MoMo will focus on bringing services to customers with little access to traditional finance, democratizing finance and promoting digital transformation.
On October 29, MoMo announced a change in brand positioning from e-wallet to “financial assistant with AI”, with a commitment to become a powerful assistant to help all Vietnamese people manage money effectively.
Accordingly, MoMo will use artificial intelligence (AI) to change the way it makes products and innovates, creating simple products at low cost with partners to serve customers.
MoMo representative said the new vision is to popularize financial services , promote financial inclusion and become a powerful assistant to help Vietnamese people manage money flexibly and effectively, building a stable personal financial foundation.
“MoMo is steadfast in its goal of financial inclusion, not only helping users access financial services easily, but also reducing dependence on black credit and contributing to the development of Vietnam’s digital economy,” said Mr. Nguyen Manh Tuong – co-founder, vice chairman of the board of directors, and CEO of MoMo.
By identifying AI as a technology pillar, MoMo said it will use AI to focus on small problems with high applicability for users, businesses and itself.
Specifically, AI will be applied to handle annoying operations that users do not want, thereby providing personalized and automated solutions to help users save time and improve their experience.
A series of new features turn AI into an assistant to help users manage personal finances more effectively such as: Financial Center – assistant for financial management and optimization, Group Fund – financial assistant for easy fund management, Expense Management – financial assistant to help manage money effectively, AI Assistant – Moni – accompanying those new to financial management, Bill payment with AI – convenient bill assistant…
These are features that not only help users save time but also optimize financial activities from spending, saving to investing, helping users do more with their money.
In the near future, every experience on MoMo will be maximally personalized with the application of AI, specifically all services, promotions, and useful content on the application will be displayed based on the different needs of each user.
At the same time, MoMo wants to become a ” Digital transformation assistant for merchants” by providing digital payment and financial solutions in the cashless wave, helping merchants connect, retain and sell to customers effectively.
“MoMo’s mission with individual customers is to, together with banking partners, financial institutions, and securities companies, contribute to popularizing financial services, helping Vietnamese people with low and middle incomes, and underserved customers, to access financial services conveniently, easily, and at reasonable costs.
With partners and merchants, as a leading technology company, we continue our journey to support digital transformation, especially for small and medium enterprises,” Mr. Tuong shared.
MoMo currently has more than 30 million users
Launched in November 2010 as an e-wallet service, by May 2014, MoMo quickly expanded into a smartphone application providing essential services such as money transfer, phone top-up, and bill payment.
After 10 years, this e-wallet has transformed into a financial super app, serving more than 30 million users, with 50,000 partners, more than 70 banks and financial institutions, and 300,000 payment acceptance points nationwide.
MoMo is considered to have made an important contribution to the development of the digital economy in Vietnam, helping millions of users and businesses participate in the digital economy.