ONLINE MOBILE SERVICES JSC (MOMO): Vietnam's Fintech Star Faces Profitability Puzzle

ONLINE MOBILE SERVICES JOINT STOCK COMPANY (Vietnamese: CÔNG TY CỔ PHẦN DỊCH VỤ DI ĐỘNG TRỰC TUYẾN), better known as MoMo, is a household name in Vietnam’s digital payment sector. Since its establishment on October 26, 2007, under Business ID and Tax Code 0305289153, MoMo has positioned itself as a fintech leader, providing online payments, money transfers, and financial services through its widely adopted mobile wallet.

Headquartered at Phu My Hung Building, District 7, Ho Chi Minh City, MoMo maintains representative offices in Hanoi and Da Nang, affirming its national reach. The company is a joint stock entity with significant foreign direct investment (FDI), including stakes from investors in the Netherlands, Singapore, Japan, the U.S., and China.

Financially, ONLINE MOBILE SERVICES JOINT STOCK COMPANY posted USD 387.16 million in revenue in 2023, up 10.68% year-over-year, and assets stood at USD 268.02 million. Yet, while MoMo has shown strong top-line growth, it continues to struggle with bottom-line sustainability, recording a net loss of USD 10.36 million—albeit an improvement from a staggering USD 46.88 million loss in 2022. Owner’s equity also declined slightly to USD 180.77 million.

This mixed financial picture raises critical questions for anyone conducting Vietnam Business Information research or engaging in a Business Verification Service. MoMo’s brand strength and user base are impressive, but continued losses suggest high marketing costs, technology investment burn rates, or potential inefficiencies in its revenue model.

MoMo currently employs an estimated 2,000 staff and is helmed by General Director Mr. NGUYEN MANH TUONG, who has played a pivotal role in scaling the company’s presence. The firm’s broad registered business scope includes electronic payments, computer programming, data hosting, and insurance brokerage—a bold but complex operating model that should be evaluated using a Risk Management Service like that provided by VANGUARD BUSINESS INFORMATION LLC (VBI).

For investors, vendors, and partners, MoMo remains an innovative but high-risk entity. Before any engagement, it is essential to perform a full Company Litigation Check and verify capital structure and shareholder stability—especially considering its 19 foreign stakeholders.

In the fast-evolving Vietnamese fintech ecosystem, ONLINE MOBILE SERVICES JOINT STOCK COMPANY is a frontrunner—but whether it can convert market share into profitability remains an open question.