Vietnamese ride-hailing startup Be Group has joined forces with VPBank to launch an electronic banking solution system and digital bank ‘Cake’.

The Cake digital bank allows customers to open an account within two minutes, transfer or receive funds, pay bills, and deposit savings.

The bank issues a Mastercard debit card for free.

Customers can use the debit card for cash withdrawals at over 630 VPBank ATMs and all ATMs accepting Mastercard cards nationwide.

Cake is also a lifetime free service – available on the Be app. It comes with no service charges, management fee, account maintenance fee, and SMS fee.

It offers an e-KYC solution that allows customers to settle transactions using digital signatures.

Cake also supports QR code-based payments for shopping invoices, and account-to-account transfers within Cake can be done using a phone number.

All the banking products and services of Cake digital bank is operated through VPBank’s digital banking licence, issued by the Stake Bank of Vietnam.

VPBank general director Nguyen Vinh said: “We believe Be Group is a perfect partner for VPBank’s future development of digital platforms, in terms of technology, operations and customers.

“The cooperation with Be Group in this launch of digital banking is expected to bring users a preeminent financial product, in line with the development trend of the new era.”

Be Group member company BeFinancial will also participate in operating Cake digital bank.

Under a cooperation agreement, BeFinancial will provide technology software, products and services, and develop and operate new technology solutions like eKYC and eSignature for Cake.

Cake is the first digital bank in Vietnam to operate on a ride-hailing app that serves over 10 million customers and drivers.

Be Group CEO Nguyen Phuong said: “Cake was developed and completed by BeFinancial’s team of technology engineers and is our next important step in upgrading the Be app’s ecosystem on the road to becoming an open digital platform.

“Leading position in Vietnam, to contribute to bringing outstanding benefits in terms of financial technology for customers and drivers.

“In the long term, we want Cake to become a close digital financial utility of the Vietnamese people.”