Vietnam’s fintech sector enters a post-MoMo reality
The country has close to one million active enterprises, the vast majority of them SMEs
IF THERE was one company that defined the first chapter of Vietnam’s fintech journey, it would be MoMo.
What began in 2010 as a simple mobile wallet is now a firm that serves over 30 million users and is at the centre of a market projected to reach US$83 billion by 2031. MoMo’s scale is undeniable, processing 5.5 billion transactions in Q1 2025 and hitting profitability in 2024.
More importantly, the company reshaped consumer behaviour: It accelerated cashless payment adoption in Vietnam. Nationwide, non-cash transactions rose 43.4 per cent year on year, with values up 24.2 per cent, as Internet and mobile payments expanded strongly.
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