ZaloPay reports losses of $36.5 mln

Nov 5, 2021Updated Jun 4, 20251 min read

Zion JSC, which owns e-payment service ZaloPay, said it racked up losses exceeding VND840 billion ($36.5 million) in the first nine months this year.

Incurring losses of VND667 billion last year, Zion has heavily invested in boosting ZaloPay coverage, competing with other payment intermediaries in recent years.

Vietnamese online gaming giant VNG, which holds a major stake in ZaloPay, made revenues of nearly VND5.7 trillion in the first nine months of this year, up more than 28 percent year-on-year, and gross profits of over VND2.7 trillion, up 34 percent.

VNG, which targets revenues of over VND7.6 trillion this year, up 26 percent against last year, is diversifying business by focusing on payments, artificial intelligence, and cloud computing.

According to VNG’s 2020 annual report, the number of monthly ZaloPay users quadrupled against 2019.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox