HCM CITY — The State Bank of Vietnam has licensed MobiFone Digital Payment Joint Stock Company (MDP) to conduct intermediary payment services.

Under the licence, the company is authorised to provide electronic switching, electronic clearing, electronic payment gateway, and collection/disbursement support services in line with legal regulations and within the scope approved by the central bank.

As the economy accelerates its shift towards digitalisation, non-cash payments continue to record double-digit annual growth. Smartphone penetration has exceeded 70 per cent of the population, while online shopping, e-commerce and online public services are becoming increasingly widespread.

However, Việt Nam’s digital payment rate remains low compared with more advanced economies in the region, and challenges such as online fraud, cyberattacks and data breaches persist. This presents significant opportunities for enterprises with strong technological capabilities, extensive ecosystems and well-developed digitalisation strategies, particularly those able to apply emerging technologies such as AI, Big Data, biometrics and blockchain, to enhance security.

With this licence, MobiFone Digital Payment becomes the second entity approved by the SBV to provide financial switching and electronic clearing services, helping foster healthy competition and generate innovative solutions that benefit both citizens and businesses.

MobiFone Digital Payment has a charter capital of VNĐ300 billion (US$11.4 million) and is headquartered in Hà Nội.

The company envisions building fourth-generation core switching and digital payment infrastructure, expanding digital payment access nationwide, and enhancing national digital capabilities, helping position Việt Nam as a leading digital payment nation in the region, fully integrated into the global digital economy.

The approval marks a new milestone for MDP on its journey towards becoming one of Việt Nam’s key payment infrastructures, making a practical contribution to building a safe, transparent and sustainable digital economy. — VNS