23:42 (GMT +7) - Wednesday 19/12/2018

Banking & Finance

Money Forward establishes Vietnam subsidiary

Released at: 15:15, 28/11/2018

Money Forward establishes Vietnam subsidiary

Photo: Money Forward

Japanese fintech announces opening of subsidiary in HCMC.

by Phi Linh

The Japan-based Money Forward, Inc., a provider of personal financial management (PFM) services and SaaS-type services for back-office operations, announced the establishment of its subsidiary, Money Forward Vietnam, on November 27.

This is the first Money Forward subsidiary in a foreign country and located in District 4 in Ho Chi Minh City. General Director Mr. Takayuki Tsuzuki will be responsible for developing the company in the Vietnamese and Asian markets.

Money Forward Vietnam aims at supporting Money Forward, Inc. in upgrading its popular services and taking part in researching and developing services. It hopes to become one of the leading companies in financial technology in Asia in the near future.

“There are a lot of talented software engineers in Vietnam,” said Mr. Tsuzuki. “In addition, both countries share certain cultural characteristics, which can help us work together more effectively. I am excited to work with members and develop services for the Japanese market. Since the company is in Vietnam, we would like to launch a variety of financial technology (fintech) services here in the near future.”

In Japan, Money Forward, Inc. provides “Money Forward”, a PFM service for individuals that has the largest market share in Japan (Source: March 23 to 27, 2017, Rakuten Insight, Inc., “PFM app currently used”, Survey targets: 685 PFM app users in their 20s to 60s), and "Money Forward Cloud Series", a cloud-based platform for businesses. Since 2017, the company has rapidly expanded its range of financial products, such as the MF KESSAI inter-company payment settlement service, the Sira Tama automatic savings app, the STREAMED automated bookkeeping service, mirai talk - a channel where customers can resolve their financial concerns directly with financial planners, and the Manageboard business analysis cloud service.

On September 29, 2017, Money Forward was listed in the Mothers section on the Tokyo Stock Exchange. In May 2018, it announced a plan to set up a crypto-currency trading platform and related media.

Money Forward now has more than 7 million users. The Android app was selected as the best app on Google Play for three consecutive years, in 2014, 2015 and 2016.

Its mission is to support and upgrade existing products available in Japan. With the experienced software engineers available in Vietnam, the company will contribute to developing fintech services for the Japanese market.

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