MoMo placed 7th in Global Platforms Ranking 2023 by The Asian Banker

By Nguyen Thuy
Fri, March 24, 2023 | 3:05 pm GMT+7

MoMo, Vietnam’s most popular digital wallet, was honored in the Top 10 of the Global Platforms Ranking 2023 by magazine The Asian Banker.

The MoMo app on a smartphone shows its digital wallet services in Vietnam. Photo courtesy of the firm.

The MoMo app on a smartphone shows its digital wallet services in Vietnam. Photo courtesy of the firm.

MoMo ranks seventh and is the only representative of Vietnam in the list, the magazine’s global research arm TABInsights announced Friday.

The research unit has assessed 20 leading global platforms and ranked them based on a balanced scorecard. The assessment covers capabilities mapped across customers, coverage and service scope, usage and engagement, financial performance, strategy and leadership.

“The best platform demonstrates exceptional efforts to bring together a wide variety of integrated and relevant services that customers require to manage their financial and non-financial needs,” TABInsights said.

From the first to the sixth are Alipay (China), Gcash (the Philippines), Wise (the U.K.), WeChat Pay (China), M-Pesa (Kenya), and PayPal (global). South Korea’s Toss came eighth, followed by GoTo (Indonesia) and Apple Pay (global), respectively.

According to The Asian Banker, MoMo is a platform that offers a wide range of financial products in investment, credit and insurance through partnerships with financial institutions and banks. It leverages technology-enabled solutions to provide a one-stop financial package for users.

MoMo was launched in 2010 as one of Vietnam’s first e-wallets. It has since 2018 been a pioneering platform that cooperates with financial institutions and banks to pave the way for financial services to be within the reach of more Vietnamese people. MoMo has repeatedly raised funds from international investors, with the latest completed in December 2021 led by Japan’s Mizuho Bank in a $200 million series E funding round.

At present, MoMo is the trusted partner of over 70 international and Vietnamese financial institutions including banks, and financial and insurance companies. It also directly cooperated with 31 banks, Napas (National Payment Service Vietnam) and most of the credit card issuers.

MoMo’s financial products are diverse and feasible with ease of use, fulfilling most of the personal financial needs of users such as “buy now pay later”, loan payments, insurance purchases, online savings, bond investments, and cross-border remittance.

Western Union, a financial service company based in the U.S. and MoMo kicked off their partnership on Monday in facilitating the latter’s customers to receive the former's money transfers on the MoMo app.

Comments (0)
  • Read More
Real estate, gold markets to be fully established by 2026: Prime Minister

Real estate, gold markets to be fully established by 2026: Prime Minister

Vietnam plans to complete a comprehensive legal framework for its financial, real estate, and gold markets by 2026 as part of a broader effort to modernize market infrastructure and accelerate economic growth, said Prime Minister Pham Minh Chinh.

Finance - Mon, October 20, 2025 | 3:33 pm GMT+7

Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province

Vietnam breaks ground on nation’s most advanced domed stadium in Hung Yen province

Vietnam’s Ministry of Public Security has broken ground on a 60,000-seat domed stadium in the northern province of Hung Yen, set to become the country’s most technologically advanced sports venue.

Society - Mon, October 20, 2025 | 2:48 pm GMT+7

Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts

Workforce and logistics - keys to sustainable e-commerce growth in Vietnam: experts

Businesses and online shop owners in Vietnam should pay greater attention to human resources and logistics, considering these factors “keys” to competitive advantage in the increasingly volatile e-commerce market, according to experts.

Economy - Mon, October 20, 2025 | 10:54 am GMT+7

Construction stocks ignite Vietnam’s market rally by year-end

Construction stocks ignite Vietnam’s market rally by year-end

FDI inflows into Vietnam are hitting record highs, while faster public investment disbursement and stable construction material costs are fueling a late-year surge in construction stocks, analysts said.

Finance - Mon, October 20, 2025 | 10:44 am GMT+7

Vietnam's central bank struggles to rein in cross-ownership

Vietnam's central bank struggles to rein in cross-ownership

Cross-ownership and bank manipulation in Vietnam have eased, yet control remains elusive as shareholders and related parties conceal ownership through nominees, the State Bank of Vietnam (SBV) said in a report to the country’s legislature.

