Mizuho Bank acquires 7.5% stake in Vietnamese payments firm M-Service

Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc., has acquired 7.5% of Vietnamese digital payments firm Online Mobile Services JSC, or M-Service.

The companies did not disclose the financial terms of the transaction.

Established in 2007, M-Service operates the Momo payment app and has a market share of more than 50% of Vietnam's mobile payment market, according to a Dec. 21 news release.

Mizuho Bank said the deal allows it to contribute to the development of M-Service's financial services business and expand its cooperation with state-lender Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, which is 15% owned by Mizuho Financial.

M-Service provides financial services through connections with local financial institutions, including Vietcombank, the company said.