Vietnam aims to create mobile money sandbox for telecom firms

Photo by Luis Villasmil on Unsplash

The Vietnamese government aims to create a mobile money sandbox for telecom businesses in a bid to boost non-cash payments in the country, according to local media reports.

The scheme, which is pending for approval from the relevant ministries, will permit telecom firms to pilot a mobile money service not linked to consumers’ bank accounts.

Mobile money allows customers to transfer money using mobile phones. The service therefore could serve people without bank accounts, especially those in remote and hilly areas and lack access to financial services.

The country’s three leading telecom firms – Viet Nam Posts and Telecommunications Group (VNPT), Viettel and MobiFone – had earlier proposed to the government to formulate policies enabling e-payment services.

Governments across Southeast Asia are pushing ahead with efforts to create cashless economies, with less developed countries such as Vietnam and Thailand leapfrogging richer ones like Singapore and Malaysia in electronic payments, Nikkei Asian Review reported.

Vietnam has been promoting electronic payments since 2008. Only about 40 per cent of Vietnam’s 95 million people have bank accounts, mostly in urban areas, according to a recent report.

Meanwhile, there are around 120 million mobile phone subscriptions, and the telecoms network covers the entire country.

In Vietnam, the demand for e-payment options has increased significantly in recent years. By 2020, the country’s fintech market is expected to reach $7.8 billion with digital payment solutions  accounting for 89 per cent.

 

 

Singapore Reporter/s

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

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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.