Vietnamese conglomerate Vingroup has obtained an e-wallet licence from the State Bank of Vietnam for its payment unit VinID, according to an announcement.
The licence, effective until 2027, is a renewed certification after VinID acquired People Care JSC, the operator of digital wallet MonPay. People Care first received the licence in 2017.
Vingroup established VinID in 2018, in which it owns a majority stake of 80 per cent. Another 20 per cent is held by ViCare JSC – a health-tech startup previously backed by Cyberagent Capital – and an individual. Initially, a loyalty programme for Vingroup’s customers, the $17-billion Vietnamese juggernaut has built VinID as a fintech arm along with its digital transformation roadmap.
Other Vingroup’s technology businesses include smartphone production, AI research, e-commerce and venture capital. The firm has recently raised $500 million from Singapore sovereign wealth fund GIC, after it banked another bulky $1 billion from South Korea’s SK Group.
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23 September 2019