Home Asian News Funtap of Vietnam acquired a 30% stake in 9PAY to implement digital...

Funtap of Vietnam acquired a 30% stake in 9PAY to implement digital payments for gamers

Funtap, a Vietnamese mobile games company, bought a 30% stake in local digital payment platform 9PAY, DealStreetAsia have report.

The report quoted CEO Minh Bui as saying that the US $ 7 investment digitally is part of Funtap’s plan to expand technology services.

Bui added that the company is looking to expand its services into areas including fintech, edtech and media.

After the deal, mobile players on Funtap can make game-related purchases using 9PAY’s digital wallet.

Founded in 2015, Funtap provides mobile game development and publishing services. The Hanoi-based company claims it has more than 40 million customers worldwide, while its games are also available in Thailand, Malaysia and Singapore.

Last year, Funtap guaranteed a seven-digit investment in a Series A funding round, led by the Makers Fund.

Meanwhile, 9PAY was established in 2018. Licensed by the State Bank of Vietnam, the fintech platform offers a suite of services including payment gateway, digital wallet and cash services for individuals and enterprise. The company notes that it aims to reach $ 200 million in gross value of goods (GMV) and 1.5 million users this year.

Also read: 2021: Predict another good (unpredictable) year for payments

Dung Nguyen, CEO of 9PAY, said this partnership will allow the company to exploit Funtap’s 40 million users to acquire new customers.

Based on BainDigital payments in Southeast Asia are forecast to reach US $ 1 trillion in total transaction value (GTV) by 2025. Based on a positive outlook for the payments sector, the breakthrough of Funtap into the field according to the books of other game companies.

Local unicorn Internet conglomerate VNG and Garena, US-listed Sea Group gaming unit, both have embedded digital payment services into their platforms.

VNG owns local e-wallet provider ZaloPay, while Sea’s digital payment branch SeaMoney operates AirPay in Vietnam.

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Image credit: Funtap

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