The two-day workshop was designed to provide a comprehensive overview of mobile money, and put forward recommendations for Vietnam's adoption of the technology, Vietnam News Agency reported.

At the event, Minister of Information and Communication Nguyen Manh Hung said the government is evaluating approving mobile money trials this year, the report states.

Vietnam would become the 91st nation in the world to adopt mobile money services, the minister said. By the end of last year, nearly 900 million people in 90 nations were using mobile money services to conduct transactions worth around $1.3 billion per day.

The minister also noted that mobile money will help promote cashless payment in a market were only around 40% of the population have bank accounts but mobile penetration is well over 100%, and will allow low-income people in remote or hard to reach areas to access paid online services.

Dylan Bushell-Embling - - May 27, 2019

Mobile money to promote financial inclusion in VN

An international workshop on mobile money to promote financial inclusion was held by the Ministry of Information and Communication (MIC) in Hanoi on May 23.

The two-day event is designed to provide a comprehensive view on mobile money, a technology that allows people to receive, store and spend money using a mobile phone.

It also shares experiences and lessons from the implementation of the service in many countries worldwide, as well as put forward recommendations for Vietnam in a bid to enhance the country’s financial inclusion and support its digital transition.

Addressing the event, Minister of Information and Communication Nguyen Manh Hung said if Vietnam approves trial run of Mobile Money in 2019, the country will be the 91st nation operating the service in the world.

By the end of 2018, nearly 900 million people in 90 nations use Mobile Money, doing transactions worth 1.3 billion USD per day, he noted.

The minister added that mobile money will be a solution that strongly promotes cashless payment and help poor people in mountainous and remote areas access paid services on the Internet, including health, education, finance, jobs and social welfare, among others.

Participants of the workshop also discussed challenges, risk management, legal issues of mobile money, the implementation of mobile money in some countries, experiences of foreign managers and businesses, along with firms’ solutions in the digital payment revolution in Vietnam.

Only about 40 percent of the country’s 95 million people have bank accounts, mostly in urban areas, while there are around 120 million mobile phone subscriptions.

Vietnam News Agency - May 24, 2019