Timo, Vietnam’s first digital bank, is partnering with SaaS banking platform Mambu to leverage the benefits of a cloud-native core banking platform and significantly scale its 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.
“Our collaboration with both Mambu and AWS 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,” said Nguyen.
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 rise of digital banking in the country will also enable financial institutions to tap the unbanked as well as provide customised solutions to the rising middle class.
The Vietnamese government is also proactively pushing for innovation, aiming for 80% of the adult population to be “banked” by 2025.
“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,” said Myles Bertrand, managing director for APAC at Mambu.
Pham Quang Minh, Mambu’s general manager in Vietnam, said they will extend their help to established banks and financial institutions to help them transform their legacy infrastructure, enhance their digital capabilities and deliver tailored customer experiences.