DigitalCFO Asia Newsroom | 12 August 2021
Timo, Vietnam’s first digital bank, has announced it is partnering with SaaS banking platform Mambu to leverage the benefits of a cloud-native core banking platform to significantly scale its business.
Timo, one of Vietnam’s most innovative banks, offers a unique, user-friendly ‘banking-on-the-go’ experience to customers, and was named both Fastest Growing Digital Bank and Most Innovative Digital Bank at the 2020 Global Economics Awards.
“We selected Mambu’s market-leading cloud banking platform as we understand the value in leveraging a cloud-native, true SaaS core banking platform as we look to scale our business,” explained Henry Nguyen, CEO of Timo.
“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. 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.”
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 Vietnamese government is also proactively pushing for innovation, aiming for 80 per cent 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 APAC at Mambu. “We are delighted to be partnering with Timo, an innovative and forward-thinking organisation that has already made such a significant positive impact in Vietnam. We look forward to working together to enable rapid growth for Timo and to make a real difference to the way banking services are delivered in Vietnam.”
There is currently significant opportunity for Vietnam to attract FDI in the digital banking space, with the Vietnamese market proving very attractive to overseas banks and private equity firms due to digital-savvy Vietnamese consumers. 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.
“Vietnam is an incredibly important market for Mambu,” concludes Pham Quang Minh, General Manager Vietnam, for Mambu, “and we are very proud to have formed this partnership with Timo, one of the country’s leading digital banks. Mambu is committed to continuing our investment in Vietnam to extend our help to established banks and financial institutions to help them transform their legacy infrastructure, enhance their digital capabilities and deliver tailored customer experiences.”
Established in 2015, Timo was the first digital banking platform in Vietnam to offer customers a unique banking experience coupled with products and services to make their banking life easier and hassle-free. Timo’s mission is to improve the financial lives of our customers so they can successfully achieve their goals and dreams in life.
In its six years of operations, Timo has been recognized in the Top 50 FDI Enterprises in Vietnam 2021 in the category of ‘Leading Digital Banking Platform in Vietnam’ by Golden Dragon Award ceremony, and ‘Best Digital Bank in Vietnam 2021’ voted by International Business Magazine, ‘The Best Digital Bank in Vietnam’ in 2019 by Asia Money and ‘Best Digital Bank in Vietnam 2021’ by International Business Magazine. Timo has also gained a remarkable double first, with The Global Economics awards – #1 in Fastest Growing Digital Bank 2020 and # 1 in Most Innovative Digital Bank 2020 in its ongoing digital banking transformation further cementing its maturity and proven success in improving the banking landscape in Vietnam. www.timo.vn
Mambu is the only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has over 700 employeesthat support 200 customers in over 65 countries – including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange. www.mambu.com