Cover Mr. Nguyen Manh Tuong - Vice Chairman of Board of Directors, Co-founder, CEO MoMo
Mr. Nguyen Manh Tuong - Vice Chairman of Board of Directors, Co-founder, CEO MoMo
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Together with its banking partners, MoMo has brought significant changes to the lives of the Vietnamese people.
Fourteen years ago, driven by the vision that “Vietnamese people should only need their phones when going out,” CEO Nguyen Manh Tuong and his co-founders launched MoMo as a mobile payment platform. Their goal was to harness technology to enhance everyday life and reshape Vietnam’s financial and payments landscape.
Since its inception in 2010 as a cashless payment app, MoMo has evolved into a super app—one that serves as a hub for shopping, bill payments, financial services, entertainment, travel, charitable giving, and more. At a time when smartphones and digital payments were unfamiliar to most Vietnamese consumers, how did you persuade banks to integrate directly with your platform?
“In the beginning, MoMo faced significant challenges—not only because the market was still nascent but also due to the cautious approach of banks. Gaining their trust was a journey of constant learning and refinement. Over time, we met the banks’ stringent requirements, ensuring MoMo was not only secure but also delivered a seamless, convenient experience. Beyond payment integration, each partnership was about building an ecosystem. By collaborating with us, banks could extend their services to a wider audience, fostering long-term value for the financial sector.”
Over the years, fintech companies such as MoMo have become an integral part of Vietnam’s financial ecosystem. Compared to 15 years ago, the synergy between banks and technology firms is stronger than ever. Banking professionals now have a deeper understanding of technology’s role and value, recognising that each sector has its own strengths. This has paved the way for new trends such as Open Banking, Open APIs, and soon, Open Finance. Banks remain the backbone of financial management, while fintech companies provide direct customer engagement, offering innovative solutions and enhanced user experiences. The government is also preparing a regulatory framework for Open APIs, which will unlock even more collaborative opportunities.
“We don’t want MoMo to be just an app—we want it to be a bridge, working alongside our banking partners to drive meaningful change in people’s lives. Our commitment is not just to technology, but to fostering positive transformation for the community.”
Above Nguyen Manh Tuong, Vice Chairman of the Board, Co-founder & CEO of MoMo
Nguyen Manh Tuong, Vice Chairman of the Board, Co-founder & CEO of MoMo
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Has connecting with banks and financial institutions been MoMo’s biggest challenge over the past 14 years? And how many times has the company had to cut costs or restructure its workforce?
“While partnering with banks and financial institutions has been a challenge, I wouldn’t say it’s been our greatest (laughs). In truth, there is no single ‘biggest challenge’ in MoMo’s journey—rather, we have encountered crucial hurdles at every stage. The most fundamental question we continually ask ourselves is ‘Why?’ Why does MoMo exist? Why are we committed to building a seamless digital financial ecosystem for Vietnam? Finding this answer is what keeps us going, even in the face of difficulties.
There are four core beliefs that guide every decision we make:
1. Belief in the power of small changes – We believe that, with faith and technology, small changes made at the right time and place can lead to profound transformations. By taking small steps each day, people can take control of their finances and lead happier lives.
2. Belief in Vietnamese talent – MoMo is a product of Vietnamese ingenuity, created by and for the Vietnamese people. We have steadfast confidence in the potential and creativity of our local team, particularly in the field of technology.
3. Belief in the magic of technology – Technology is not just a tool; it is the key to unlocking new possibilities, allowing us to reach and serve customers in a more effective and sustainable way.
4. Belief in the power of doing good – We are convinced that when we genuinely strive to create positive change for the community, like-minded partners and customers will join us on this journey.
“The next challenge is how to retain talented individuals within the organisation. Talented people tend to get bored quickly (laughs). We constantly strive to create complex ‘problems’—challenges that stimulate and satisfy their desire for growth. For them, money and power are just basic factors; what truly matters is an environment that allows them to maximise their potential. They want to contribute, to create something meaningful, to push boundaries, and to make a lasting impact on society.
