Recruiting and using talents is a policy being pursued by MoMo, a new Vietnamese unicorn (a privately held startup company valued at over $1 billion).
People are installing up to 10 e-wallets on their smartphones, but are only using them during sale promotion programs.
Non-cash payments continue to boom in Vietnam this year as the country has seen a surge in banking transactions and mobile payments in the first four months of the year, according to an official from the State Bank of Vietnam (SBV).
To prevent the spread of the new strain of coronavirus in Vietnam, customers are encouraged to adopt cashless payment methods.
Ant will not control more than 50% of eMonkey, but is expected to have significant influence and provide technical expertise to the e-wallet
Vietnam’s fintech firms secured two of the top three largest funding deals in ASEAN in 2019.
Most e-wallets are taking losses, but they are still calling for capital from foreign investors.
E-wallet firm MoMo launched a cashback programme on November 3 with value of up to 100,000 VND (4.30 USD) per transaction and for four transactions daily at most.
Ewallets are still not reporting profits, though they have been making heavy investments in their businesses.