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Hi readers,
Whenever I tell anyone I’ve been living in Vietnam for almost a decade, one of their first questions is usually: “How has the country changed in that time?”
It’s a tough question to answer because change doesn’t arrive all at once and loudly announce itself. Instead, it’s a steady accumulation, so it can be hard to notice.
One thing that is blindingly obvious though is how much more common cashless payments have become. Back in 2015, cash was still king for almost every business, and ATMs running out of bills was a regular occurrence.
Now though? As the CEO of fintech unicorn MoMo Nguyen Manh Tuong put it at Tech in Asia’s Saigon Summit a few weeks ago, you can go about your day consuming to your heart’s content without ever touching paper money.
MoMo was one of the trailblazers in Vietnam’s drive to become a cashless society, and it has become the country’s most popular e-wallet. But now, it’s facing a lot more competition, from banks and other fintech firms alike.
Nguyen is confident that MoMo’s super-app strategy will help it continue to thrive in this tougher environment, but he knows the competition is stiffer than ever.
— Peter Cowan, journalist at Tech in Asia
Top stories this week
1️. MoMo sticks to super-app strategy despite rising competition
Amid a more demanding market and increasingly stringent payment regulations in Vietnam, could MoMo’s top spot be under threat?
2. When AI meets Web3: A Singapore firm chasing full automation in crypto trading
Crypto analytics firm Nansen is using AI to identify crypto wallets and make suggestions on trades. Will this bring the company back to profitability?
3. Razer eyes Vietnam as power-up for hardware, VC units
CEO Min-Liang Tan aims to leverage Vietnam’s massive user base and passion for esports to drive Razer’s future investments.
4. PropertyGuru makes big bet on mall analytics, progresses on loans business
The NYSE-listed proptech firm is widening its offerings to secure its lead in Southeast Asia’s real estate sector.
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