Cake is scaling up to offer the full range of banking services.

Vietnam-based virtual bank Cake announced its selection of cloud-based, banking-as-a-service provider Mambu for deploying a comprehensive range of digital banking services that would make online banking easier for its customers. (CROWDFUND INSIDER)

Launched in January 2021 by Be Group, the organization behind the Vietnam-based ‘Be’ ride-hailing app, and the Vietnam Prosperity Joint Stock Commercial Bank (VPBank), the bank addresses the huge shift in favour of digital transactions after the pandemic.

Online payments in Vietnam grew by 76 percent between January 2021 and mid-March in 2020, amid the lockdown measures introduced to curb the spread of the coronavirus.

Cake Bank

Cake has the distinction of being the first Vietnamese bank to be attached to a ride-hailing app such as Be. But it’s a smart move because the bank gets to serve, around 10 million existing Be clients and drivers, mainly Gen Z and younger consumers.

Nguyen Huu Quang, CEO of beFinancial, stated: “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.”

Mambu

In June, Mambu announced that it had been selected by Indonesian Bank Jago to implement its SaaS banking In the Google Cloud. Jago became Mambu’s first customer in Indonesia.

In December, Indonesian ride-hailing giant Gojek bought an 18.02% stake in Bank Jago for $160 million, increasing its stake to 22.16%.

Myles Bertrand, Managing Director APAC at Mambu, commented: “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.”

Related Story: Indonesian Bank Jago To Implement Mambu’s SaaS Banking In The Google Cloud