E-wallet Moca to cease services next month to restructure

It had "considered carefully" before making this decision to ensure sustainable growth, it said in a release Friday.

Customers who have money in the app can transfer it to their bank account by June 30, and Moca will transfer any amount left after that date automatically to customers’ bank accounts.

It stopped providing services to Grab customers on May 31.

The company, founded by former employees of Microsoft and Google and finance industry insiders, had been licensed in 2016.

By the end of last year Vietnam had around 50 e-wallet services and 36 million accounts.