Standard Chartered Bank has collaborated with mobile money service MoMo to launch its mobile wallet service Straight2Bank Wallet in Vietnam.
Straight2Bank Wallet lets corporations, governments and development organisations make cashless transactions with both banked and unbanked individuals.
Any smartphone owner in Vietnam with the MoMo app will be able to receive funds from Standard Chartered’s corporate clients electronically with the Straight2Bank online platform.
“Straight2Bank Wallet replaces onerous and risk-prone cash payments, offering an efficient and secure digital payment scheme for Standard Chartered’s corporate clients,” Standard Chartered Bank said in a statement.
Nguyen Ba Diep, executive vice chairman of M_Service, which operates MoMo, said: “MoMo is honoured to partner with Standard Chartered to provide financial services to both banked and unbanked clients in Vietnam, especially in rural areas.”
Nirukt Sapru, CEO of Standard Chartered Vietnam, said that Vietnamese government is seeking to boost non-cash payments as the country moves away from a predominantly cash-based economy.
“The solution we launched today with MoMo is tailor-made for our clients with great convenience and security to effectively minimise the risks they face when using cash,” he added.
Straight2Bank Wallet has also been rolled out in countries including Nigeria, Bangladesh, and the Philippines.
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