Momo

According to local media, there have been some allegations and concerns over the use of the MoMo's e-wallet to conduct disguised gambling. However, up to now, VIR was unable to verify details about these allegations. Some advocators also requested that the authorities should promptly investigate and take appropriate actions to deal with the matter. In response to the provided allegations, the SBV stated this week that, generally e-wallet services provide many advantages to people and businesses, while also contributing to the promotion of non-cash payment activities in Vietnam. However, e-wallets may also be utilised and abused for illegal purposes, including gambling and fraud. Over the years, relevant ministries and departments – such as the Ministry of Public Security, the Ministry of Information and Communications, and the SBV – have collaborated to combat illicit actions. Payment methods for illegal online betting, gambling, and the distribution of video games using … [Read more...] about SBV combats illegal gambling and betting activities through e-wallets

In 2021, Vietnam’s startup ecosystem witnessed numerous milestones, resulting in a total investment capitalization of $1.3 billion. In particular, many startups in the fields of fintech, e-commerce, food and beverage, games, and blockchain quickly gained attention and initial successes in the market. Vietnam as a "rising star" According to a report by Singapore venture capital firm Golden Gate Ventures, Vietnam is considered a "rising star" in Southeast Asia's startup sector and is predicted to be the third largest startup ecosystem by 2022. Despite the severe impact of the Covid-19 outbreak, many investors continue to view Vietnam's startup ecosystem as an appealing destination in the region. A survey by two Singapore-based venture capital firms, Cento Ventures and ESP Capital emphasized Vietnam is ASEAN's third most dynamic economy, behind Singapore and Indonesia. Accordingly, the managing director of ITI Fund indicated that in 2021, Vietnam welcomed its fourth unicorn - … [Read more...] about Covid-19 pandemic a catalyst for startup ideas

According to Techinasia, Vietnam-based bank Timo has raised $20 million in an investment round led by Square Peg. This is a famous investment fund that has invested in technology unicorn projects such as Canva, FinAnce and Airwallex. In addition to Square Peg, Jungle Ventures, Granite Oak, Phoenix Holdings and several other angel investors also participated in this funding round. This is Timo's first fund-raising round. Proceeds from investors will be used to develop the base technology, with a focus on products specific to the Vietnamese market. Established in 2015, Timo is a provider of digital banking services that enables users to make payments and participate in other financial services without having to go directly to a bank branch. Timo users can even open a bank account without going to a bank for registration. Timo's successful funding round comes in the context of increasing digital banking products in Southeast Asia, especially in Vietnam. … [Read more...] about Vietnamese digital banking startup gets 20 million USD