Vimo Technology and Vietnam mPOS Technology, both Vietnamese payment firms, have combined their operations.

The merged entity will operate under the name NextPay Holdings, with operations in 11 cities across Vietnam.

It will have more than 35,000 acceptance points.

Vietnam mPOS Technology CEO Nguyen Huu Tuat said: “We want to take advantage of both companies to promote the development of payment products.

“We consolidate strategy, shareholders and the business team of 500 people.

“By merging these two businesses, we provide a one-stop payment solution for merchants.’’

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By GlobalData

The combined group will be headed by Tuat as the CEO.

Vimo CEO Do Cong Dien will assume the role of COO at the merged group.

Moreover, NextPay aims to secure around $30m from investors.

It is already in negotiations with five investors for the same and aims to complete the financing round next month or this August.

The infusion will be used for the firm’s expansion into Myanmar and Indonesia, which is anticipated next year.

With the capital, NextPay also intends to bolster its merchant network.

The merger comes at a time, when the Vietnamese government is advocating digital payments and carrying out efforts to make the Vietnamese dong a dominant currency.

At the same time, the government plans to lower the circulation of US dollars.

According to media reports, around 70% of Vietnam’s population utilise smartphones.