Mobifone partners with Techcombank in digital payment 

THE HANOI TIMES — Mobifone, one of Vietnam’s leading telecoms operators, has joined forces with Techcombank and One Mount Group to set up Mobifone Digital Payment JSC, the latest addition to the country’s booming digital finance sector.

Mobifone holds a 51% stake in the new company, while One Mount Group and Techcombank own 38% and 11%, respectively. One Mount Group is Techcombank's tech firm. 

Phan Thanh Son, former Deputy CEO of Techcombank, has been appointed the legal representative and general director of Mobifone Digital Payment. 

Son, a seasoned banker with experience at Standard Chartered and Citibank, is expected to drive innovation in the competitive digital payment market.

This development comes at a time when Vietnam’s digital payment sector is experiencing rapid growth. Recent data shows that 62% of users prefer app-based transactions, and e-wallets such as Momo and ShopeePay are gaining traction.

Mobifone Digital Payment is well-positioned to tap into this trend with Mobifone’s existing infrastructure, including its Mobifone Pay e-wallet and Mobile Money service. One Mount Group brings expertise in retail and fintech through platforms like VinShop and OneU. Meanwhile, Techcombank’s financial prowess lends credibility to the partnership.

This venture marks Mobifone’s latest expansion beyond telecommunications since its transfer to the Ministry of Public Security earlier this year. Analysts view this move as a strategic step to diversify revenue streams and compete with established players like Viettel and VNPay.

As Vietnam’s digital economy surges, Mobifone Digital Payment aims to carve a niche by integrating telecommunications, banking, and e-commerce solutions, a trifecta that could redefine convenience for millions of users.