Alibaba’s financial technology company Ant Financial has quietly acquired a large stake in Vietnamese eWallet, people familiar with the matter said today. This strategic investment is Ant Financial’s eighth international payment deal and will give the company access to the booming Vietnamese market. The market has a population of nearly 100 million, of whom a quarter is under the age of 25. At the same time, e-commerce in Vietnam is also developing rapidly.
Ant Financial will provide eMonkey with technical expertise, and while its stake will not exceed 50 per cent, it is expected to have a significant impact on the e-wallet, which was created by Vietnamese financial technology company M-Pay Trade, according to one of the people familiar with the matter.
People familiar with the matter said that although Ant Financial already had its own office in Vietnam, it had chosen to invest in eMonkey because the latter had obtained all operating licences from The National Bank of Vietnam (SBV). In addition, M-Pay Trade has partnerships with most of the country’s largest banks and telecommunications companies.
Momo, a local e-wallet funded by Standard Chartered, is now a leader in Vietnam’s digital payment market and a major competitor to eMonkey.
The size of the deal is not yet known. Ant Financial and M-Pay Trade have yet to comment.