TrueMoney

What TrueMoney does

TrueMoney is a Southeast Asian digital payments provider whose Vietnam operating entity, Công ty Cổ phần TrueMoney Việt Nam, runs a mobile-first e-wallet platform for consumers and a B2B financial services business for enterprise distribution networks. The core product is the TrueMoney E-Wallet mobile application on iOS and Android, which supports fund transfers, cash deposits and withdrawals (settled in approximately 5 seconds across 30+ domestic banks), VNPAY-QR code payments at 30,000+ merchant acceptance points, bill payments, airtime and game card top-ups, insurance purchases, digital gifting, and virtual cards. The platform is PCI DSS-certified and is protected by the SHIELD device-intelligence fraud-scoring system, which performs AI-driven risk analysis on account creation across the regional user base of more than 50 million. Beyond the consumer wallet, TrueMoney offers a co-branded TrueCard credit card with VIB Bank and Trusting Social (up to 6% international online cashback, no annual fee), a WeCard virtual card product, and a B2B payment guarantee program (Bảo lãnh thanh toán) that extends unsecured credit lines up to 3 billion VND at 4% per year to distributors in the C.P Vietnam network.

The business model is multi-stream and largely transaction-based: TrueMoney earns fee revenue from wallet transactions, commissions on airtime top-ups and game cards with up to 40% promotional cashback, interchange and distribution fees from TrueCard, take-rates on B2B payment guarantees, and commissions from insurance distribution (motor third-party liability and flight delay products via PTI). Pricing for individual consumers is freemium — basic wallet usage is free with fees on specific services — while B2B pricing is annual take-rate based. The go-to-market combines a product-led self-serve mobile app with a partner/channel-led acquisition model: TrueMoney integrates into banks (VPBank, VIB, BIDV, SCB and 30+ others via NAPAS), retail chains (C.P Fresh Mart, Fivestar), ride-hailing (Be), consumer lenders (F88, SHBF), insurance (PTI), aviation (VietJet), and entertainment (CGV, LuckyBest, Vietlott). Distribution is anchored by an authorized agent/dealer network for cash-in/cash-out services across Vietnam. The company is part of the broader TrueMoney Southeast Asia ecosystem under Ascend Group, with operational alignment to the Ant International/Alipay+ network, and was selected in 2025 as one of three licensees to launch Thailand's first virtual banks. The Vietnam entity is headquartered in Ho Chi Minh City with a Hanoi regional office, and reports a workforce of 51–100 employees.

Name

TrueMoney

Legal name

Công ty Cổ phần TrueMoney Việt Nam

Website

https://truemoney.com.vn

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

TrueMoney is a Southeast Asian digital wallet operator, primarily serving Vietnamese consumers and enterprise partners with mobile payments, QR acceptance at 30,000+ merchants, B2B credit guarantees, and a co-branded credit card. It sits within the Ascend Group/Ant International ecosystem and holds a Thailand virtual bank license.

Ownership category

akta.pro rank

Product category

Mobile Payments

NAICS

Credit Card Issuing (52221), Sales Financing (52222)

SIC

Finance Services (6199), Personal Credit Institutions (6141), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA)

akta.pro secondary industries

QR Code Payments Wallets (FSAMAEAC), In-App / Online Checkout Wallets (FSAMAEAH), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF), BNPL Card / Virtual Card Programs (FSAKACAC)

Keywords

• Mobile payment services
• Digital wallet platform
• QR code payments
• Consumer e-money
• Merchant payment acceptance

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Digital Wallet Transaction Fees: Revenue from transaction fees on wallet usage including deposits, withdrawals, money transfers, bill payments, and QR code payments. Supports 30+ domestic banks and 30,000+ merchant QR payment points.
2. Airtime Top-Up and Game Card Sales: Commission revenue from selling mobile phone credit top-ups, game cards, and 3G/4G data packages 24/7, with discounts up to 40% for telecom carriers (Viettel, Vinaphone, Mobifone).
3. B2B Financial Services (B2B Lending / Payment Guarantees): Revenue from payment guarantee services for business customers (e.g., C.P Vietnam agents), and facilitation of consumer lending products with SHBF and F88. Services include unsecured credit lines up to 3 billion VND at 4%/year for eligible agents.
4. Insurance Distribution: Revenue from selling insurance products including motor vehicle third-party liability insurance (TNDS), flight delay insurance through partnerships with PTI (Post Investment Insurance), and other insurance products.
5. Virtual Card / Credit Card Issuing (TrueCard): Revenue from co-branded credit card (TrueCard) partnership with VIB and Trusting Social, generating interchange fees on card transactions processed through the TrueMoney platform.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

TrueMoney operates a mobile-first e-wallet application for iOS and Android that lets Vietnamese consumers deposit, withdraw, transfer money, pay bills, top up mobile airtime and game cards, and make QR code payments at 30,000+ merchants. It also extends to virtual and co-branded credit cards (TrueCard with VIB/Trusting Social, WeCard) and B2B payment-guarantee and salary-advance products tailored to enterprise partners such as C.P. Vietnam distributors.