That is why we continuously introduce challenges that are substantial and demanding enough to keep them engaged and motivated. Without such challenges, talented individuals can quickly lose interest. Providing them with difficult problems to solve is not only a strategy for retention but also a driving force for their continued development. In turn, this fuels MoMo’s own growth and resilience.”
Maintaining a spirit of innovation is one of MoMo’s five core values. At times, achieving true breakthroughs requires the courage to completely abandon the old, as the new often demands a fundamentally different mindset and approach. Simply extending what already exists can sometimes hinder progress rather than propel it forward. We are always exploring new ways to serve our users and the wider community, driven by the belief that continuous innovation is the key to MoMo’s long-term success.
Over the past 14 years, we have navigated numerous challenges. Our guiding principle is to ‘fail forward’—instead of focusing on cost-cutting or workforce restructuring, we prioritise empowering our team. We create opportunities for every member to lead and innovate. By leveraging data-driven decision-making and fostering creativity, we have built a strong, agile team that is ready to take on any challenge.”
We persist in making small changes, but always with the larger goal of promoting financial inclusion in Vietnam
According to the latest figures from the Department of Market and Enterprise Development (under the Ministry of Science and Technology), Vietnam currently has around 3,800 startups. Among them, 11 are valued at over USD 100 million (including Tiki and Topica Edtech), while three—VNG, VNLife, and MoMo—have achieved unicorn status, surpassing USD 1 billion in valuation. In a period marked by the ‘tech winter’, widespread layoffs, and significant geopolitical and economic turbulence, what adjustments are you and MoMo’s leadership making to adapt?
“I believe adaptability is one of the most crucial skills for survival and growth. When the era of ‘cheap money’ came to an end, MoMo also adapted its business operations to suit the new reality. Naturally, tightening spending, optimising labour productivity, and making more selective investment choices became necessary. However, regardless of market conditions, our top priority has always been to provide high-quality products and services while continuing to innovate. I firmly believe that no matter how volatile the market, companies with a solid foundation will endure.”
Like Vietnam’s unicorns, global tech giants are also facing considerable challenges in doing business here. Based on your 14 years of experience leading MoMo, what do you think technology startups need to focus on to survive?
Our experience at MoMo has taught us one fundamental truth about the technology sector—the only constant is change (laughs). For startups, success is not just about launching new products; it is about constantly asking ‘Why?’—why do we exist, and what real value do we bring to our customers?
Startups should leverage technology such as AI and Big Data to optimise operations, enhance efficiency, and refine their offerings. At MoMo, we view innovation as the key to overcoming challenges, but it must be innovation that delivers genuine value to users and the wider community.
Moreover, long-term survival depends on maintaining a clear vision, making strategic investments, and focusing on sustainability. The key is to build high-quality products rather than chase rapid, unsustainable growth. In the end, it is businesses with a strong, enduring foundation that will stand the test of time.
Vietnam’s technology market is currently entering the 4.0 phase for Super Apps, with even ride-hailing platforms such as Grab and Be expanding beyond transportation to address other essential needs. In this evolving landscape, do you and MoMo’s leadership feel pressured to reaffirm your leading position?
Our pressure does not stem from maintaining a leadership position but from the need to continuously create real value for our users. Grab and Be are both important partners of MoMo, and we are pleased to see them growing as we collectively build a robust digital ecosystem. MoMo’s vision is to establish a financial ecosystem that empowers Vietnamese users to take control of their finances. We serve as a bridge connecting banking partners, financial institutions, and businesses with millions of users. At the same time, we align with the Government and other organisations to advance financial inclusion and foster the sustainable development of Vietnam’s digital economy.
On October 29, 2024, MoMo will transition from an e-wallet to an “AI-Powered Financial Assistant” to support its mission of ‘democratising finance and promoting digital transformation.’ Can you elaborate on this shift? What role will AI play in MoMo’s platform now and in the future, and how should the term ‘democratised’ be understood in this context?
