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Collaboration Between MoMo and Western Union Aims to Boost Remittances to Vietnam

Collaboration Between MoMo and Western Union Aims to Boost Remittances to Vietnam
Momo's loge - a Vietnamese unicorn fintech application for digital remittance

The Highlights:

  • The Vietnamese unicorn fintech company MoMo has formed a strategic partnership with Western Union to enable customers to accept Western Union money transfers on the MoMo app directly.
  • As the top payment solutions provider in Vietnam, MoMo has a strong technological foundation, including tutorials for developers, payment models, API references, and more.

Momo, with excellent technical capabilities, the most recent documentation, including payment models, developer guides, API references, and more, MoMo has been the top provider of payment solutions in Vietnam.

In order to make it possible for clients to accept Western Union money transfers directly on the MoMo app, the Vietnamese fintech unicorn MoMo has established a strategic relationship with Western Union.

Momo's application

According to Thuan Do, senior vice president and general manager of MoMo's financial services division, the company noticed a growing demand from Vietnamese expatriates to transfer small sums of money back to their family in their native country.

According to the World Bank, Vietnam received US$19 billion in remittances in 2022, ranking 10th globally.

Customers can access the MoMo app to search for Western Union and enter their Money Transfer Control Number. Once completed, customers will have the chance to transfer their funds to the MoMo app and subsequently into their bank accounts with any of the 50 partner banks that the fintech company works with. According to MoMo, this service is provided at no additional cost.

MoMo, which currently has 31 million users, is working to create a financial ecosystem allowing users, startups, and service providers to access the platform.

According to Tech in Asia data, the company has revealed fundraising of around US$433 million.

Adapted from TechInAsia