ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Vietnam fintech sector set for 'bloodbath' competition

Merger of two startups heralds consolidation for fragmented market

The merger of VIMO and mPOS comes as competition in Vietnam's fintech sector heats up.

PHNOM PENH -- Vietnam's fast-growing but fragmented digital payments market is set for a wave of consolidation following the recent merger of e-wallet service VIMO and point-of-sale startup mPOS, with one analyst predicting a "bloodbath" as competition heats up.

VIMO and mPOS announced last week that they have combined their operations and rebranded as NextPay. The new entity, which says it has 1.5 million e-wallet users and more than 35,000 acceptance points across 45 cities, estimates it will handle $1.5 billion worth of payments this year. That would be a significant share of the local market: The total value for digital transactions in Vietnam is estimated to hit $8.5 billion in 2019, according Statista, up 20% on the year.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more