Vietnamese Digital Bank Timo Taps Mambu’s Cloud Banking Platformby Fintech News Singapore August 11, 2021
Vietnamese digital bank Timo announced that it is partnering with SaaS cloud banking platform Mambu to leverage the benefits of a cloud native core banking platform to significantly scale its business.
Timo said that its “collaboration with both Mambu and AWS enables it to reap the benefits of a range of best-for-purpose technologies and will position it at the forefront of Vietnam’s digital banking revolution”.
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 government is also proactively pushing for innovation, aiming for 80 percent of the adult population to be banked by 2025.
“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.”
said Henry Nguyen, CEO of Timo.
“Mambu strives to work with organisations that are truly focused on improving financial inclusion and making banking better, and we have certainly found that with Timo.
We are delighted to be partnering with Timo, an innovative and forward-thinking organisation that has already made such a significant positive impact in Vietnam.”
said Myles Bertrand, Managing Director APAC at Mambu.
Featured image: Edited from Unsplash