“Can Vietnam's dominant e-wallet become the country's financial super-app by distributing white-labeled bank, credit, insurance, and investment products to 30M+ users?”
Founded 2007 as a mobile-money operator, MoMo grew into Vietnam's dominant e-wallet by tightly partnering with the State Bank of Vietnam regulatory regime and traditional banks rather than seeking its own banking license. The 2021 Series D/E round capitalized a super-app pivot — layering ticketing, mutual funds, insurance, lending, and BNPL on top of payments. Most regulated products (consumer credit, BNPL, life/health insurance, mutual funds) are delivered via white-label partnerships (EVF, MCredit, VietCredit, VCBNeo, Chubb Life, SSI) with MoMo acting as the customer-facing distribution and data layer.
MoMo discloses M_Service JSC (in-house e-wallet, licensed by State Bank of Vietnam) as its banking provider, according to the Embedded Finance Index 2026.
MoMo does not disclose a bank charter of its own; its banking services are provided through M_Service JSC (in-house e-wallet, licensed by State Bank of Vietnam).
MoMo processes payments through MoMo Payment Gateway (self-operated) and MoMo e-wallet (self-operated).
MoMo's lending and capital products are provided by EVF (Công ty Tài chính CP Điện lực) + Amber Fintech + MCredit (MB Shinsei) + VietCredit.
MoMo uses Alipay+ (cross-border QR interoperability for outbound users) for FX and cross-border payouts.
MoMo's payroll is powered by MoMo Payroll API (in-house disbursement product).
MoMo's embedded insurance is provided by Chubb Life Vietnam.
MoMo's investing and wealth products are powered by SSI (SSI-SCA, VLGF funds), VinaCapital (VNDAF, VNDBF) and VCBF (VCBF-MGF, VCBF-FIF, VCBF-TBF, VCBF-BCF).
The Embedded Finance Index 2026 maps 7 layers in MoMo's stack: Payments / PSP (MoMo Payment Gateway (self-operated) and MoMo e-wallet (self-operated)); Banking / BaaS (M_Service JSC (in-house e-wallet, licensed by State Bank of Vietnam)); Lending (EVF (Công ty Tài chính CP Điện lực) + Amber Fintech + MCredit (MB Shinsei) + VietCredit, Vay Nhanh (Fast Loan, up to 100M VND), Vay Nhanh Nhà Bán Hàng (Merchant Fast Loan) and Ví Trả Sau (Postpaid Wallet / BNPL up to 20M VND via VCBNeo)); Payroll (MoMo Payroll API (in-house disbursement product)); Insurance (Chubb Life Vietnam); FX & payouts (Alipay+ (cross-border QR interoperability for outbound users)); Investing (SSI (SSI-SCA, VLGF funds), VinaCapital (VNDAF, VNDBF) and VCBF (VCBF-MGF, VCBF-FIF, VCBF-TBF, VCBF-BCF)).
MoMo is founded in 2007 and headquartered in Ho Chi Minh City, Vietnam.
MoMo has raised $400M+ in total (latest round: Series E, 2021; valuation: ~$2B (2021, unicorn status)).
Get a read on where your own stack stands against MoMo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.