Standard Chartered Bank has partnered with MoMo, a mobile money service run by M_Service JSC, to launch the bank's Straight2Bank Wallet payments service in Vietnam.
Straight2Bank Wallet enables corporations, governments and development organizations to transact with both banked and unbanked individuals cashlessly. M_Service is the first company in Vietnam licensed by the State Bank of Vietnam to provide a mobile wallet service catering to the unbanked population.
Standard Chartered’s corporate clients in Vietnam will be able to use the service to make payments directly into their beneficiaries’ MoMo mobile wallet via the Bank’s Straight2Bank online platform.
The MoMo mobile wallet app is compatible with any of the local telecommunication networks. Funds can be used for everyday transactions such as utility bill or insurance premium payments. Alternatively, the electronic credits can be cashed out via any MoMo agent located across the country.
“MoMo is honored to partner with Standard Chartered to provide financial services to both banked and unbanked clients in Vietnam, especially in rural areas. The cooperation between MoMo and the Bank is a fresh move to promote non-cash payments in the country, which is encouraged by the government,” said M_Service’s EVP Nguyen Ba Diep said.
“In the partnership, MoMo works as the Bank’s extended hands to provide financial services through our extensive agent network, and sending money to anyone in Vietnam can be as simple as sending a text message.
“The Vietnamese government is seeking to boost non-cash payments as the country is shifting away from a predominantly cash-based economy. As a leading international bank here, we are working with our partners to help develop infrastructure for the use of cashless payment methods, Standard Chartered Vietnam CEO Nirukt Sapru said.
“The solution we launched today with MoMo is tailor-made for our clients with great convenience and security to effectively minimize the risks they face when using cash.”
The launch in Vietnam is part of an ongoing rollout of the platform across key markets in Standard Chartered’s footprint. Straight2Bank Wallet is currently also available in Kenya, Nigeria, Tanzania, Zambia, Pakistan, Bangladesh, Thailand, Indonesia and the Philippines, and the bank plans to expand the platform to additional markets in 2015.