A closer look into Vietnam’s digital wallet war

Every day, 100k+ smart people read our newsletter. You can sign up here.

Hello readers,

The pandemic could be the X-factor needed to dethrone cash in Southeast Asia. As more people turn to cashless payments to avoid human contact, this could signal the start of an e-payments revolution in Vietnam, a country where 69% of the population don’t own a bank account.

You can check out the full article here, or scroll down for a quick summary.

But first, your quick bytes for today:

1️⃣ Audio-streaming startup catches Tencent’s eye

India-based music and podcast streamer Gaana has raised US$50 million in a round led by existing investor Tencent. The new funding came after the startup recently launched short-video app HotShot a few weeks after the country banned ByteDance’s TikTok.

2️⃣ Softbank to take control of Oyo’s Latin America business

The Japanese conglomerate will use part of its US$5 billion Latin America fund to invest in a joint venture with the Indian hospitality startup. The newly formed Oyo Latam will take over 1,000 hotels located mainly in Brazil and Mexico.

This move comes after Oyo was forced to lay off and furlough staff due to the impact of the pandemic.

3️⃣ ShopeePay takes top spot in Indonesia

Shopee‘s official in-app digital wallet service is said to have outperformed competitors including Grab-linked Ovo, Gojek’s GoPay, Dana, and LinkAja in the last three months. Not only did it capture most of Indonesia’s e-wallet market, people on average are also spending more using ShopeePay.

4️⃣ MatchMove is now valued at US$338 million

The banking-as-a-service platform has raised US$21 million in new funding. Last year, CEO Shailesh Naik said he expects the Singapore-based startup to reach profitability this year, projecting an increase in transaction volume to somewhere between US$2.5 billion to US$3 billion.

May the odds be ever in your favour: Vietnam’s e-wallets season

For those who binge on home design videos