Cake, a digital bank in Vietnam, chose SaaS cloud banking platform Mambu to help 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 VP Bank.
All products and services offered by Cake are fully licensed by the State Bank of Vietnam through VP Bank, with beFinancial — part of Be Group — looking after the operations of the new digital bank.
“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,” said Nguyen Huu Quang, CEO of beFinancial.
“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,” said Nguyen. “Like Cake, Mambu is nimble and agile, and we are excited about the potential of what our two tech-focused businesses can do together.”
Myles Bertrand, Mambu’s managing director in the Asia Pacific reigon, said that Cake’s offering – linked to the Be ride-hailing app – is completely unique in the market.
“By tapping into an already established and loyal customer base, Cake is making things like paying for goods and services, saving money and receiving deposits quick and simple — literally a piece of cake,” said Bertrand.
“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,” added Betrantd.
Pham Quang Minh, Mambu’s general manager in Vietnam, said Cake is the first digital banking solution attached to a ride-hailing app in Vietnam, and intends to enable access to financial services for as many as 10 million existing Be customers and drivers, who are primarily Gen Z and young professional consumers.