Vietnam’s state-own telecom MobiFone, Techcombank jointly launch digital payment firm

MobiFone, Vietnam’s third-largest telecom operator, has launched a new digital payment subsidiary in partnership with One Mount Group and Techcombank, according to recent corporate registration data.

The new entity, MobiFone Digital Payment JSC, has a charter capital of VND300 billion ($11.5 million). MobiFone holds a 51% controlling stake, while digital platform One Mount Group holds 38% and private lender Techcombank (HoSE: TCB) owns 11%.

Headquartered in Hanoi, the company is licensed to operate a wide range of intermediary payment services, including financial switching, international switching, electronic clearing, payment gateways, and collection/disbursement services.

Phan Thanh Son has been appointed CEO and legal representative of the new firm following his resignation as Deputy CEO cum chief global transaction services officer at Techcombank.

The move comes after the Ministry of Public Security took over the management of MobiFone from the State Capital Management Committee (SCMC) as part of the government’s administrative streamlining drive.

MobiFone has announced plans to accelerate digital transformation, build digital ecosystems, and diversify revenue streams in 2025. The company was granted a payment intermediary license in March 2021 and subsequently rolled out the MobiFone Pay e-wallet, which allows users to pay utility bills and perform mobile transactions.

Founded in 1993, MobiFone was Vietnam’s first telecommunications company. According to Vietnam’s ICT White Book 2023, the company held a 17.9% share of the domestic telecom market, behind Viettel (56.3%) and VNPT (21%), both of which are state-owned.

In 2024, MobiFone reported a pre-tax profit of VND2,048 billion ($80.2 million), exceeding its target by 20.6%.

One Mount Group was initially established by Vingroup (HoSE: VIC) and Techcombank. Vingroup exited the company in 2022. One Mount has a registered capital of over VND5.4 trillion ($206.6 million) and operates across technology, retail, and real estate.