The giant behind VNPAY appears, holding 99.99% of this giant's capital

VNPAY's shareholder structure was recently updated with significant changes. Accordingly, this payment intermediary "giant" is owned by Viet Life Group Joint Stock Company, which holds 99.99% of its charter capital.

VNPAY is considered a "giant" in the field of electronic payments in Vietnam with high coverage and brand recognition - Photo: VNPAY

Vietnam Payment Solutions Joint Stock Company (VNPAY) is known as a major fintech in the field of electronic payments in Vietnam.

This is also the name that has been mentioned quite a lot in the past week after different reactions related to the rehearsal of the art drone performance.

According to data from the national business registration information system, VNPAY was established in March 2007, headquartered in Dong Da district, Hanoi .

The three founding shareholders of VNPAY are Mr. Le Tanh with 5% of capital, equivalent to 7.5 billion VND, Mr. Tran Tri Manh contributed 28.15% (42.22 billion VND), and Mr. Tran Van Ky holds 21.67% of capital (32.50 billion VND).

In which, Mr. Le Tanh holds the role of general director and legal representative of the enterprise. Mr. Tran Tri Manh is the chairman of the board of directors, while Mr. Tran Van Ky is known as the chairman of the founding council.

After many capital increases, from the initial 100 billion VND, the current charter capital updated on business registration data is more than 3,568 billion VND, an increase of nearly 36 times.

Notably, by the end of March this year, VNPAY's shareholder structure had undergone a major change. Accordingly, a new shareholder appeared, which is Vietnam Life Group Joint Stock Company (VNLife).

VNLife holds up to 99.99% of VNPAY's charter capital, equivalent to VND 3,568 billion.

According to the business registration certificate, VNLife was officially established in December 2018. This business has the same address in the same building as VNPAY, only on a different floor.

This company has a registered charter capital of nearly 225 billion VND. The two legal representatives are Mr. Tran Tri Manh - Chairman of the Board of Directors, Mr. Mai Thanh Binh - General Director. In which, Mr. Mai Thanh Binh has Singaporean nationality.

VNLife is a rather quiet name in the market. This company has appeared in recent years mainly from information about continuously increasing capital and attracting foreign investors.

VNLife successfully raised more than 250 million USD in a Series B funding round led by General Atlantic and Dragoneer Investment, with participation from PayPal Ventures, EDBI, GIC and SoftBank Vision Fund 1.

Meanwhile, VNPAY is one of the most popular payment applications in Vietnam. In 2009, VNPAY became one of the first companies to be allowed by the Governor of the State Bank to pilot the provision of e-wallet payment services.

By 2015, this brand was granted a license to provide intermediary payment services. Up to now, according to the introduction on the website, VNPAY is cooperating with about 40 banks, 5 major network operators and 350,000 businesses nationwide.

According to Vietdata, VNPAY's revenue growth in the 2020-2022 period (over 20%/year) has slowed down to only 4% in 2023. However, the platform's revenue in 2023 will still reach over VND30,000 billion, far surpassing many competitors in the same field.

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BINH KHANH

Source: https://tuoitre.vn/xuat-hien-dai-gia-dung-sau-vnpay-nam-toi-99-99-von-ong-lon-nay-20250504212602348.htm