MoMo, Western Union collaborate to boost VN remittances

MoMo, the Vietnamese unicorn fintech company, has announced a strategic partnership with Western Union, allowing customers to receive Western Union money transfers directly on the MoMo app.

Thuan Do, MoMo's senior vice president in charge of the financial services business unit, stated that the company has noticed a growing need among overseas Vietnamese to send small sums of money to their families back home.

According to the World Bank, Vietnam will have the tenth largest remittance inflow in 2022, with US$19 billion.

Customers can use the MoMo app to search for Western Union and enter their Money Transfer Control Number. Once completed, they will be able to route their transfers to the MoMo app and then into any of the fintech firm's 50 partner banks' bank accounts. MoMo stated that there are no additional fees for this service.

With 31 million users, MoMo aims to create a financial ecosystem that allows users, small businesses, and financial service providers to access the platform.

According to data from Tech in Asia, the company has raised approximately $433 million in disclosed funding.