MoMo’s mission to ‘democratise finance and promote digital transformation’ goes beyond simply bringing financial services closer to users. It also involves creating a seamless connection between banking partners, financial institutions, and businesses, ensuring they can efficiently serve customers.
The term ‘democratised’ in this context signifies two things: first, making financial services universally accessible, and second, integrating digital finance into everyday life—benefiting individuals, businesses, and financial institutions alike.
AI is central to this transformation. It acts as the key enabler, ensuring financial access is easy and convenient for everyone, regardless of income level or financial literacy. AI allows MoMo to better ‘understand’ its users, enabling the personalisation of financial services such as savings, investments, and expense management in a way that suits each individual’s needs. We believe AI has the power to create intelligent digital assistants that help users take control of their personal finances step by step, ultimately improving their overall quality of life.
AI at MoMo will “wash dishes and sweep the floor.” This refers to AI’s role in automating routine financial tasks, freeing up users to focus on more important decisions. By leveraging AI, MoMo will introduce intelligent support features that automate spending and investment recommendations, guide users through complex financial services such as insurance and securities, and simplify financial management.
Beyond benefiting individual users, MoMo also serves as a digital transformation partner for businesses. We provide solutions that help enterprises embrace modern financial technology, improving operational efficiency, optimising services, and reducing costs. Through MoMo, small and medium-sized enterprises (SMEs) gain access to digital financial tools that accelerate their transition into the digital economy—quickly and cost-effectively.”
MoMo’s vision extends beyond offering financial services. We aim to cultivate positive financial habits, empower individuals and businesses, and contribute to Vietnam’s digital economic growth. By building a sustainable digital financial ecosystem, we are not just facilitating transactions but also supporting the creation of good financial habits, promoting the development of Vietnam’s digital economy.
Above Nguyen Manh Tuong, Vice Chairman of the Board, Co-founder & CEO of MoMo
Nguyen Manh Tuong, Vice Chairman of the Board, Co-founder & CEO of MoMo
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F-Prime Capital’s State of Fintech 2024 report suggests that 2024 could be a defining year for fintech IPOs. MoMo has been exploring the possibility of an IPO for some time. Why has this not materialised yet?
MoMo is not actively raising capital at this time, but we remain open to all possibilities. Ultimately, the decision regarding an IPO will be determined by our board of directors and shareholders at the most strategic and appropriate moment.
In your opinion, what subjective and objective factors are currently lacking in the Vietnamese market that would allow technology applications such as MoMo to expand more rapidly?
I believe there are several key factors:
Talent: The demand for developing digital products is immense. Vietnamese people are highly talented but still require an environment where they can gain practical experience. Technology companies that create products, such as VNG, VNPAY, and MoMo, provide excellent environments for professionals to learn through hands-on experience. In the US, many founders are ‘forged’ in leading companies such as PayPal, Meta, and Google. If the government and investment community work together to strengthen the ecosystem, more unicorns will emerge, driving the industry forward.
Regulatory environment: Technology is evolving rapidly, making it essential for regulatory bodies to collaborate with industry associations and business communities to exchange knowledge, refine policies, and establish a well-structured legal framework.
Investment landscape: Stronger policies and clearer communication will be necessary to attract experienced, high-profile technology investors who can support Vietnamese startups.
What are the key factors behind MoMo’s success in Vietnam? Is it cutting-edge technology, an intuitive interface, or a customer experience?
MoMo’s success cannot be attributed to a single factor.
In our early years, we were fortunate to be agile and consistently at the forefront of emerging technology trends, allowing us to create long-term value. MoMo leverages AI and Big Data to enhance its products, delivering personalised financial solutions that offer real, tangible benefits to users. While technology is the foundation that enables MoMo to scale, it is the simple, intuitive user experience that makes financial services accessible to everyone—from young urban users to the elderly in remote areas, from global corporations to small and medium-sized enterprises.
