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TrueMoney gets payment services license in Vietnam; launches TrueMoney Wallet

Thursday 5 April 2018 | 10:50 AM CET

TrueMoney Vietnam has obtained the Intermediary Payment Services License from the State Bank of Vietnam to operate digital financial services in e-money, e-payment, wireless transfers, and payment gateways.

TrueMoney Vietnam is part of Southeast Asian fintech company Ascend Money. TrueMoney is processing over one million transactions per month, with 500,000 customers a month transacting with TrueMoney agents and TrueMoney Wallet.

Consumers can now use TrueMoney Wallet to make online purchases, pay bills and top up their pre-paid mobile and gaming cards, as well as to transfer money from their bank accounts to the digital wallet and from their wallet to other wallets. Offline and online merchants can use TrueMoney’s system as a payment gateway. Companies will soon be able to disburse payroll to their employees via TrueMoney Wallet.

TrueMoney has a network of over 5,000 agents across 40 provinces in Vietnam. Agents are small business owners who conduct financial services for customers, enabling the largely underserved Vietnamese population to access services such as top-up and bill payment near their location. TrueMoney Vietnam will soon offer additional financial services such as loans and insurance, in the second quarter of 2018.

TrueMoney, an e-payment and financial services provider for digital and unbanked consumers, is the only fintech company with e-money licenses to operate financial services in Thailand, Myanmar, Indonesia, Cambodia, Philippines, and Vietnam. 

Vietnam is the second country in the region to launch TrueMoney Wallet after Thailand. Following the successful rollout of TrueMoney Wallet across Thailand in retail outlets such as 7-Eleven convenience stores, with almost 10,000 branches nationwide, Ascend has continued to expand in markets that are among the region’s lowest in financial inclusion rates.

TrueMoney Wallet was officially launched in Vietnam this year during the Lunar New Year with the TrueGift campaign, in which celebrities and users sent virtual red packets (hongbao) to their fans and friends to celebrate the special holiday.

The Asian Development Bank estimates that bringing digital financial services to Southeast Asia’s unbanked population can boost the GDP of economies by as much as 6%.