Back to Previous Page
Vietnam’s Digital Payment Space Opens Up: MobiFone Launches New Fintech Arm
The Rise of Digital Payments in Vietnam
On June 27, 2025, MobiFone officially launched MobiFone Digital Payment JSC with an initial charter capital of VND 300 billion. The new company is backed by MobiFone (51%), One Mount Group (38%), and Techcombank (11%), combining deep capabilities across telecom, technology, and banking.
Why MobiFone’s Entry Matters
MobiFone Digital Payment JSC is licensed to provide key intermediary payment services, including:
- Financial switching / International financial switching
- Electronic clearing / Electronic payment gateway
- Collection / Payment support services
NAPAS Monopoly Faces New Challenger
For years, NAPAS has held a monopoly as the only intermediary licensed to operate financial switching and electronic clearing services in Vietnam. In 2023, the company generated VND 4,500 billion in revenue and VND 825 billion in net profit, with a 30% return on equity, primarily driven by transaction fees paid by banks and financial institutions. In 2024, the company continued to grow rapidly, processing 9.6 billion transactions (+30% y/y) valued at nearly USD 2,400 billion (+14.4% y/y). During peak periods, its system handled over 35 million transactions per day — more than 15 times the capacity recorded in 2019.
However, according to executives at several leading technology and telecom firms, Vietnam’s current electronic payment infrastructure still only partially meets the retail payment needs of urban consumers. Many domestic enterprises already possess the technology, infrastructure, and expertise to develop financial clearing and electronic switching systems. There are also growing market concerns that relying on a single provider may constrain the sector’s ability to scale, innovate, and diversify — especially as demand for digital payments continues to rise.
What This Means for Vietnam’s Fintech Ecosystem
The launch of MobiFone Digital Payment JSC marks a pivotal moment — the first new competitor in this core infrastructure segment, signaling Vietnam’s intention to foster greater openness, innovation, and long-term capacity growth across its digital finance ecosystem.
The momentum toward digital infrastructure isn’t limited to telecom—Vietnam’s banking sector is also accelerating its transformation. Read our latest insights on banking digitalization here.
