Singapore-ride hailing giant Grab has made a strategic investment in Vietnamese mobile payment startup Moca to roll out payments services to consumers and SMEs in the southeast Asian market.
The partnership seeks to leverage on each other’s technology expertise and partner networks.
DEALSTREETASIA published an exclusive article on September 5 on the Southeast Asian ride hailing giant Grab picking up a stake in Vietnamese mobile payment startup Moca from Access Venture Capital to further strengthen its grip in the digital payments sector in the region.
“This strategic collaboration with Moca marks an important milestone for Grab in Vietnam, going with the Grab orientation becomes everyday super app. I think the Moca team is great, their technology and solutions are great, and together with the combined expertise of our Grab team we can truly move Vietnam toward a cashless economy,” said Grab co-founder Tan Hooi Ling.
“The Grab and Moca strategic partnership helps promote this digital lifestyle, and we expect exponential growth of mobile payments driven by Moca and Grab across Vietnam,” said Tran Thanh Nam, Co-founder and CEO, Moca.
The two companies did not disclose further details of the partnership, but Nguyen Tuan Anh, Head of Grab Financial Group Vietnam told DEALSTREETASIA in an interaction that they expect to launch their joint service in this October.
Grab and Moca will collaborate to offer consumers and SMEs in Vietnam increasingly more mobile payment facilities from the beginning of Q4.
Founded in 2013, Moca provides a free payment application on iOS and Android platforms for Vietnamese consumers. Its platform allows consumers to conveniently pay their online transactions anywhere at any time via their smartphones. The service can be used at many merchants, including dining, shopping, traveling and entertainment sites.
Not giving further details about target of market share after the partnership with Grab, Nam only said that Moca now is collaborating with 11 banks in Vietnam which accounts for a major of users in the country.
Grab said it has 175,000 drivers and bikers across the country. Rival Indonesia’s GoJek will officially launch in Hanoi tomorrow.