E-wallet firm Gpay, a member company of G-Group Technology Corporation, announced it had completed its Series A investment with the participation of KB Fina, a joint venture between G-Group and South Korean KB Financial Group, in Ha Noi on Tuesday.

KB Financial Group invested VND425 billion (US$18.4 million) in Gpay through KB Securities, its representative in Viet Nam.

Within the event, the Gpay e-wallet was officially launched.

Nguyen Thuan Chat, co-founder and CEO of Gpay, said: “The investment will be used to grow users based on the existing ecosystem, develop strategic technology solutions and people investment with the mission to bring convenience, security and happiness for Vietnamese people by providing platforms in financial services on mobile devices.”

With a supportive ecosystem from G-Group with nearly 30 million users across financial services, financial technology and social networking platforms, Chat said: “We aim to provide a comprehensive range of payment and financial services to 5 million users by 2023.”

He said the additional resources and in-depth experience in the financial sector from KB Financial Group would bring a lot of opportunities for Vietnamese people to use fintech services and contribute to developing digital platforms for the financial industry and boosting local cashless payments.

Mentioning KB Fina, which KB Financial Group invested VND300 billion in, Peter Chunsoo Park, chairman of KB Securities Vietnam said: “KB Fina is a comprehensive financial digital platform to serve Vietnamese consumers who are unbanked or under-serviced.”

As one of the leading technology corporations in Viet Nam, G-Group is growing an ecosystem of nearly 30 million users across financial services, financial technology, intermediary payment, e-wallet, social network, online games, digital media platforms, cybersecurity and high-tech R&D. — VNS