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