MoMo's Partnership with Alipay+ for Cros Diagram

Strengths

• Vietnam's largest e-wallet and widest merchant network, providing a solid foundation for cross-border payment implementation.
• First-mover advantage in partnering with Alipay+, staying ahead of bank-affiliated wallets in cross-border QR payments.

Weaknesses

• Cross-border payments are still in a subsidy-driven phase, with user habits yet to be solidified.
• The company has only recently achieved two consecutive years of profitability; cross-border investments may dilute margins.

Opportunities

• Continuous growth in Vietnamese inbound and outbound tourism, leading to increasing frequency of cross-border QR code usage.
• Acceleration of Vietnam's digital financial ecosystem construction in 2026, with policies encouraging inclusive financial connectivity.

Threats

• Bank-affiliated e-wallets are accelerating digital transformation and may replicate the cross-border partnership model.
• Cross-border payments involve foreign exchange and anti-money laundering regulations, which may lead to higher compliance thresholds.