Standard Chartered Bank has partnered with MoMo, a mobile money service operated by M Service JSC, to launch Straight2Bank Wallet payments in Vietnam, according to a press release.

Straight2Bank Wallet enables corporations, governments and development organizations to transact with both banked and unbanked individuals cashlessly, according to the announcement. M Service said it is the first company licensed by the State Bank of Vietnam to provide a mobile wallet that caters to the unbanked.

M Service said the MoMo mobile wallet app is compatible with all of the local telecommunication networks, so that any individual in Vietnam with a smartphone registered with MoMo will able to receive funds electronically using the app.

Funds can be used for everyday transactions such as utility bills or insurance premium payments, according to the announcement. Alternatively, the electronic credits can be cashed out at any MoMo agent in Vietnam.

"The cooperation between MoMo and the bank is a fresh move to promote noncash payments in the country, which is encouraged by the government," Nguyen Ba Diep, M Service executive vice chairman, said in a statement. "In the partnership, MoMo works as the Bank's extended hands to provide financial services through our extensive agent network, and sending money to anyone in Vietnam can be as simple as sending a text message."