Vietnamese digital bank Timo has entered into a partnership with SaaS banking platform Mambu to expand its business.

Under the collaboration, Timo will seek to leverage the benefits of a cloud native core banking platform to scale its operations.

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Timo CEO Henry Nguyen said: “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.”

“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.”

Established in 2015, Timo is said to be the first digital banking platform in Vietnam. According to its website, Timo app enables customers to conduct all essential operations including banking, bill payments, remittances and shopping.

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The lender’s portfolio also includes one debit and one credit card.

Mambu Vietnam general manager Pham Quang Minh said: “Vietnam is an incredibly important market 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.”

Earlier this year, Indonesian digital challenger Bank Jago partnered with Mambu to power its banking services.