Gojek and MoMo will collaborate to develop a shared system that will allow around 31 million Gojek customers across the country to use their services in a single app. MoMo will help drive these services, in particular: ride-hailing (GoRide and GoCar, launched in 2021), internet food delivery (GoFood), and logistics (GoSend).
Following the introduction of its card payment feature last year, Gojek has integrated MoMo’s services into its strategy to provide customers with more payment alternatives via its app.
“Through this partnership, we also hope to help Gojek’s driver and merchant partners reach more customers, increase their income, and recover from the pandemic,” said Nguyen Ba Diep, co-founder and senior vice president of MoMo.
MoMo’s popularity in Vietnam has skyrocketed as fintech popularity spiked, with more than 80% of F&B outlets and 70% of supermarkets currently accepting payments via the app.
The start-up became a unicorn in December 2021, when it raised $200 million in its Series E funding round, including a $170-million investment from Japanese Bank Mizuho, which owns 7.5% of the company.
MoMo has also made recent moves that indicate it is aiming to capture segments such as small-business payments solutions. It recently bought Nhanh, a firm that works with 80,000 SME clients and provides a variety of online and physical service choices.
Vietnam is fast becoming a hub for tech startups and investment. According to a report by Google, Temasek, and Bain and Company, Vietnam’s digital economy is expected to reach $21 billion in 2020, up 53% on the back of e-commerce growth.
According to TechWireAsia, Vietnam received $400 million in investments in 2020, making it a potential rival to Indonesia as Southeast Asia’s growth market for tech investments.