Viettel has launched Viettel Money, a mobile payment service system that allows users to perform transactions offline and without linking to a bank account, according to Vietnamese local media ictnews.

Vietnam's state-owned Viettel Money is the most well-equipped digital financial ecosystem so far in Vietnam that allows users to personalize over 300 items.

Viettel's mobile network has a 99% coverage in Vietnam, accessible across 11,000 villages and towns, including rural areas and islands.

Viettel Digital CEO Pham Trung Kien said Viettel started building the financial ecosystem more than 10 years ago and has full control over its online charging system technology. Viettel Money is expected to increase cashless payments in Vietnam and create a new cashless lifestyle, especially for residents living in rural areas.

Given that the mobile number penetration rate has exceeded 100% in Vietnam and credit card shopping is still not as common, mobile telecom operators have advantages in joining the mobile financial services business.