The State Bank of Vietnam (SBV) has approved the official licence for intermediary payment service provider 9Pay.
|9Pay has become the latest e-wallet to be licensed for operation in Vietnam |
Under this 10-year licence, 9Pay will be allowed to deliver electronic payment gateway, authorised collection, payment, and e-wallet services. State-owned lender BIDV has become the latest strategic partner of this fintech, after the Australia-based website securities solutions company SSLTrust.
Last month, FPT Telecom was also granted a licence after two years as a non-bank intermediary payment service, with its soon-to-be-launched Foxpay as the core product.
As of August 6, the SBV had granted licences for 36 non-bank payment intermediary services companies, according to Vietnamnews.
Asia-Pacific consultancy Solidiance pointed out that Vietnam’s fintech market was expected to reach $7.8 billion this year, from $4.4 billion in 2017.
Finance lecturer Huy Pham from the School of Business and Management at RMIT Vietnam commented that there are over 20 e-wallets in the country but the majority of the market is in the hands of big names like MoMo, Moca, and ZaloPay.
“MoMo is one of the oldest players and the most notable e-wallet in this market with a huge customer database, while Grab and Zalo are taking advantage of their own ecosystems so the competition in this market is quite stiff, leaving only a tiny foothold for newcomers,” Pham told VIR. “As they adjust to gether the changing landscape by shifting from basic e-wallets to super-apps, the old and experienced players will definitely have the edge on new ones.”