Thu Huong Le · · 1 min readVietnam’s MoMo buys 49% stake in local securities company
Vietnam fintech major MoMo has bought a 49% stake in local securities company Credit Viet Securities (CVS), according to a public announcement by CVS to the State Securities Commission.
Photo credit: MoMo
Accordingly, MoMo parent company M_Service now owns 4.4 million shares in the Hanoi-based firm. The shares were transferred from CVS vice chairperson Jiang Wen and board member Nguyen Kim Hau.
The development was first reported by local media.
MoMo is the most popular e-wallet in Vietnam, claiming to have 31 million users on its platform. This latest move is expected to accelerate the firm’s ongoing efforts to build a full-fledged financial ecosystem that enables users, small businesses, and financial services providers to tap into the platform.
See also: Analyzing MoMo’s super-app ambitions
MoMo – which is short for “mobile money” – was founded in 2010 by a group of Vietnamese entrepreneurs harboring a “cashless vision” for Vietnam where everyone can pay using their mobile phones.
Last year, the company became Vietnam’s latest tech unicorn after raising a US$200 million series E round led by Japan’s Mizuho Bank.
Editing by Miguel Cordon and Jaclyn Tiu
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