Vietnam’s Vingroup secures e-wallet licence for payment unit

Vietnamese conglomerate Vingroup has obtained an e-wallet licence from the State Bank of Vietnam for its payment unit VinID, according to an announcement.

The licence, effective until 2027, is a renewed certification after VinID acquired People Care JSC, the operator of digital wallet MonPay. People Care first received the licence in 2017.

Vingroup established VinID in 2018, in which it owns a majority stake of 80 per cent. Another 20 per cent is held by ViCare JSC – a health-tech startup previously backed by Cyberagent Capital – and an individual.

Initially, a loyalty programme for Vingroup’s customers, the $17-billion Vietnamese juggernaut has built VinID as a fintech arm along with its digital transformation roadmap. Other Vingroup’s technology businesses include smartphone production, AI research, e-commerce and venture capital.

The firm has recently raised $500 million from Singapore sovereign wealth fund GIC, after it banked another bulky $1 billion from South Korea’s SK Group.

In terms of payment intermediary, Vietnam has granted licences to 31 companies, according to data from the central bank. Among these companies, a lot of investment and M&A activity has occurred as investors seek licences to operate in the country’s payment sector.

Biggest deals in the industry are $300 million financing rounds in VNPAY by SoftBank and GIC, and Warburg Pincus’s investment in MoMo (said to be around $120 million). Consolidation, mostly by overseas players, has also taken place with Ant Financial-backed Thai firm Ascend Money acquiring 1Pay, NTT Data acquiring Payoo, AirPay owned by Sea Limited, Grab investing in Moca and VNPT E-Pay majority-owned by South Korean fund UTC Investment.

Local tech group NextTech has merged its two fintech units, e-wallet Vimo and mPOS, to form NextPay amid increasing competition.

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.