Vietnamese Digital Bank Cake Taps Mambu’s Cloud Platform to Scale Its Operations

by Fintech News Vietnam August 31, 2021

Vietnamese digital bank Cake announced that it has selected cloud banking platform Mambu to scale its business towards offering a full suite of digital banking services.

Launched in January 2021, Cake is a collaboration between Be Group, the organisation behind Vietnam’s ‘Be’ ride-hailing app, and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

The products and services offered by Cake are fully licensed by the State Bank of Vietnam through VP Bank, with beFinancial which is a part of Be Group, 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.

Nguyen Huu Quang

Nguyen Huu Quang, CEO of beFinancial 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.”

Myles Bertrand

Myles Bertrand, Managing Director APAC at Mambu, 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.

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.”