Vietnam unicorn VNLife banks on diversified model to maintain distance from loss-making rivals
Rising popularity of digital payments in Vietnam has led to the emergence of 50 players, intensifying competition in the sector
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[HO CHI MINH CITY] VNLife – one of Vietnam’s fintech unicorns and the parent company of payment solutions provider VNPay – has maintained years-long profitability by diversifying beyond e-wallet services.
This strategy, said its top executive, sets it apart from struggling fintech competitors, including two players backed by Vietnamese tech unicorns M-Service and VNG.
In an interview with The Business Times (BT), VNLife chief executive Niraan De Silva attributed the company’s profitability to its diversified revenue streams, which include financial infrastructure and software solutions for enterprise clients.
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