Cake is claimed to be the first digital bank tied to a ride-hailing app in Vietnam. Credit: Mudassar Iqbal from Pixabay

Vietnam-based Cake digital bank has opted for Mambu’s SaaS cloud banking platform to provide a full suite of digital banking services.

Cake was formed through the partnership between Be Group and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).

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Be Group is the entity behind the Be ride-hailing app and also beFinancial, which is responsible for Cake’s operations.

The digital bank’s offerings are licensed by Vietnam’s central bank through VPBank.

Mambu APAC managing director Myles Bertrand said: “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.”

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Cake is claimed to be the first digital bank tied to a ride-hailing app in Vietnam.

It is said to offer financial services for as many as ten million Be customers and drivers.

beFinancial. CEO Nguyen Huu Quang said: “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.”

Recent Mambu developments

Last month, Timo, another Vietnamese digital bank, entered into a partnership with Mambu to expand its business.

In July this year, Mambu launched a digital solution for SME lenders to streamline time to market of new products. The aim is to offer the financial institutions with a scalable loan management technology to expedite approvals.

The same month, Slovakia’s 365.bank collaborated with Backbase and Mambu to drive its digital transformation from a ‘mobile first’ to full service and omnichannel bank.