Western Union partners with MoMo to help Vietnamese people receive international money from more than 200 countries

Research from Western Union shows that up to 81% of Vietnamese users want international money transfer service providers to integrate their services into a super app. The cooperation between Western Union and MoMo has made that wish come true. Launched in 2007, MoMo is currently the leading super app in Vietnam with the mission of applying technology to help Vietnamese users access financial solutions simply and at low cost, thereby contributing to improving the quality of life of users.

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 on March 20, 2023 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 partnering with a super app to bring a superior experience to customers. We are delighted to cooperate and share the same vision with MoMo - aiming to provide innovative and cross-border services to Vietnamese users.”

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.

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. Our research shows that the need to send small amounts of money home to Vietnamese workers, brides living abroad, and people settling abroad is increasing. 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 supporting small money transfers, MoMo hopes to erase the gap between Vietnamese people living abroad and their homeland.”

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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