The large market and great potential of the non-cash payment sector in Vietnam explain why investors keep pouring money into payment technology firms, though the firms continue making losses.

Instead of a daily transaction limit, Vietnam’s central bank would set up a monthly limit of VND100 million (US$4,284) for e-wallet users.

Ant will not control more than 50% of eMonkey, but is expected to have significant influence and provide technical expertise to the e-wallet

Many local shoppers have preferred online payment services to cash payment in the ongoing social distancing period.

Locals could make a bet via a bank account, e-wallet or mobile phone bill.