M_Service announces equity investments from Standard Chartered Private Equity and Goldman Sachs

M_Services JSC (“M_Services”), operators of MoMo, announced today $28 million of new investment from Standard Chartered Private Equity (“SCPE”) and global investment bank Goldman Sachs (NYSE: GS).

MoMo is Vietnam’s leading mobile e-wallet and over-the-counter (“OTC”) remittance and payment platform. It processes millions of transactions for a large and growing customer base of over 2.5 million people.

MoMo, with over 1 million mobile e-wallet customers, provides to consumers through a simple, one-touch, smartphone-based application more than 100 convenient services, including money transfer, bill payment, collection and disbursement, and mobile commerce.

Importantly, MoMo also has a physical network of over 4,000 OTC agents across 45 provinces that enable MoMo to also provide these same convenient services for 1.5 million customers throughout those areas of Vietnam where banking services and smartphones are less prevalent.

MoMo brings best practices from foreign markets such as Bangladesh, the Philippines and Kenya, where mobile money has successfully addressed unmet customer needs and provided enduring benefits to the broader economy.

Pham Thanh Duc, Chief Executive Officer of M-Service JSC, said: “Finding the right partners is important for MoMo. We are very pleased to announce that Standard Chartered Private Equity has become MoMo’s strategic investor. Together with our existing shareholder and strategic investor Goldman Sachs, who previously invested $5.75m in our Company in 2013 and also participated in this round of equity financing, we will accelerate MoMo’s rapid growth by continuing to invest in the launching of new products and services, expanding bank and merchant connectivity, and extending the nationwide installation of MoMo point-of-sale terminals at retail outlets.”

Bert Kwan, Head of ASEAN at Standard Chartered Private Equity, commented: “We are heartened and humbled to be partnering with Mr. Duc, his world-class management team, and MoMo’s highly accomplished and experienced set of shareholders and stakeholders. It is extremely exciting to support MoMo’s broader mission of promoting financial inclusion across Vietnam.” Bert will join MoMo’s Board of Directors.

Terence Ting, Head of Asia Private Investments, Goldman Sachs Investment Partners, said: “Since our initial investment in 2013, MoMo has demonstrated strong growth and successfully expanded across Vietnam. Our additional investment in this second round of funding further verifies and symbolizes our conviction in the company’s strong future growth prospects.”

Nirukt Sapru, Chief Executive Officer of Standard Chartered Bank (Vietnam), said: “We are deeply committed to supporting our clients in Vietnam. I believe that our broad international network, coupled with our full suite of innovative, customised products and services, will support the development of Vietnam’s Fintech industry, of which MoMo is an integral part, in achieving its growth aspirations. We have teamed up with MoMo to provide Straight2Bank wallet payments for our corporate clients in Vietnam. This is emblematic of our long-term commitment to Vietnam, where we have been on the ground since 1904 and where we have been investing more resources to drive investment, trade and the creation of wealth.”

For further information, please contact:

M_Service
Nguyen Huyen Phuong
+84-936037879
huyenphuong.nguyen@mservice.com.vn

Standard Chartered
Trinh Nhu Quynh
+84-4393-68124
quynh.trinh-nhu@sc.com

Goldman Sachs
Christopher Jun
+852- 2978-1077
christopher.jun@gs.com

About Standard Chartered Private Equity

SCPE is the private equity arm of Standard Chartered Bank. SCPE provides companies with expansion capital and acquisition finance and also finances management buy-outs. SCPE focuses on companies whose principal operations and management are located in Asia, Africa or the Middle East. It is an active partner that provides board-level strategic advice and access to the international network of Standard Chartered Bank. Since inception, SCPE has invested over USD6 billion in over 100 companies across the Standard Chartered Bank global footprint.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals.  Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Standard Chartered Vietnam

Standard Chartered currently operates three branches in Vietnam and provides a full suite of Corporate and Retail Banking products and services for companies, financial institutions, small and medium enterprises and individuals.