MOL AccessPortal Sdn. Bhd. (MOL), the Malaysia based e-payment service provider, announced that it has entered into a joint venture agreement with pioneering Vietnamese e-commerce group, PeaceSoft Solutions Corporation (PeaceSoft) to acquire a 50% stake in NganLuong Joint Stock Company (NganLuong), PeaceSoft’s online payments unit.
Under the joint venture 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.
Founded in 2001, the Hanoi-based PeaceSoft is the pioneer and a leading e-commerce group in Vietnam which operations include eBay.vn, a unique cross-border retail portal; AdNet.vn, an affiliate advertisement network and ShipChung.vn, a unique e-commerce shipping gateway. NganLuong was established in 2009 as the online payments unit of PeaceSoft and is officially licensed by the Central Bank of Vietnam. NganLuong is one of the country’s first and largest online payment and escrow platform providers for domestic and cross-border e-commerce and is now connected with more than 10,000 merchants, 3 leading mobile operators and 24 banks in Vietnam. NganLuong was also chosen to be the favourite payment solution by the Vietnamese online community continuously for three years at the annual voting poll organized by the Vietnam E-commerce Association (VECOM).
Over the past 10-months, MOL also invested in ocash(Australia & New Zealand), US-based Rixty, Turkey’s Game Sultan & PaytoGo, and just last month, it acquired Indonesia-based AyoPay.
MOL Global’s Group Chief Executive Officer Mr. Ganesh Kumar Bangah said that Vietnam is not only one of the fastest growing but one of the largest internet markets in South East Asia with more than 31 million Internet users. “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 South East 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,” added Ganesh.
“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 over 12 markets through MOL’s growing payment network” said Mr. Nguyen Hoa Binh, President & Chief Executive Officer of PeaceSoft group and also Chairman for NganLuong.
