December 21, 2021
Mizuho Financial Group, Inc.
Mizuho Bank, Ltd.
Mizuho Bank invests in Vietnamese digital payment services company M-Service
Mizuho Bank, Ltd. (President and CEO: Koji Fujiwara), a subsidiary of Mizuho Financial Group, Inc.
(Group Chairman and CEO: Tatsufumi Sakai), acquired shares (equivalent to approximately 7.5% of the shares) of the joint stock company Online Mobile Services (“M-Service”) on December 20, 2021. M-Service is the leading digital payment provider company in the Socialist Republic of Vietnam, with a share of over 50% of the Vietnamese mobile payments market, and operates the MoMo brand.
1. Purpose and strategic importance of this investment
Our goal at Mizuho is defined in the Mizuho corporate identity as our vision that we strive to achieve: “To become the most trusted financial services group with a global presence and large customer base, contributing to prosperity. of Japan, the rest of Asia, and the world as a whole. ”While Asia, particularly the Association of Southeast Asian Nations (ASEAN) region, is expected to see growth economic support its population growth, the region’s financial infrastructure is developing and financial inclusion has become a social issue.We have explored strategic investments in businesses in the region with the aim of contributing to inclusion financial through new financial services focused on digital technology and expanding our business portfolio.
Since its inception in 2007, primarily as a payment services company for mobile phone charges, M-Service has evolved into a fully digital payment company. The company has built by far the largest business base in the Vietnamese payments market by creating an extensive network of affiliate merchants and a wide range of use cases, securing its position as the premier super-app in Vietnam.1 It also provides services that facilitate the digitization of finance and the expansion of financial markets in Vietnam through connections with many major local financial institutions, including Vietcombank, one of Vietnam’s largest state-owned commercial banks, and beneficiary of Mizuho’s investment.
At Mizuho, we will provide the experience and expertise that we have accumulated through our operations in Japan to help strengthen and grow M-Service’s financial services business. At the same time, we will positively contribute to further advance the financial inclusion and retail finance sector in Vietnam by expanding our collaboration with M-Service and strengthening our ongoing cooperation with Vietcombank.
- A super-app is a mobile application that offers an integrated range of services for everyday life, including messaging, taxi dispatch and payment services.