According to public notice by CVS to the State Securities Commission, Vietnam fintech giant MoMo has purchased a 49 percent share in local securities firm Credit Viet Securities (CVS).
As a result, M Service, MoMo’s parent business, now holds 4.4 million shares in the Hanoi-based enterprise. CVS vice-chairperson Jiang Wen and board member Nguyen Kim Hau swapped their shares.
Local media were the first to report on the news.
MoMo claims to have 31 million users on its platform, making it the most popular e-wallet in Vietnam. The firm’s ongoing attempts to develop a full-fledged financial ecosystem that allows consumers, small companies, and financial services providers to access the platform are anticipated to be accelerated by this recent move.
MoMo was formed in 2010 by a group of Vietnamese entrepreneurs who had a “cashless vision” for Vietnam, where everyone could pay using their mobile phones.
Following a US $200 million series E financing sponsored by Japan’s Mizuho Bank, the business became Vietnam’s newest IT unicorn last year.