At the same time, we remain committed to small, incremental innovations while pursuing the larger goal of advancing financial inclusion in Vietnam. Every feature and product we develop is designed not only to enhance convenience for users but also to contribute to financial inclusion on a broader scale. We are also fortunate to have the trust and support of our partners and regulatory bodies, who stand alongside MoMo in our mission to create sustainable value for users.
One of the most critical drivers of MoMo’s success is our talented team, who are passionate about making a difference in Vietnam. Their creativity and dedication ensure that MoMo remains user-centric in all its innovations, positioning our team as the “supporting cast” that enables users and partners to thrive and achieve their goals.
MoMo’s success cannot be attributed to a single factor
Over the past 14 years, how have you seen customer behaviour evolve? What challenges or opportunities do these changes present for MoMo’s future?
Customer behaviour has changed dramatically over the past 14 years. Initially, users were just beginning to familiarise themselves with technology through basic functions such as phone top-ups, money transfers, and bill payments. Today, digital finance—spanning investments, insurance, and AI-driven personalised services - has become an integral part of daily life.
This shift presents significant opportunities for MoMo to continue innovating and offering more immersive, tailored experiences. However, it also means we must continuously adapt, ensuring that everyone—from tech-savvy young users to those engaging with digital finance for the first time - can use MoMo easily and confidently.
What is your vision for MoMo over the next 10 or 20 years?
Technology will evolve, but we believe the need for better financial management will remain constant. Our vision is that MoMo will continue doing what it does best—acting as a financial assistant for everyone, whether powered by AI or a technology yet to be conceived. One thing is certain: we will always be here, playing the role of an exceptional supporting character—helping people manage their finances, whether on Earth or… on Mars.
Compared with other countries in the region and globally, which models does MoMo observe and learn from, and why?
We study and learn from many international models—not to replicate them, but to create a product that embodies ‘international standards with a Vietnamese experience.’ Every market has its own unique characteristics, and at MoMo, our goal is to adapt global technology into solutions that are seamlessly tailored to local users. Each feature is personalised to ensure that every Vietnamese user finds genuine value in MoMo. Ultimately, the greatest lesson we take from international models is to ‘always innovate, always adapt.’ That is how MoMo continues to move forward, establishing itself as Vietnam’s leading digital financial platform—one that empowers people to manage their finances with ease and confidence.
Do you aspire to turn MoMo into an international payment platform, similar to PayPal?
At present, MoMo has no plans to expand beyond Vietnam. Instead, we are focused on strengthening and broadening our domestic ecosystem, delivering the best financial solutions, products, and experiences—particularly for those who have limited access to financial services. Our mission remains to democratise financial services, ensuring that everyone can benefit from them. We believe that sustainable growth and increasing value for our existing customers and partners are the key factors in MoMo’s ongoing success.
Above Tatler Asia’s Most Influential is a list of the individuals shaping our world today
Tatler Asia’s Most Influential is a list of the individuals shaping our world today
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Tatler Asia’s Most Influential highlights the region’s most innovative minds, industry leaders, and trailblazers who are making a positive impact in Asia and beyond. See the full list here.
Tatler Vietnam – Nhà Tập Tinh Hoa will officially honor the individuals on the Asia’s Most Influential Vietnam 2024 list at the Tatler Vietnam Launch – Enter A New Kingdom on 4 December 2024.
Credits
Managing Director: Hami Tran
Editor-in-Chief: Nikita Chu
Art Director: Andy Tran
Managing Editor: Sade Ho
Photographer: Viet Thanh
Videographer: Luan Nguyen
Makeup Artist: Dinh Tran
Hair Stylist: Lam Huy Set
Designer: Lam Minh Trung
Costume: Sac (@sacwsvn), W.tie
Accessories: Van Cleef & Arpels, CHANEL, Balenciaga
Producer: nakhoi
Lighting & Location: S Cong Studio
