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 bills 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.”
Nirukt Sapru, Standard Chartered Vietnam CEO, 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.”
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.”
Chinese Equity Funding: Standard Chartered has also been active in China where the bank pumped in more than $200m into a Chinese peer-to-peer lending platform 'Dianrong' in what it claims is the first time a major commercial bank has invested directly in a Chinese internet finance company.The C-round funding for Dianrong.com of $207 million, which is co-led by the state-owned China Fintech Fund, is also believed to be the biggest equity investment in a Chinese P2P finance venture to date.
