Vietnam’s newest challenger bank Cake digital bank has selected SaaS cloud banking platform Mambu as it looks to scale its business towards offering a full suite of digital banking services.
The partnership will allow Cake to and improve access to financial services for young Vietnamese consumers and expand its business into full service digital banking.
Launched in January 2021, Cake is a collaboration between Be Group – the organisation behind Vietnam’s ‘Be’ ride-hailing app – and VP Bank. All products and services offered by Cake are fully licensed by the State Bank of Vietnam through VP Bank, with beFinancial looking after the operations of the new digital bank.
Cake is the first digital banking solution attached to a ride-hailing app in Vietnam and will enable access to financial services for as many as 10 million existing Be customers and drivers, primarily Gen Z and young professional consumers.
Commenting on the new partnership, beFinancial CEO Nguyen Huu Quang said, “In order to provide a superior customer experience we need to enable the rapid launch of flexible and unique products, as well as shorten processing times for transactions. We selected Mambu’s cloud banking platform as it is the most innovative and versatile solution on the market. We wanted to find a technology partner that shares the same understanding of the power and social impact of enabling faster and easier access to financial services. Like Cake, Mambu is nimble and agile, and we are excited about the potential of what our two tech-focused businesses can do together.”
Echoing a similar sentiment, Mambu managing director APAC Myles Bertrand said, “Vietnam’s digital banking market is incredibly active right now, but Cake’s offering – linked to the Be ride-hailing app – is completely unique in the market. By tapping into an already established and loyal customer base, Cake is making things like paying for goods and services, saving money and receiving deposits quick and simple… literally a piece of cake. Mambu’s cloud banking platform will ensure the safety and security of Cake’s digital banking services, while also enabling the bank to meet their customers’ evolving expectations for outstanding service.”
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