9Pay cashes in on seven years of fintech growth

In an interview with Việt Nam News, Vũ Ngọc, Chief Operating Officer of 9Pay, shared insights into the company’s origins, key milestones, and vision for the future.

Could you share more about the origins of 9Pay? What inspired you and your team to enter the e-wallet and digital payment market back in 2018?

The year 2018 was pivotal for Việt Nam’s technology and payments sector. Digital infrastructure was improving and cashless payments were beginning to emerge, but the market still had significant gaps. Domestic users had limited top-up options, while international transactions relied heavily on foreign providers with high costs. Without mastering payment infrastructure, local businesses risked remaining passive and losing competitiveness. This drove us to build solutions that not only served our ecosystem but could also expand beyond it. Looking at China, the rise of Alipay and WeChat Pay showed us that Việt Nam needed a strong local player to lead the trend. 9Pay was born from that belief, with the ambition to keep value chains intact and retain financial flows within Việt Nam. Over time, this ambition grew larger: to contribute to the country’s digital economy, where digital payments become a foundation for commerce, services and everyday life.

The name '9Pay' is distinctive and memorable. Why number nine? Does it carry a special meaning?

The number nine carries multiple layers of meaning. It is the highest single digit, symbolising leadership. In Asian culture, 'cửu' also represents longevity, wisdom and strength. In Vietnamese folklore, 'voi chín ngà, gà chín cựa, ngựa chín hồng mao' symbolises rarity and excellence—qualities we aim to reflect in our fintech solutions. Interestingly, 'nine' in English sounds like 'nice,' a positive word. That’s the message we want to send: 9Pay strives to deliver safe, transparent and pleasant payment experiences to customers at home and abroad.

What milestones do you consider turning points in 9Pay’s development?

Receiving a licence from the State Bank of Vietnam in August 2020 was a landmark moment, affirming our legal foundation and credibility. It demonstrated the seriousness of our preparation and commitment. Another breakthrough came when we became partners with leading international PSPs. To achieve that, we had to meet the strictest standards in technology, security and transaction processing. These partnerships proved our maturity and gave us momentum to continue upgrading. In 2024, the launch of Loa TingTing marked another defining moment. It started as a simple speaker announcing bank transfers for small merchants but solved a real pain point by preventing fraud and ensuring peace of mind. With added features such as sales management, inventory tracking and e-invoicing, Loa TingTing has become an everyday tool for small businesses, expanding 9Pay’s reach into daily life.

Việt Nam’s digital payments market is highly competitive. What makes 9Pay stand out?

While the market has many big names, we took a different path by focusing on 'five-star service.' We aim to meet the toughest requirements of major corporations and international clients, especially in finance, where security, speed and reliability are paramount. Our platform was built to international standards, capable of processing 400–500 transactions per second and reaching speeds of up to 1,000 RPS under stable operating conditions. International transactions are processed on a T+0 basis, ensuring speed and accuracy.

At the same time, being a Vietnamese company gives us a deep understanding of local culture and user behaviour while still meeting the strict demands of global partners. Above all, we treat customers as long-term partners, working closely with them, listening to their needs and constantly improving to provide lasting value. These elements together have helped 9Pay stand firm for seven years and expand its reputation in the market.

9Pay is often seen as a fintech with a strong 'Made in Vietnam' identity but also global aspirations. Where is your current focus—domestic or overseas customers?

Việt Nam is where 9Pay was born and Vietnamese users at home and abroad are our core customers. Our ambition is not fanciful—it is grounded in what we have achieved: tens of thousands of domestic and international partners, including Visa, Mastercard, Vietinbank, Techcombank, Shinhanbank, Wooribank, KBank, HSBC and many others. At this stage, we are consolidating our domestic position, serving all segments—from large corporations and international partners to small merchants and SMEs. Products such as Loa TingTing, Payment Gateway, Payment Link and White Label solutions demonstrate our effort to ensure every group can join the digital economy in a simple, safe and effective way.

For our 'go global' strategy, we want to showcase a smart, flexible and trustworthy Việt Nam to the world. We are starting by serving international companies operating in Việt Nam, then moving into ASEAN trade corridors and eventually other countries. We believe fintech is essential for any nation aspiring to be a global financial hub. Việt Nam now has a rare chance to use fintech as a lever for innovation, and 9Pay hopes to be part of the digital infrastructure that makes a 'Made in Vietnam' international financial hub possible.

9Pay is not only an e-wallet but also known for its solutions for businesses and small traders. What is your vision for developing a financial ecosystem?

Our vision is to build a comprehensive digital finance ecosystem that serves large enterprises, SMEs, small merchants and individual consumers alike. For enterprises, we provide flexible B2B solutions such as multi-channel payment gateways, White Label e-wallets and international remittance services through 9Remit. For SMEs and merchants, we are developing accessible tools such as Loa TingTing, which has evolved to include revenue management, inventory tracking and tax invoicing functions, making it easier for even the smallest traders to take part in digital transformation. For individuals, our focus is on creating safe, fast and convenient experiences for everyday transactions, from online shopping and bill payments to entertainment. Ultimately, we aim to bring technology into everyday financial life, enabling businesses to trade more smoothly, merchants to sell more securely and everyone to enjoy transparent, simple and reliable services.

Looking ahead, how do you see fintech developing in Việt Nam and the region in the next two to three years? How will 9Pay seize these trends?

I believe fintech in Việt Nam and Asia is entering a transformative phase, driven by rapid digital growth, the rise of AI, more open regulations and the globalisation of money flows. AI will be a game changer, not only automating verification, fraud detection and credit scoring but also personalising services and enhancing security. Yet it also raises new risks, so building AI-driven defences will be essential. Another strong trend is the rise of embedded finance and super-apps, where financial services are seamlessly integrated into e-commerce, social networks and other digital platforms. Cross-border payments are also becoming increasingly important, with initiatives such as ASEAN QR enabling travellers and shoppers to transact across countries with ease.

9Pay is working with Visa and international PSPs to be ready for these shifts. By combining advanced technology with deep insight into the Vietnamese market, we are positioning ourselves to expand quickly across the region and beyond. I am confident that in the near future, 9Pay will not just be a fintech “Made in Vietnam” but also a brand recognised on the global fintech map. 

Source: Vietnamnews