MobiFone Digital Payments launches Vietnam network push
MobiFone Digital Payments has launched in Vietnam, with plans to develop what it describes as the country's fourth-generation national payment infrastructure.
Based in Hanoi, the company is backed by MobiFone Telecommunications Corporation and holds a licence from the State Bank of Vietnam to provide intermediary payment services. These include financial switching, electronic clearing, payment gateway services, and collection and payment support.
The launch brings a new domestic player into Vietnam's digital payments market at a time of rapid change in the country's banking and payments sectors. Its platform is designed to connect banks, financial institutions, businesses and digital services through a shared payments network.
MobiFone Digital Payments has already formed partnerships with more than 20 member institutions, including Vietnamese banks and financial institutions. It also announced a collaboration with Visa at the launch ceremony in Hanoi.
Before the launch, the group signed a memorandum of understanding with the National Payment Corporation of Vietnam, or NAPAS, to explore links between their switching systems. The move is intended to support a more integrated national payments structure.
Representatives from the Ministry of Public Security, the State Bank of Vietnam, banks, technology companies, and other domestic and international partners attended the launch event.
Nguyen Ngoc Canh, Deputy Governor of the State Bank of Vietnam, said the launch comes at an important time for the sector.
"Launched at a pivotal moment as Vietnam enters a new phase of development, in line with the strategic direction set by the 14th National Party Congress, and backed by MobiFone Telecommunications Corporation, MobiFone Digital Payments Joint Stock Company is well-positioned to capture emerging opportunities and accelerate its growth in the payments space. This comes as the banking sector, and the payments landscape in particular, are undergoing rapid transformation, driven by continuous innovation towards a more modern and professional economy," Canh said.
Market build-out
Vietnam has seen strong growth in digital financial services in recent years as banks, fintech groups and telecom-backed platforms expand online payments and transaction services. Against that backdrop, payment switching and clearing infrastructure have become a strategic part of the sector's development, linking institutions and enabling transactions across different networks.
MobiFone Digital Payments is positioning itself in this layer of the market rather than as a consumer wallet or retail banking provider. Its role centres on intermediary services between financial institutions, merchants and other digital platforms.
Bui Son Nam, Chairman of MobiFone Digital Payments, outlined the company's approach at the event.
"MobiFone Digital Payments Joint Stock Company is driven by a vision to build an open and flexible payment technology platform, with strategic alliances as a key growth lever, and underpinned by our three core values: Technology, Innovation, and Trust. Technology enables us to develop modern platforms. Innovation allows us to continuously create new solutions for the market. And trust ensures that every transaction within our ecosystem is secure, transparent, and reliable," Nam said.
Network expansion
The company's early partner roster and its agreement with NAPAS suggest that interconnection with the existing domestic payments system will be central to its strategy. In practical terms, that could help determine how quickly it expands usage across banks and other payment providers.
Phan Thanh Son, Chief Executive of MobiFone Digital Payments, said cooperation across the sector will be essential to building a broader network.
"With a modern technology foundation and an open collaborative approach, MDP aspires to build a new digital payments infrastructure for Vietnam, one developed by Vietnamese, operated to international standards, and seamlessly connected with both domestic and global financial ecosystems. We believe that when banks, technology companies, and partners collaborate on a shared platform, Vietnam's digital payments market will grow faster and more sustainably, while gradually enhancing the country's position within the regional digital economy ecosystem," Son said.
The company is licensed by the State Bank of Vietnam to provide intermediary payment services and will focus on switching, clearing, gateway services and collection support as it builds out its operations from Hanoi.