MoMo jumps 48 notches in the 100 Fintech global rankings

For the second consecutive time, MoMo e-wallet was named in the ‘Leading 50’ of the Top 100 Fintech companies in 2019.

The only representative of Vietnam made a breakthrough to the 36th positon in the prestigious list which was released on November 4th by Australian fintech venture capital investment firm H2 Ventures and Dutch accounting and auditing company KPMG, a global network of independent member firms offering audit, tax and advisory services.

As 2018, this year's rankings was divided into two lists, including Top 50 leading companies and Top 50 emerging companies. MoMo has become the only representative of Vietnam in the ‘Leading 50’.

According to the report, some payments and lending companies have been replaced by a surge in the number of wealth, insurance and multi-sector companies.

Leading the ranking this year are China’s Ant Financial, the world’s largest third-party payments platform, JD Finance, a digital technology company and Singapore’s ride-hailing firm Grab, Go-Jek from Indonesia, Opendoor from the US, Paytm India and OakNorth from the UK.

The firms were ranked based on total capital raised, rate of capital raising, location and degree of sub-industry disruption and the judging panel's subjective rating of the degree of product, service, customer experience, and business model innovation.

In addition to introducing companies in the ranking list, Fintech100 2019 also provides an overview of the Fintech market. This year, the capital invested in the enlisted fintech companies reached over $70 billion, up 35% over the previous year, according to the report.

"Its products help customers in Vietnam make nationwide cash transfers, pay more than 100 types of bills, recharge mobile phone accounts, settle personal loans, and purchase services like software licenses and online game cards, airline and movie tickets," said the report.

“This rating is a meaningful gift for MoMo team. We are proud to have shown the world that Vietnamese people can fully create products that resonate globally,” said Nguyen Ba Diep, Vice President and Co-founder of MoMo, adding: “We are proud to show the world how Vietnamese fintech can compete against the world.”

Currently this wallet has more than 13 million users, 12,000 payment partners, 100,000 payment points nationwide. It has directly links with 23 major banks in Vietnam and 43 domestic banks via Napas portal.

Another Vietnamese fintech firm Finhay, established in 2017 with capital of $100,000 as a micro-investment platform targeted at millennials, is in the ‘Emerging 50’ category.