Vietnam is set to receive a remittance inflow of $19.56 billion in 2023, making up 2.5% of the global remittance market. Last year, the country ranked as the 10th largest remittance contributor in East Asia and Pacific, according to the World Bank.
MoMo, a Vietnamese super app with 31 million users, and Western Union, an American multinational finance company, have recognized the potential of this market and have partnered to help Vietnamese abroad receive and transfer Western Union remittances through MoMo.
This partnership is expected to make cross-border transactions easier and more accessible for Vietnamese citizens. MoMo is available for cross-border transactions from over 200 countries and territories globally. All they have to do is to enter the Money Transfer Control Number (MTCN) from Western Union on the MoMo App.
Atish Shrestha, Head of Indochina at Western Union, said that the company is heavy on both innovation and accessibility, which is why they made the partnership happen. They believe MoMo can help achieve this vision under the Evolve 2025 effort to make quality financial solutions available digitally.
Do Quang Thuan, Senior Vice President of Financial Services Business Unit at MoMo, said they are honoured to collaborate with Western Union to provide low-cost yet efficient financial services to Vietnam’s citizens. The partnership between these two companies will not only help Vietnam’s citizens receive remittances more easily but will also bring them closer to the global financial network.
Vietnam is one of the fastest-growing economies in Southeast Asia, with a GDP growth rate of 8% in 2022. With digital services, Vietnamese citizens from all over the world can send remittances to their families for support and even celebrations.
With this partnership between MoMo and Western Union, Vietnamese citizens can expect more efficient and cost-effective ways to receive and transfer remittances, thereby easing their financial burden during these challenging times.