MoMo was awarded Best Digital Wallet Product at The Asian Banker Vietnam Awards 2020

• Momo built their own core system and focused their whole financial ecosystem around it – from payment, to personal loan and life insurance
• The fintech established its own payment ecosystem in Vietnam
• The fintech turned out to be profitable by expanding from a financial ecosystem to a public service sector

Hanoi, 9 April 2020 – MoMo received Best Digital Wallet Product at The Asian Banker Vietnam Awards 2020.

Momo built their own core system and focused their whole financial ecosystem around it – from payment, personal loan to life insurance

MoMo, a leading fintech company, focused on open banking and application programming interface development. As a result, their QR code payment could been done in about two seconds with synced KYC information from partner banks. While leveraging on inhouse technology capability and successfully migrating some of its key functions to cloud, Momo built their own core system and focused their whole financial ecosystem around it – from payment, to personal loan and life insurance.

The fintech established its own payment ecosystem in Vietnam

Since 2007, MoMo has been building its payment ecosystem – similar with what WeChat has done – from transportation, to payment, loan, and life insurance. They have already partnered with over 90% of banks in Vietnam, and with over 10,000 merchants in the country, possessing over 80% of market share in digital payment category. MoMo also designed an internal net promoter score system to closely monitor customer experience and use this in upgrading customer interface and product.

The fintech turned out to be profitable by expanding from a financial ecosystem to a public service sector

MoMo is the first mover in Vietnam to provide digital payment solution to retail customers. With 12 years of development, MoMo witnessed a significant top-line growth with a four- time revenue increase while maintaining a high standard on risk control. With over 15 million users, in which 32% are active, MoMo was able to donate $21.55 (500,000 VND) per month to public society. By expanding from a financial ecosystem to a public service sector, MoMo turned out to be more profitable while providing further convenience to its customers.

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Visit The Asian Banker Vietnam Awards 2020 official page at Finance Vietnam 2020

For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Email: mkazmi@theasianbanker.com