Vietnamese electronic wallet and payment application Momo has made it into the 2019 Fintech100 list of leading global fintech innovators.
Momo is the only Vietnamese representative in the ‘Leading 50’ category and is in 36th place in the annual list which is compiled by Australian fintech venture capital investment firm H2 Ventures and accounting and auditing company KPMG.
The Fintech100 list released last week was divided into the ‘Leading 50’ around the globe based on innovation, capital raising activity, size, and country, and the ‘Emerging 50’, which includes newer companies at the forefront of innovative technologies and practices.
“Its products help customers in Vietnam make nationwide cash transfers, pay more than 100 types of bills, recharge mobile phone accounts, settle personal loans, and purchase services like software licenses and online game cards, airline and movie tickets,” the report said.
Momo partners with 24 domestic banks and foreign payment networks, including JCB, MasterCard and Visa, it added. Last year it was in the ‘Emerging 50’ category.
It has more than 13 million users across iOS and Android platforms, 12,000 payment partners, 100,000 payment points nationwide.
Another Vietnamese fintech firm Finhay, established in 2017 with capital of $100,000 as a micro-investment platform targeted at millennials, is in the ‘Emerging 50’ category.
China’s Ant Financial, the world’s largest third-party payments platform, topped the list, followed by Singapore ride hailing firm Grab and Chinese digital technology company JD Finance.
The list comprises 42 companies from the Asia Pacific, 36 from the U.K. and EMEA countries (Europe, the Middle East and Africa) and 22 from the Americas.