Product overview

TrueMoney is a Southeast Asian digital payments provider operating as a multi-product financial platform. In Vietnam, the core offering is the TrueMoney E-Wallet mobile application for iOS and Android, which serves as a comprehensive digital wallet enabling fund transfers, cash deposits/withdrawals, bill payments, and online payments with PCI DSS security. The product ecosystem includes TrueQR for QR code payments (supporting VNPAY-QR at 30,000+ locations), TrueCard credit card (co-branded with VIB), WeCard virtual card for secure online transactions, TrueGift for digital gifting, and B2B payment guarantee services for enterprise partners. The platform integrates with multiple third-party services including NAPAS (50+ banks), Be ride-sharing, F88 loans, SHBF consumer finance, and various merchant partners. TrueMoney also operates virtual banking services in Thailand under ACM Holding Co (TrueMoney), selected to launch Thailand's first virtual banks.

Differentiator

Problem solved

Functional benefit

Brands

• TrueMoney E-Wallet: Virtual e-wallet for secure mobile payments, money transfers, bill payments, and mobile top-ups
• TrueCard
• Hello C.P
• Bảo lãnh thanh toán

Products and services

• TrueMoney E-Wallet Mobile digital-wallet application for iOS and Android that lets Vietnamese users deposit, withdraw and transfer money across 30+ domestic banks, pay bills, top up mobile airtime, buy game cards, and make online payments with PCI DSS-encrypted transactions. Available to individual consumers in Vietnam and used as the primary onboarding and engagement surface for the TrueMoney ecosystem.
• TrueQR (VNPAY-QR payment) In-app QR code payment feature that allows TrueMoney users to scan and pay at merchants using the VNPAY-QR standard, accepted at 30,000+ retail and convenience-store points across Vietnam. Targeted at TrueMoney consumer-wallet users making in-person retail payments, and at merchants seeking wide-acceptance digital payment rails.
• TrueCard (co-branded credit card) Co-branded credit card issued in partnership with VIB Bank and Trusting Social, offering 100% online application in approximately 15 minutes, a waived annual fee, and tiered cashback up to 6% on international online, 3% on domestic online, and 0.1% on other transactions (capped at 600,000 VND per statement period). Managed through the TrueMoney e-wallet and intended for Vietnamese consumer-cardholders seeking online-spending rewards.
• WeCard (virtual card) Virtual-card feature inside the TrueMoney e-wallet that generates virtual card numbers for domestic and international online payments, allowing secure online checkout without exposing the user's real bank account. Targeted at Vietnamese consumers who shop online and want an additional layer of payment security.
• Bảo lãnh thanh toán (Payment Guarantee for C.P. Vietnam agents) B2B payment-guarantee product that provides C.P. Vietnam authorized distribution agents with unsecured credit lines (tín chấp) up to 3 billion VND at a 4%/year fee — equal to 100% of their average 6-month sales — and secured credit lines (thế chấp) at 1.2%/year for agents with under 6 months in the C.P. relationship. Targeted at SMB distributors and agents in the C.P. Vietnam FMCG supply chain who need working-capital and payment-guarantee instruments.
• TrueGift (digital gifting) In-app digital-gifting feature that lets TrueMoney wallet users send monetary gifts to family and friends directly through the TrueMoney mobile application. Targeted at consumer wallet users for personal social/occasional payments.

Quantifiable outcome

• 50M+ users protected by TrueMoney's digital onboarding security using SHIELD device intelligence
• +5 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability2 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and minor.

