ZaloPay reports losses of $36.5 mln

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.