M-Pay

M-Pay Trade and Technology Services Joint Stock Company, operating as M-Pay, is a fintech entity established in Vietnam in 2008. The company secured authorization from the State Bank of Vietnam in 2016 to provide intermediary payment services, a crucial license for all e-wallet providers in the country. Initially backed by investors from New Zealand and the United States, M-Pay has been a participant in Vietnam's growing digital payment landscape. In a significant development, Ant Financial reportedly acquired a substantial stake in M-Pay's eMonkey e-wallet in a deal negotiated during the summer of 2019, signaling a strategic entry into the Vietnamese market.

M-Pay operates in the competitive Vietnamese fintech market, which is characterized by a rising number of e-wallet providers. The company's primary offering is the eMonkey e-wallet, a smart, cashless payment solution. This digital wallet enables customers to purchase digital goods like phone and game cards and to settle bills directly from their mobile devices. The service functions as a secure channel for conducting payment transactions via mobile phones. The Vietnamese government's push for mobile payments, coupled with a young population and high smartphone penetration, creates a favorable environment for the expansion of such services. In November 2019, the e-commerce platform Lazada Vietnam integrated the eMonkey wallet into its system, expanding its utility.

The company's business model centers on providing digital payment infrastructure. One of its key solutions is a "secure electronic messaging service via mobile phones," which acts as a distribution channel for banking services, facilitating easy and secure mobile transactions. Another partnership illustrates a different facet of its operations; in 2021, M-Pay collaborated with DKSH, HSBC, and Payoo to launch mPay, a digital payment solution for DKSH's customers. This solution, built on HSBC's Omni Collect platform, allows customers to make payments via bank transfer, which are then linked to DKSH's system for streamlined financial tracking and reconciliation. This B2B solution helps reduce manual processing and improves cash flow management for corporate clients. The initial implementation was for DKSH's Consumer Goods Business Unit in Vietnam.

Keywords: M-Pay, eMonkey, Vietnam fintech, mobile payments, digital wallet, cashless payment, intermediary payment services, online payments, State Bank of Vietnam, Ant Financial, Lazada, bill payment, secure transactions, payment solutions, e-commerce payment