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Banking & Finance

MoMo at 36th among 100 leading fintech companies

Released at: 15:49, 18/11/2019

MoMo at 36th among 100 leading fintech companies

Photo: MoMo

Vietnamese electronic wallet and payment app jumps 48 places in H2 Ventures and KPMG list.

by Hung Cao

For the second consecutive year, Vietnam’s MoMo e-wallet was named in the “Leading 50” of the Top 100 Fintech companies in 2019.

The only representative of Vietnam made a breakthrough to 36th position on the prestigious list, which was released on November 4 by Australian fintech venture capital investment firm H2 Ventures and accounting and auditing company KPMG.

As in 2018, this year’s rankings were divided into two lists, including the Top 50 leading companies and the Top 50 emerging companies. MoMo is the only representative of Vietnam in the “Leading 50”.

According to the report, some payment and lending companies have been replaced by a surge in the number of wealth, insurance, and multi-sector companies.

Leading the rankings this year are China’s Ant Financial, the world’s largest third-party payments platform, JD Finance, a digital technology company, Singapore’s ride-hailing firm Grab, Go-Jek from Indonesia, Opendoor from the US, Paytm India, and OakNorth from the UK.

The firms were ranked based on total capital raised, rate of capital raising, location, and degree of sub-industry disruption, as well as the judging panel’s subjective ratings of the degree of product, service, customer experience, and business model innovation.

Fintech100 2019 also provides an overview of the fintech market. This year, capital invested in fintech companies on the list reached over $70 billion, up 35 per cent against the previous year, according to the report.

“Momo’s products help customers in Vietnam make nationwide cash transfers, pay more than 100 types of bills, recharge mobile phone accounts, settle personal loans, and purchase services like software licenses and online game cards and airline and movie tickets,” the report noted.

“This rating is meaningful for the MoMo team,” said Mr. Nguyen Ba Diep, Vice President and Co-founder of MoMo. “We are proud to have shown the world that Vietnamese people can fully create products that resonate globally. We are proud to show the world how Vietnamese fintech can compete against the world.”

MoMo wallet has more than 13 million users, 12,000 payment partners, and 100,000 payment points nationwide. It is directly linked with 23 major banks in Vietnam and 43 domestic banks via the Napas portal.

Another Vietnamese fintech firm, Finhay, established in 2017 with capital of $100,000 as a micro-investment platform targeted at millennials, is in the “Emerging 50” category.

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