24 C
Ho Chi Minh City
Thursday, January 27, 2022

Japan’s Mizuho Bank to spend US$170 million on 7.5% stake in M-Service

By Dung Nguyen

Must read

HCMC – Japan’s Mizuho Bank is set to spend up to 20 billion yen (US$170 million) acquiring a 7.5% stake in M-Service, Vietnam’s largest mobile, electronic wallet, and payment company which is known for MoMo payment app.

According to Nikkei Asia, the Japanese bank is expected to conduct the M-Service stake acquisition by the end of the year to leverage the Vietnamese company’s retail business.

Established in 2007 and based in HCMC, M-Service is looking to develop MoMo into a super mobile app that gives users access to multiple services, taking advantage of its more-than-50% market share.

MoMo is currently used by over 20 million people in Vietnam. M-Service is expected to raise the number of MoMo users to 50 million in the next two years.

In 2011, Mizuho invested in Vietcombank, a leading commercial bank in Vietnam. The investment in M-Service will pave the way for it and Vietcombank to cooperate in Vietnam’s retail market.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest articles