Standard Chartered Bank has partnered with MoMo, a mobile money service operated by M_Service JSC, to launch Straight2Bank Wallet payments in Vietnam, where the smartphone population is among the largest in ASEAN. Straight2Bank Wallet enables corporations, governments and development organisations to transact with both banked and unbanked individuals cashlessly.
M_Service is the first company in Vietnam licensed by the State Bank of Vietnam that currently provides a mobile wallet catering to the unbanked population.
With the introduction of Straight2Bank Wallet, Standard Chartered’s corporate clients in Vietnam can now 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, so any individual in Vietnam with a smartphone registered with MoMo will able to receive the funds electronically using the app. These 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.
Straight2Bank Wallet replaces onerous and risk-prone cash payments, offering an efficient and secure digital payment scheme for Standard Chartered’s corporate clients. Clients and their beneficiaries also stand to benefit from improved cash flow and visibility with certainty in payment date.
M_Service’s Executive Vice Chairman Nguyen Ba Diep said, “MoMo is honoured 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. 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.”
Standard Chartered Vietnam CEO Nirukt Sapru said, “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. The solution we launched today with MoMo is tailor-made for our clients with great convenience and security to effectively minimise the risks they face when using cash. Our clients can use it anytime they want. We continue to be at the forefront of innovation and providing our clients with solutions that help them run their business in a cost effective and efficient manner.”
Gautam Jain, Global Head of Client Access and Product Development at Standard Chartered, said, “We’re privileged to launch Straight2Bank Wallet in Vietnam together with M_Service JSC. This partnership is testament to how banks like Standard Chartered can work with mobile wallet providers to simplify payment transactions for corporate clients, and ultimately bring safer, faster and easier financial services for the people who need it most.”
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.
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.