• Bank of Thailand / ACM Holding CoflagshipStrategic or Co-development Partner · 24 April 2025ACM Holding Co (TrueMoney), part of the TrueMoney/Ant Group consortium, was selected as one of three successful applicants by the Bank of Thailand to launch Thailand's first virtual banks by June 2025. This represents a landmark regulatory milestone and strategic expansion into virtual banking in Thailand.
• NAPAScoreTechnology or Integration · 25 March 2022TrueMoney and NAPAS officially launched a cash withdrawal service from TrueMoney e-wallet to 50 banks through account numbers, eliminating the need for a bank card. This significantly expands cash-out accessibility for TrueMoney users across the Vietnamese banking system.
• VietJet AirminorStrategic or Co-development Partner · 15 July 2020TrueMoney Vietnam and VietJet Air entered a strategic partnership for flight ticket sales through the TrueMoney e-wallet. The partnership enables users to purchase VietJet air tickets directly through the TrueMoney app, with promotional offers including complimentary CGV movie vouchers.
• VNPaycoreTechnology or IntegrationVNPAY-QR code payment integration enables TrueMoney users to make QR code payments at more than 30,000 merchant acceptance points across Vietnam, covering retail stores, convenience shops, and service outlets.
• Be (Mova)coreStrategic or Co-development PartnerTrueMoney e-wallet is integrated with the Be super-app for ride-hailing (BeBike, BeCar) and delivery (BeDelivery) payments. Joint promotional campaigns offering vouchers and cashback for new and existing users who link TrueMoney to Be and pay for transport/delivery services.
• C.P Vietnam (C.P. Vietnam Co., Ltd.)coreStrategic or Co-development PartnerStrategic partnership with C.P Vietnam covering the Hello C.P. salary advance program for C.P. employees, B2B payment guarantee products for C.P. distribution network agents, and QR payment acceptance at C.P Fresh Mart and Fivestar retail stores. Services include unsecured credit lines up to 3 billion VND at 4%/year.
• F88 Financial ServicescoreChannel Partner/ Reseller/ DistributorF88 consumer loan repayment processing through the TrueMoney wallet. TrueMoney facilitates F88 loan repayments with promotional cashback (20,000 VND) for customers who complete a repayment of 100,000+ VND through the platform.
• VIB Bank and Trusting SocialcoreStrategic or Co-development PartnerJoint development of TrueCard, a co-branded credit card launched in 2022, combining VIB's banking infrastructure, Trusting Social's credit scoring technology, and TrueMoney's distribution platform. Features no annual fee, up to 6% cashback, and 100% online application processing in 15 minutes.
• SHBF (SHB Finance)coreChannel Partner/ Reseller/ DistributorConsumer lending product (SHBF) distribution through TrueMoney wallet with promotional campaigns offering cashback and prizes for successful loan disbursements and timely repayments. Partnership targets underbanked consumers seeking personal loans.
• PTI (Post Investment Insurance)minorChannel Partner/ Reseller/ DistributorPartnership with PTI (Post Investment Insurance Corporation) for distribution of insurance products including motor vehicle third-party liability insurance (TNDS) and flight delay insurance through the TrueMoney platform.
• VPBankminorChannel Partner/ Reseller/ DistributorVPBank account holders can link their VPBank accounts directly to TrueMoney wallet. Partnership included the 'Liên kết VPBank – Săn iPhone sang chảnh' promotional campaign offering weekly iPhone 11 prizes for linked accounts, running December 2019 to January 2020.
• CGV VietnamminorChannel Partner/ Reseller/ DistributorPartnership with CGV Vietnam for movie ticket voucher rewards. TrueMoney users who reach spending thresholds receive CGV movie vouchers (up to 100,000 VND per voucher), redeemable for 2D tickets at CGV cinemas nationwide.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MoMo: Vietnam's leading mobile wallet offering P2P transfers, bill payments, QR acceptance, and consumer credit — directly competing with TrueMoney for the same Vietnamese consumer wallet relationship.
• ZaloPay: Vietnamese e-wallet integrated with the Zalo super-app and VNG; competes head-to-head with TrueMoney across transfers, bill pay, merchant QR, and consumer lending distribution.
• VNPay: Dominant Vietnamese QR payment network and wallet operator; TrueMoney actually integrates into the VNPAY-QR network, making VNPay both a key infrastructure provider and a direct competitor at the merchant and consumer layer.
• ShopeePay: Sea Limited's e-wallet in Vietnam, integrated with Shopee commerce; competes with TrueMoney on consumer payments, merchant acceptance, and increasingly payments-adjacent financial services.
• Grab (GrabPay / Moca): Super-app wallet across SEA, including Vietnam; offers payments, ride-hailing, food delivery, and financial services — directly overlapping with TrueMoney + Be integration in Vietnam and TrueMoney Thailand.

Regional players

• GCash: Philippines' leading mobile wallet, also under Mynt/Ant Group ecosystem; comparable to TrueMoney as a high-scale SEA consumer wallet with similar regulatory and infrastructure challenges, though serving a different national market.
• DANA Indonesia: Indonesian digital wallet with similar QR/mobile-first proposition; useful comparable for SEA wallet scale, monetization, and regulatory trajectory.

Emerging players

• PayMongo: Philippines-based payments infrastructure provider for online and offline merchants; comparable to TrueMoney's merchant QR / acceptance layer though focused more on payment gateway than consumer wallet.

Broad incumbents

• Ant Group (Alipay / Alipay+): TrueMoney's parent-affiliated ecosystem and broader incumbent across payments, credit, and insurance in China and globally via Alipay+ — sets the technology and partnership backbone.

Others

• Trusting Social: Credit-scoring and risk-decisioning partner that powers TrueCard co-branded credit with VIB; relevant peer for the AI/fraud and underwriting stack inside TrueMoney's consumer credit products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCLnzEux4Nfj_ZoMVQw4YAVA
• Facebookfacebook.com/TrueMoneyVN
• LinkedInlinkedin.com/in/truemoney-vietnam
• Xx.com/truemoney

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TrueMoney