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Standard Chartered launches mobile wallet service in Vietnam with M_Service MoMo
Standard Chartered Bank has partnered with MoMo, a mobile money service operated by M_Service JSC, to launch Straight2Bank Wallet payments in Vietnam, where the smartphone population is among the largest in ASEAN. Straight2Bank Wallet enables corporations, governments and development organisations to transact with both banked and unbanked individuals cashlessly. M_Service is the first company in Vietnam licensed by the State Bank of Vietnam that currently provides a mobile wallet catering to the unbanked population.
With the introduction of Straight2Bank Wallet, Standard Chartered’s corporate clients in Vietnam can now make payments directly into their beneficiaries’ MoMo mobile wallet via the Bank’s Straight2Bank online platform. The MoMo mobile wallet app is compatible with any of the local telecommunication networks, so any individual in Vietnam with a smartphone registered with MoMo will able to receive the funds electronically using the app. These funds can be used for everyday transactions such as utility bills or insurance premium payments. Alternatively, the electronic credits can be cashed out via any MoMo agent located across the country.
Straight2Bank Wallet replaces onerous and risk-prone cash payments, offering an efficient and secure digital payment scheme for Standard Chartered’s corporate clients. Clients and their beneficiaries also stand to benefit from improved cash flow and visibility with certainty in payment date.
M_Service’s Executive Vice Chairman Nguyen Ba Diep said, “MoMo is honoured to partner with Standard Chartered to provide financial services to both banked and unbanked clients in Vietnam, especially in rural areas. The cooperation between MoMo and the Bank is a fresh move to promote non-cash payments in the country, which is encouraged by the government. In the partnership, MoMo works as the Bank’s extended hands to provide financial services through our extensive agent network, and sending money to anyone in Vietnam can be as simple as sending a text message.”
Nirukt Sapru, Standard Chartered Vietnam CEO, said, “The Vietnamese government is seeking to boost non-cash payments as the country is shifting away from a predominantly cash-based economy. As a leading international bank here, we are working with our partners to help develop infrastructure for the use of cashless payment methods. The solution we launched today with MoMo is tailor-made for our clients with great convenience and security to effectively minimise the risks they face when using cash. Our clients can use it anytime they want. We continue to be at the forefront of innovation and providing our clients with solutions that help them run their business in a cost effective and efficient manner.”
Gautam Jain, Global Head of Client Access and Product Development at Standard Chartered, said, “We’re privileged to launch Straight2Bank Wallet in Vietnam together with M_Service JSC. This partnership is testament to how banks like Standard Chartered can work with mobile wallet providers to simplify payment transactions for corporate clients, and ultimately bring safer, faster and easier financial services for the people who need it most.”
The launch in Vietnam is part of an ongoing rollout of the platform across key markets in Standard Chartered’s footprint. Straight2Bank Wallet is currently also available in Kenya, Nigeria, Tanzania, Zambia, Pakistan, Bangladesh, Thailand, Indonesia and the Philippines, and the Bank plans to expand the platform to additional markets in 2015.
For further information please contact:
Trinh Nhu Quynh
Head of Corporate Affairs
Standard Chartered Bank (Vietnam)
+84 4 39368124
Nguyen Huyen Phuong
(08) 399 111 99 – Ext: 219
Notes to Editors
Standard Chartered Bank (Vietnam) Limited
In Vietnam, Standard Chartered’s history can be traced back to 1904 when the Bank opened its first branch in Saigon (now is Ho Chi Minh City). We believe in the long term prospect of Vietnam and are fully committed to the Vietnamese market and our clients and customers since coming back to the country in 1990.
On August 1, 2009, we commenced operations in our locally incorporated entity – Standard Chartered Bank (Vietnam) Limited, an important milestone of Standard Chartered’s development in Vietnam. The bank currently has more than 850 employees and three branches (two in Hanoi and one in HCMC). The Head Office is based in Hanoi.
We bring our international expertise and experience in Asia, Africa and the Middle East to Vietnam, building a broad business that helps to develop the Vietnamese financial service sector as well as helping clients to develop their businesses. Standard Chartered has acted as the sole Sovereign Credit Ratings Advisor to the Vietnamese Government since March 2012.
The Bank provides a full suite of banking products and services for corporates, financial institutions as well as small and medium enterprises and individuals. We also play an active role in building the communities through many programs that promote social and economic development focusing on health, youth and financial education.
We are a leading international banking group, with around 86,000 employees and a 150-year history in some of the world’s most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 per cent of our income and profits. Our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more information please visit www.sc.com. Explore our insights and comment on our blog, BeyondBorders. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
M_Service was established in 2007. It was licensed by the State Bank of Vietnam in November 2012 to provide a mobile money service branded as MoMo. MoMo provides a new financial service based on mobile applications. The company has more than 3,000 outlets in 38 provinces and cities nationwide.
For more information, please visit http://momo.vn/