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Malaysia's MOL agrees JV with Vietnam's PeaceSoft

AvantiKumar | April 26, 2013
MSC Malaysia status firm MOL buys 50% stake in PeaceSoft's online payment firm NganLuong.

MOL in Vietnam modifiedPhoto -  (From left) Nguyen Hoa Binh, President & CEO, PeaceSoft Group and Chairman for NganLuong; and Ganesh Kumar Bangah, Group CEO, MOL Global Group.

 

Malaysian headquartered e-payment firm MOL AccessPortal (MOL) has signed a joint venture agreement with Vietnam's e-commerce group PeaceSoft Solutions (PeaceSoft) to acquire a 50 percent stake in the Vietnamese group's online payment unit Ngan Luong.

Under the agreement, MOL and PeaceSoft will jointly operate one of the country's first online payments and escrow platforms together with other related e-payments services in Vietnam, said MOL Global Group chief executive officer Ganesh Kumar Bangah, who added that this investment also strengthened MOL's presence in Vietnam as well as in Asia.

"Vietnam is not only one of the fastest growing but one of the largest Internet markets in Southeast Asia with more than 31 million Internet users," said Bangah. "The opportunities for e-commerce and e-payments growth in Vietnam are great, given the rapid adoption of mobile devices and Internet usage. NganLuong is one of the market leaders in the field of e-payments in Vietnam and this investment strengthens MOL's regional leadership position with a strong presence in every major Internet market in Southeast Asia."

"We have strong trust and belief that we will be able to bring NganLuong to the next growth level with our global experience and expertise in building, investing and operating leading localised payment services worldwide. We are extremely delighted to partner with PeaceSoft in this strong growth opportunity," he said.

"This is an excellent combination as MOL can bring their global networks of merchants into Vietnam, while giving the opportunity for Vietnamese merchants and publishers to sell their products and content directly to more than 12 markets through MOL's growing payment network" said PeaceSoft group president & chief executive officer and NganLuong chairman, Nguyen Hoa Binh.

Founded in 2001, the Hanoi-based e-commerce group PeaceSoft established NganLuong in 2009 as its online payments unit, which is officially licensed by the Central Bank of Vietnam.

MSC (Multimedia Supercorridor) Malaysia status firm MOL handles more than 60 million transactions with an annual payment volume of more than US$300 million. MOL operates through a network of more than 680,000 physical payment collection points across more than 80 countries. It is also linked online to more than 88 banks in 10 countries worldwide.

 

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