Vietnam’s AppotaPay secures payment intermediary licence

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Vietnam-based AppotaPay JSC, a subsidiary of game publisher Appota Group, has received a payment intermediary licence from the country’s central bank, according to an announcement.

The licence will allow AppotaPay to implement electronic wallet, payment gateways, and collection services.

Established in 2015, AppotaPay provides payment solutions for the digital entertainment industry. The company claims that it has over 1000 direct point of sale (POS) and 10.000 indirect POS systems, as well as 55 million-plus users.

The licence granted to AppotaPay has brought the total number of accredited digital payment firms in the country to 39, according to the State Bank of Vietnam (SBV).

In August, SBV approved the official licence for intermediary payment service provider 9Pay. The most recent authorised e-payment companies include  Number Finance Information Technology JSC (1FINTECH), FPT Telecom JSC, VIDIVA Technology JSC and GPAY.

Currently, MoMo, Moca and ZaloPay are the three prominent e-wallets in Vietnam’s two main cities, accounting for more than 90 per cent of online payments, according to a survey by HCMC-based market research company Cimigo.

Vietnam’s digital payments market is projected to record a total transaction value of $8.6 billion in 2020. It is expected to grow at a CAGR of 16.4 per cent to hit $14.59 billion by 2024, according to Statista.com.

In September, we reported that Indonesia’s Gojek acquired a majority stake in Vietnam-based payments startup WePay Payment Services Co Ltd to secure the licence it needs to operate an e-wallet in the country.

Appota is a pioneer in providing digital entertainment content and technology solutions in the Vietnamese market. The company currently owns an ecosystem of more than 55 million users on the internet. It is one of the largest game publishers and the exclusive official partner to develop the Facebook Gaming Creator network in Vietnam.

In 2017, it raised an undisclosed Series C funding round from Korea Investment Partners (KIP). Mirae Asset Venture Investment, another Korean venture capital and buyout firm, also participated in the round. Other investors of the firm are Kiwoom Investment and Seoul Investment Partners.

Founded in 2011, Appota graduated from the Topica Founder Institute and secured its Series A funding from Vietnamese e-commerce company VNP Group in 2012 followed by a Series B round by Golden Gate Ventures and Japan’s GMO Global Payment Fund in 2014.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.