HANOI, Feb 15 (Bloomberg): Vietnam’s M_Service JSC, which operates Warburg Pincus LLC-backed fintech app MoMo, sees growth in the nation’s rural areas and has no plans for international expansion, said co-founder Nguyen Manh Tuong, who is also vice chairman and co-chief executive officer.
Many rural residents need to travel as far as 40 kilometers to pay bills, making MoMo’s payment service increasingly attractive in farming communities, Tuong said on Bloomberg TV’s Asean Ahead segment.
In fact, about 40% of its users live outside the nation’s big cities, such as Ho Chi Minh City and Hanoi, he said.
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