In 2024, Vietnam's leading fintech platform MoMo achieved its first full-year profit, marking a significant milestone following years of investment and strategic transformation.
Strategic Shift: From E-Wallet to AI Financial Assistant
In October 2024, MoMo unveiled a new brand positioning, transitioning from a simple e-wallet to an "AI financial assistant." This strategic shift emphasizes the integration of artificial intelligence to personalize financial services, aiming to make them more accessible and affordable for Vietnam's low- and middle-income populations. MoMo's vision focuses on promoting financial inclusion and assisting users in managing their finances effectively .
Embracing the Super App Model Amidst Rising Competition
Despite increasing competition in Vietnam's digital payment sector, MoMo remains committed to its super app strategy. CEO Nguyễn Mạnh Tường highlighted the company's confidence in this approach, noting that the rise of QR code payments has actually increased user engagement with MoMo's platform. He emphasized that MoMo is well-positioned to benefit from Vietnam's rapid shift towards a cashless economy .
Accolades and Industry Recognition
MoMo's innovative efforts have been recognized with multiple awards. At Vietnam Innovation Day 2024, the company received honors for its contributions to the country's innovation ecosystem. Additionally, MoMo secured two awards at the Better Choice Awards 2024: "Pioneer Brand in Digital Finance" and "Dynamic and Innovative Consumer App." These accolades underscore MoMo's commitment to continuous innovation and enhancing the digital financial experience for users .
MoMo's strategic transformation and focus on AI-driven, personalized financial services have not only led to its first full-year profit but also solidified its position as a leader in Vietnam's fintech landscape.
