Ho Chi Minh-based digital bank Timo has teamed with software-as-a-service banking platform Mambu to scale its business.
According to Timo – Vietnam’s first digital bank – it intends to leverage the benefits of a cloud-native core banking platform that can be provided by its partnership with the Berlin-headquartered Mambu.
Founded in 2015, Timo offers a ‘banking-on-the-go’ experience to customers and was previously named the fastest growing digital bank and most innovative digital banking at the 2020 Global Economics Awards.
Timo commented, “The Vietnamese banking and financial services industry is ripe for disruption and innovation, with low rates of formal financial inclusion but very high rates of smartphone ownership and internet penetration, and a young, digitally-savvy population. The Vietnamese government is also proactively pushing for innovation, aiming for 80 per cent of the adult population to be ‘banked’ by 2025”
Timo CEO Henry Nguyen said, “We selected Mambu’s market-leading cloud banking platform as we understand the value in leveraging a cloud-native, true SaaS core banking platform as we look to scale our business.
“The fact that Mambu’s platform utilises AWS’ comprehensive suite of services also gave us an additional layer of confidence and allowed us to envisage the true potential of what Timo can become. Our collaboration with both Mambu and Amazon Web services enables Timo to reap the benefits of a range of best-for-purpose technologies and will position us at the forefront of Vietnam’s digital banking revolution.”
Mambu general manager for Vietnam Pham Quang Minh added, “Vietnam is an incredibly important market for Mambu, and we are very proud to have formed this partnership with Timo, one of the country’s leading digital banks. Mambu is committed to continuing our investment in Vietnam to extend our help to established banks and financial institutions to help them transform their legacy infrastructure, enhance their digital capabilities and deliver tailored customer experiences.”
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