Momo, Home Credit partner to promote cashless consumer finance
Momo e-wallet service and Home Credit Vietnam finance company entered strategic cooperation on August 22 to help their clients enjoy smooth, swift, convenient and economical financial services.
Momo and Home Credit Vietnam sign a cooperation agreement in Ho Chi Minh City on August 22 (Photo: VNA)
HCM City (VNA) – Momo e-wallet service and HomeCredit Vietnam finance company entered strategic cooperation on August 22 tohelp their clients enjoy smooth, swift, convenient and economical financialservices.
Under this partnership, consumer financialservices will be gradually provided via their mobile apps, instead of beinghandled offline and using cash at transaction centres which lacks safety and istime-consuming.
Nguyen Ba Diep, Vice Chairman of the Board ofDirector of the M_Service company – owner of Momo, said the rate of Vietnamesepeople accessing financial services is still low, about 30 percent, due tovarious reasons, and the fastest way to improve the situation is applyingtechnology. Momo has technology and needs specialist partners to facilitateaccess to financial services.
Branislav Vargic, Chief Operations Officer atHome Credit Vietnam, said his company has decided to further cooperate withtechnological partners to bring the best benefits to customers, helping themswiftly access financial services.
He described his firm’s cooperation with Momo asa landmark in the consumer finance sector’s advancing towards Industry 4.0.
Experts said consumer finance plays an importantrole in economic development in Vietnam and the world, helping to promoteconsumption, people’s access to credit services and capital turnover. InVietnam, the consumer finance market has grown continually, by nearly 30percent each year.
Branislav Vargic said rising income willencourage consumers to spend more, especially in an expanding economy. This isa chance of the consumer finance market.
Meanwhile, consumers are switching to onlinetransactions, instead of using cash, and this partnership will also helppromote a safe consumer finance market, he added.
Home Credit has had 8.1 million clients inVietnam and got over 2.5 million downloads for its mobile app with about 1.8million clients managing consumer loans via this app. Meanwhile, Momo now hasover 8 million app users and another 3 million using its services attransaction offices.-VNA
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Momo and Home Credit Vietnam sign a cooperation agreement in Ho Chi Minh City on August 22 (Photo: VNA) 
