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On March 20, Western Union and MoMo announced a strategic cooperation, according to which, from now on, Vietnamese people can receive Western Union international money from relatives in more than 200 countries and territories through MoMo's service.
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| MoMo and Western Union announce strategic cooperation |
With this cooperation, from now on, tens of millions of MoMo users will only need about 1 minute to receive international money from relatives in more than 200 countries and territories. The recipient only needs to go to MoMo and enter the 10-digit Money Transfer Control Number (MTCN) provided by the sender to receive money immediately from relatives abroad. With an ecosystem linking nearly 50 banks, with just a few simple steps through the international money receiving support service via MoMo, the money will be transferred to the recipient's account.
Speaking at the strategic partnership announcement ceremony at MoMo headquarters, Mr. Atish Shrestha, Regional Director of Indochina, Thailand and Myanmar of Western Union said: “Western Union highly values the importance of digital transformation and innovation in service approach. For the first time in Vietnam, an international money receiving service provider is cooperating with a super app to bring a superior experience to customers.”
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Representatives of Western Union and MoMo shared at the cooperation signing ceremony |
Mr. Do Quang Thuan, Senior Vice President, in charge of MoMo's Financial Services Business Unit, shared: "MoMo is pleased to be the first Vietnamese fintech to become a strategic partner of Western Union, supporting international money receiving. Thanks to low costs and almost instantaneous money receiving, Vietnamese people can now comfortably receive international money sent by relatives and friends abroad through MoMo for many purposes such as New Year's lucky money, weddings, birthdays... in addition to the usual purposes such as supporting families to renovate their houses, pay hospital fees, and save money".
By launching the international money receiving service via MoMo, Western Union accelerates its digital transformation strategy to enhance customer experience and advance its Evolve 2025 strategy to provide high-value, accessible digital financial and retail services. Meanwhile, MoMo adds a new service to its ecosystem to serve users, consolidates its position as the number one fintech in Vietnam, and increases its position as a trusted partner for reputable global companies.
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| This is the first time an international money receiving support service is available on a leading Vietnamese super app. |
According to the Migration and Development Report conducted by the World Bank and the International Organization for Migration Cooperation (KNOMAD), in 2022, Vietnam will be in the top 3 countries receiving the most money from abroad in the Asia-Pacific region and in the top 10 countries in the world receiving money from abroad, reaching nearly 19 billion USD. These figures affirm the role of cross-border money transfer channels in the digital environment, as well as the importance of cooperation to promote global connectivity.
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