MORE FROM KrASIA

Vietnam’s NextPay invests USD 475,000 in local customer service app CNV Loyalty

The news came shortly after NextPay Holdings announced plans to raise around USD 60 to 100 million in the first quarter next year and go public in 2022. 

Photo:Shutterstock.com

Vietnamese online payment solutions provider NextPay announced on Monday that it will invest VND 11 billion (USD 475,000) in CNV Loyalty, a platform to create customer service applications.

NextPay was founded last year after a merger between two Vietnamese fintech startups—mobile wallet platform Vimo Technology JSC and point-of-sales platform mPOS Technology JSC. The news came shortly after NextPay Holdings announced plans to raise around USD 60 to 100 million in the first quarter next year and go public in 2022.

The USD 475,000 capital injection will help foster CNV Loyalty’s product development. The firm, founded in 2017, offers marketing and customer services solutions that aim to help businesses retain and expand their customer bases online.

With a 100 million-strong population where almost 70% are under 35, Vietnam has boasted an annual GDP growth rate of 7%, making it a market with massive potential. The country’s digital economy is estimated to top USD 43 billion by 2025, according to the e-Conomy Southeast Asia 2019 report by Google, Temasek Holdings, and Bain & Company.