Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is a partner in KT Capital Group and the Chinese shareholder representative of a large, listed P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

Private Capital Markets

For an investment in MoMo, which is a leading e-wallet in Vietnam, our analysis shows that the most sensitive factor that would impact a potential investor's return is the company's take rate.Hence, even if the digital payments and e-wallets sector in Vietnam could present significant growth, the return from investing in MoMo could still be unattractive if its take rate drops in the future, given the sector's intensifying competition.The key to defending its future take rate is diversifying away from e-wallets and payments to become a financial facilitator with a complete ecosystem in the coming 3 – 5 years, like Ant Group in China. This is also the strategy Grab Financial Group is going after.

For an investment in MoMo, which is a leading e-wallet in Vietnam, our analysis shows that the most sensitive factor that would impact a potential investor's return is the company's take rate.Hence, even if the digital payments and e-wallets sector in Vietnam could present significant growth, the return from investing in MoMo could still be unattractive if its take rate drops in the future, given the sector's intensifying competition.The key to defending its future take rate is diversifying away from e-wallets and payments to become a financial facilitator with a complete ecosystem in the coming 3 – 5 years, like Ant Group in China. This is also the strategy Grab Financial Group is going after.  

Vietnam's MoMo: A Venture Capital Investment With Private Equity Return?

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Vietnam's MoMo: A Venture Capital Investment With Private Equity Return?