with more than 100 convenient services, including money transfer, bill payment, collection and disbursement, and mobile commerce via a simple, one-touch, smartphone-based app.
It also has a physical network of over 4,000 OTC agents in 45 provinces that enable it to provide the same convenient services to 1.5 million customers in areas where banking services and smartphones are less prevalent.