DigitalCFO Newsroom | 31 August 2021
Cake digital bank has selected the market leading SaaS cloud banking platform Mambu as it looks to 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, 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, with beFinancial (a 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. We selected Mambu’s cloud banking platform as 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 that 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 are excited about the potential of what our two tech-focused businesses can do together.”
Myles Bertrand, Managing Director APAC at Mambu, said, “Vietnam’s digital banking market is incredibly active right now, but 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. 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 Pham Quang Minh, General Manager Vietnam at Mambu, “We are very proud to have been selected by Cake as it looks to expand its business into full service digital banking, and improve access to financial services for young Vietnamese consumers. At Mambu, we are committed to enabling financial inclusion in Vietnam by offering 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 ride-hailing app in Vietnam, and will enable access to financial services for as many as 10 million existing Be customers and drivers, primarily Gen Z and young professional consumers.
About Mambu
Mambu is the world’s 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 700 employees that support 200 customers in over 65 countries – including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange. www.mambu.com
About Cake Digital Bank
Cake Digital Bank was launched in January 2021 as a new solution for e-banking in Vietnam. It is a joint venture from Be Group, the company behind the ‘Be’ ride-hailing app, and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Cake offers a range of banking products and services to its customers, enabling customers to open bank accounts, send and receive money, all without visiting a branch. Cake leverages ground-breaking financial technologies to enable customers to open an account in just two minutes with a mobile phone account, and its Electronic Know Your Customer (eKYC) system that helps customers to settle contracts using their digital signatures. All of the products and services offered by Cake are licensed by the State Bank of Vietnam through VPBank.
Cake is the first digital bank in Vietnam to be incorporated into the interface of a ride-hailing app, with the day-to-day operations managed by beFinancial, the financial arm of Be Group.
