Cake, Cake, the first digital bank to appear on the interface of a ride-hailing app in Viet Nam, being launched in HCM City on Tuesday. — VNS Photo

Cake, the first digital bank to appear on the interface of a ride-hailing app in Viet Nam was launched in HCM City on Tuesday.

Developed by Be Group, the developer of the Be ride-hailing app, and Viet Nam Prosperity Joint Stock Commercial Bank (VPBank), Cake provides a number of products and services that are similar to a traditional bank.

They include savings and other accounts, money transfer, bill payment, and issuing debit cards.

Some 10 million Be customers and drivers would benefit in terms of finance and payment, the company said.

Nguyen Hoang Phuong, CEO of Be Group, said: “Be Group understands that e-banking will not simply stop at a new payment method but also encompass a new technology that can be integrated into our everyday lives through essential devices. This is our next important step to upgrade Be's eco-system, which is on its way to becoming a leading open digital platform in Viet Nam.”

One of the most notable features on Cake is e.KYC, which will help customers settle contracts digitally with just their digital signatures.

Cake also offers free lifetime services and free cards licensed by the State Bank of Viet Nam through VPBank.

Be expected Cake to give it, a Vietnamese app, a competitive edge over foreign competitors.

Be is a technology start-up that has been downloaded on around 10 million mobile devices and has 100,000 drivers who do 350,000 trips a day. — VNS