A member of the Prime Minister’s Economic Advisory Group scans a QR code with his MoMo e-wallet at a machine in HCM City (Photo: MoMO) Hanoi (VNS/VNA) - The Prime Minister’s Economic Advisory Group metwith local fintech firm MoMo in Ho Chi Minh City early this week.
Nguyen Ba Diep, co-founder and vice president of the firm, said: “The number ofe-wallet users is growing fast after the pandemic, due to the popularity ofcontactless payments.”
Diep told Viet Nam News: “We are building big data systems and making MoMo a‘super app’ that helps partners understand users and also give them a fullpayment and financial ecosystem.”
AppotaPay, a subsidiary of Appota Group, announced it had been licensed as apayment intermediary by the State Bank of Vietnam (SBV).
As a subsidiary of Appota Group – an entertainment, game and media firm with 55million users – AppotaPay could now operate electronic wallet services,electronic payment gateways, and fee collection services, said the firm.
AppotaPay was the 39th non-bank organisation licensed by the central bank tooperate in the payment service industry.
AppotaPay’s representative also said: "The pandemic has accelerateddigital transactions in the country and helped the local electronic walletmarket to grow," adding: "AppotaPay will make cashless payments morepopular in Vietnam."
While meeting with MoMo, Truong Van Phuoc, member of the group, said there wasa connection between traditional financial services and technology, adding:“The micro-credit model is a potential segment for e-wallets.”
Phuoc said finance companies offer very high interest rates for this type oflending, so there’s a need for a legal corridor for fintech companies to easethe burden for borrowers.
Diep from MoMo said there needed to be a legal mechanism for innovativebusinesses like MoMo, adding such support will help encourage local fintechfirms to develop through supporting mechanisms for tax exemptions andreductions.
Nguyen Duc Kien, head of the Prime Minister’s Economic Advisory Group said:"We promise to always listen not only to MoMo but also businessesoperating in the fintech sector, so that we can form a reasonable andharmonious business environment."
Earlier, at a national seminar on the digital economy in Vietnam, Tran Thi LanHuong, senior public administration expert from the World Bank, said: “Six outof ten of the largest enterprises in the world today are specialising indigital and data technologies. The figure shows great opportunities andpotentials for fintech businesses in Vietnam.”
According to forecasts, the digital economy in Vietnam is likely to reach 43billion USD by 2025. Hanoi and HCM City were also rated among seven majorcities with fast digital economic development in the Southeast Asian region./.
Nguyen Ba Diep, co-founder and vice president of the firm, said: “The number ofe-wallet users is growing fast after the pandemic, due to the popularity ofcontactless payments.”
Diep told Viet Nam News: “We are building big data systems and making MoMo a‘super app’ that helps partners understand users and also give them a fullpayment and financial ecosystem.”
AppotaPay, a subsidiary of Appota Group, announced it had been licensed as apayment intermediary by the State Bank of Vietnam (SBV).
As a subsidiary of Appota Group – an entertainment, game and media firm with 55million users – AppotaPay could now operate electronic wallet services,electronic payment gateways, and fee collection services, said the firm.
AppotaPay was the 39th non-bank organisation licensed by the central bank tooperate in the payment service industry.
AppotaPay’s representative also said: "The pandemic has accelerateddigital transactions in the country and helped the local electronic walletmarket to grow," adding: "AppotaPay will make cashless payments morepopular in Vietnam."
While meeting with MoMo, Truong Van Phuoc, member of the group, said there wasa connection between traditional financial services and technology, adding:“The micro-credit model is a potential segment for e-wallets.”
Phuoc said finance companies offer very high interest rates for this type oflending, so there’s a need for a legal corridor for fintech companies to easethe burden for borrowers.
Diep from MoMo said there needed to be a legal mechanism for innovativebusinesses like MoMo, adding such support will help encourage local fintechfirms to develop through supporting mechanisms for tax exemptions andreductions.
Nguyen Duc Kien, head of the Prime Minister’s Economic Advisory Group said:"We promise to always listen not only to MoMo but also businessesoperating in the fintech sector, so that we can form a reasonable andharmonious business environment."
Earlier, at a national seminar on the digital economy in Vietnam, Tran Thi LanHuong, senior public administration expert from the World Bank, said: “Six outof ten of the largest enterprises in the world today are specialising indigital and data technologies. The figure shows great opportunities andpotentials for fintech businesses in Vietnam.”
According to forecasts, the digital economy in Vietnam is likely to reach 43billion USD by 2025. Hanoi and HCM City were also rated among seven majorcities with fast digital economic development in the Southeast Asian region./.
VNA