Banking - Mon, October 20, 2025 | 8:34 am GMT+7

Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam

Viettel Post-invested $27 mln logistics center project breaks ground in central Vietnam

Viettel Post, a subsidiary of military-run Viettel Group, has broken ground on an over VND722 billion ($27.41 million) logistics center project in Danang city, which is expected to enhance the logistics capacity of Vietnam's central and Central Highlands regions.

Industries - Sun, October 19, 2025 | 7:35 pm GMT+7

Vietnam's stock market regulator introduces green bond disclosure handbook

Vietnam's stock market regulator introduces green bond disclosure handbook

By enhancing transparency and standardizing disclosures, the Green Bond Disclosure Handbook that the State Securities Commission of Vietnam (SSC) introduced will build investor trust, reduce greenwashing risks, and support the growth of a credible and resilient green finance market in Vietnam.

Finance - Sun, October 19, 2025 | 2:11 pm GMT+7

Central Vietnam province Lam Dong seeks investment for 72 projects

Central Vietnam province Lam Dong seeks investment for 72 projects

The Lam Dong province People's Committee has called for investment in 72 projects across various sectors which are set for implementation in 2025 and the 2026-2030 period.

Industries - Sun, October 19, 2025 | 1:31 pm GMT+7

Vietnam's leading conglomerate Vingroup ventures into senior living market

Vietnam's leading conglomerate Vingroup ventures into senior living market

Vingroup JSC (HoSE: VIC) has unveiled Vin New Horizon, a network of premium retirement and wellness communities built to international standards, marking the Vietnamese conglomerate’s strategic entry into the senior living market.

Industries - Sun, October 19, 2025 | 12:28 pm GMT+7

Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years

Vietnam’s agri major HAGL makes surprise return to property, saying land plot forgotten for 15 years

Vietnam’s agri major Hoang Anh Gia Lai JSC's (HAGL) return to real estate is an accident, after discovering a plot of land the company had “forgotten for 15 years” during its boom years, said chairman Doan Nguyen Duc.

Companies - Sun, October 19, 2025 | 10:02 am GMT+7

REE to set up 2 subsidiaries for wind projects in southern Vietnam

REE to set up 2 subsidiaries for wind projects in southern Vietnam

Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has decided to establish two wholly-owned subsidiaries to develop two wind power projects in Vinh Long province, expanding its renewable energy portfolio in southern Vietnam.

Energy - Sun, October 19, 2025 | 8:00 am GMT+7

Australian CEO detained, NSH Petro’s recovery hopes collapse

Australian CEO detained, NSH Petro’s recovery hopes collapse

The recovery prospects of NSH Petro (PSH) have dimmed after its Australian CEO was detained on allegations of fraud involving false promises of billion-dollar financing that led to the misappropriation of nearly $4.9 million.

Companies - Sat, October 18, 2025 | 6:53 pm GMT+7

Maintaining market status upgrade a bigger challenge: official

Maintaining market status upgrade a bigger challenge: official

Vietnam's stock market status will be upgraded by FTSE Russell from "frontier" to "secondary emerging" from September 21 next year, but continued reform is critical as the bigger challenge is to maintain the new classification, said a market watchdog official.

Finance - Sat, October 18, 2025 | 1:30 pm GMT+7

HCMC partners with Nasdaq to develop int’l financial center

HCMC partners with Nasdaq to develop int’l financial center

The Finance Department of Vietnam’s southern metropolis Ho Chi Minh City has signed an MoU with the U.S.-based stock exchange Nasdaq on the development of an international financial center (IFC).

Top News - Sat, October 18, 2025 | 11:56 am GMT+7

Vingroup plans $325 mln issuance of international bonds

Vingroup plans $325 mln issuance of international bonds

Vietnam's leading private conglomerate Vingroup (HoSE: VIC) has announced a board of directors resolution to issue $325 million worth of international bonds, with a five-year term and a yield of 5.5% per year.

Companies - Sat, October 18, 2025 | 10:26 am GMT+7

Vietnam raises personal income tax deductions by over 40%

Vietnam raises personal income tax deductions by over 40%

The Standing Committee of Vietnam’s National Assembly, the country's legislature, on Friday approved a resolution on adjusting personal income tax (PIT) deductions, marking a significant increase of over 40% from current levels.

Economy - Sat, October 18, 2025 | 9:11 am GMT+7