MobiFone launches MDP to modernise Vietnam’s payments system

By Vriti Gothi

The launch of MobiFone Digital Payments Joint Stock Company (MDP) marks a significant step in Vietnam’s push to modernise its payments ecosystem, as the country accelerates efforts to build a more integrated and scalable digital financial infrastructure.

Headquartered in Hanoi and licensed by the State Bank of Vietnam, MDP enters the market as an intermediary payments provider offering financial switching, electronic clearing, and payment gateway services. Its mandate extends beyond service provision to the development of what it describes as a “fourth-generation” national payments infrastructure—focused on enabling interoperability across banks, financial institutions, and digital platforms.

The timing of the launch reflects broader structural shifts within Vietnam’s financial system, where digital payments adoption has been rising alongside regulatory support for cashless transactions. Authorities have increasingly prioritised infrastructure modernisation as a foundation for economic digitisation, with payment systems seen as a critical enabler of financial inclusion and cross-sector connectivity.

MDP’s strategy centres on building an open, interoperable platform supported by partnerships. The company has already onboarded more than 20 domestic financial institutions and announced a collaboration with Visa at launch, signalling an intent to align local infrastructure with global payment networks. A separate memorandum of understanding with National Payment Corporation of Vietnam (NAPAS) to explore switching system interconnectivity further underscores the focus on ecosystem integration rather than standalone platform development.

This collaborative approach reflects a wider industry trend in emerging markets, where payment infrastructure players are increasingly positioning themselves as ecosystem orchestrators rather than closed-loop providers. By enabling interoperability between banks, FinTechs, and enterprise platforms, such models aim to reduce fragmentation and improve transaction efficiency at scale.

MDP leadership has emphasised technology, innovation, and trust as core pillars, alongside an open collaboration model. Chief executive Phan Thanh Son highlighted ambitions to build a domestically developed infrastructure operating at international standards, while ensuring connectivity with both local and global financial ecosystems.

The entry of a telecom-backed player such as MDP also reflects the convergence of telecommunications and financial services, a trend seen across several Asian markets. With established customer reach and infrastructure capabilities, telecom operators are increasingly positioning themselves as key participants in digital finance, particularly in payments and distribution.

As Vietnam’s digital economy continues to expand, the success of initiatives such as MDP will depend on execution, regulatory alignment, and the ability to scale partnerships. However, its launch underscores a clear directional shift: from fragmented payment systems toward a more unified, interoperable national infrastructure designed to support long-term digital growth.