Photo credit: MoMo
Vietnamese fintech unicorn MoMo has announced a strategic partnership with Western Union, enabling customers to receive Western Union money transfers directly on the MoMo app.
Thuan Do, senior vice president in charge of the financial services business unit at MoMo, said the company spotted a rising need among overseas Vietnamese to send small amounts of money to their families in their home country.
According to the World Bank, Vietnam had the 10th largest inflow of remittances in 2022 at US$19 billion.
Customers can search for Western Union on the MoMo app and input their Money Transfer Control Number. Once complete, they will be able to route their transfers to the MoMo app and then into their bank accounts held with any of the fintech firm’s 50 partner banks. MoMo said it doesn’t charge additional fees for this service.
With a user base of 31 million, MoMo aims to build a financial ecosystem that enables users, small businesses, and financial service providers to tap onto the platform.
According to Tech in Asia data, the company has raised about US$433 million in disclosed funding.
See also: Analyzing MoMo’s super-app ambitions
Editing by Lorenzo Kyle Subido
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