TrueMoney Vietnam has secured the intermediary payment services licence from the central bank of Vietnam to operate e-money, e-payment, wireless transfers, and payment gateways services in the country.
TrueMoney, a unit of Ascend Money, processes over one million transactions monthly.
Following the receipt of the licence, TrueMoney Wallet can be used by the consumers to make online purchases, bill payments along with pre-paid mobile and gaming cards top-up.
The wallet can also be used to transfer money from bank accounts and to other wallets and will serve a payment gateway for online and offline merchants.
The company also plans to add payroll disbursement capability to the wallet later on.
TrueMoney Vietnam operates through a network of over 5,000 agents. The company also intends to launch loans and insurance services in the second quarter of this year.
Apart from Vietnam, TrueMoney has e-money licences in Thailand, Myanmar, Indonesia, Cambodia and Philippines.