Übank, Backbase ramp up digital banking in Vietnam

Übank, the digital bank powered by VPBank in Vietnam, has teamed up with Backbase to leverage the Backbase-as-a-Service (BaaS) managed cloud service for its Engagement Banking Platform.

The move is intended to help enhance Übank’s mobile banking experiences and offerings, with the latest release of nearly 50 new features in just one month.

Übank is the first digital bank in Asia Pacific to leverage BaaS, using its Retail Banking functionalities for the bank’s digital banking app. Together with Backbase, Übank’s ambition is to increase its customer base to more than 5 million by 2025.

Forrester Consulting, in a new study commissioned by Backbase, found that 54% of Vietnamese banking consumers say it’s critical for their bank to provide them with digital money management tools. 

Yet, 28% of banking decision-makers said their organisation had “no interest in” or was “removing” its digital banking offering. Also, 74% of Vietnamese banks are unsure of how to partner with fintechs.

With Backbase’s BaaS offering, Übank expects to increase its market share in Vietnam’s burgeoning digital banking landscape, with mobile transactions expected to see a 300% increase by 2025. 

The collaboration will also allow Übank to get a 360-degree view of its customer banking behaviours to deliver services that matter, as well as hyperpersonalised, engaging and contextualised experiences that seamlessly connect across multiple touchpoints in their everyday lives. 

“Backbase’s global expertise and innovative engagement banking platform will accelerate Übank’s mission to provide digital banking for a new generation, enabling it to stay ahead of the competition in Vietnam’s competitive digital banking environment,” said Manoranjan Sahu, CIO of Übank.

Jeroen Brusker, SVP for global customer success at Backbase, said, Übank’s first-mover advantage as the first digital bank in Vietnam has positioned it for significant growth as a result of rapid changes in consumer behaviours and expectations. 

“By leveraging our BaaS managed cloud platform service, Übank will continue to develop innovative solutions as well as a scalable banking infrastructure, driving deeper customer engagements through personalised banking experiences,” said Brusker.