Timo, first digital bank, opens in HCM City. VNS Photo

HCM CITY (Biz Hub) – Timo, the first digital bank in Viet Nam, was officially launched late last week in HCM City.

Developed by the Viet Nam Prosperity Joint Stock Commercial Bank (VP Bank) and Global Online Financial Solution, Timo is the first bank in the country without branches or traditional transaction offices.

All services, including ATM cards, opening of saving accounts and payment to accounts, will be done online though mobile banking applications on smartphones or at the website http://my.timo.vn.

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Money sent to Timo will be kept at VPBank to ensure security, the bank said.

All activities, including transfer of money, opening and closing accounts and account statements, are provided free.

VPBank said the company would first develop the bank in HCM City and later open in Ha Noi in October. — VNS