Cake Digital Bank selected Mambu, the industry-leading SaaS cloud banking platform, as it seeks to scale its business into a full range of digital banking services.
Launched in January 2021, Cake is a collaboration between Be Group – the organization behind Vietnam’s “Be” carpooling app – and VP Bank, one of Vietnam’s leading banks. All products and services offered by Cake are fully licensed by the State Bank of Vietnam through VP Bank, beFinancial (which is part of the Be group) handling 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 transaction processing times. We selected Mambu’s cloud banking platform because it is the most innovative and versatile solution on the market, ”said Mr. Nguyen Huu Quang, CEO of beFinancial. “We wanted to find a technology partner who shares the same understanding of the power and social impact of enabling faster and easier access to financial services. Like Cake, Mambu is nimble and agile, and we’re excited about the potential of what our two tech-driven companies can do together.
Myles Bertrand, APAC Managing Director at Mambu, said: “Vietnam’s digital banking market is incredibly active right now, but Cake’s offering – linked to the Be ride-haling app – is quite unique on the Marlet. By tapping into an already established and loyal customer base, Cake does things like pay for goods and services, save money, and receive deposits quickly and simply… literally a piece of cake. Mambu’s cloud-based banking platform will ensure the safety and security of Cake’s digital banking services, while also enabling the bank to meet its customers’ evolving expectations for exceptional service.
Pham Quang Minh, Vietnam General Manager of Mambu, added: “We are very proud to have been selected by Cake as it seeks to expand its business to full-service digital banking and improve access to financial services for young people. Vietnamese consumers. At Mambu, we’re committed to enabling financial inclusion in Vietnam by delivering faster time to market and flexible scalability, and Cake’s new digital banking solution will have a tangible impact on this issue.
Cake is the first digital banking solution attached to a carpooling application in Vietnam and will provide access to financial services to no less than 10 million existing Be customers and drivers, mainly Generation Z and young professional consumers.