Timo, Viet Nam’s first digital bank, has tied up with Mambu, a SaaS banking platform, to leverage its core banking platform to scale up business.
“We selected Mambu’s market-leading cloud banking platform as we understand the value of leveraging a cloud-native, true SaaS core banking platform,” Henry Nguyen, CEO of Timo, said.
“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 Viet Nam’s digital banking revolution.”
According to Timo, the banking and financial services industry is ripe for disruption and innovation with the country’s low rates of formal financial inclusion but very high rates of smartphone ownership and internet penetration, and a young, digitally-savvy population.
The Government is also proactively pushing for innovation, aiming for 80 per cent of the adult population to be ‘banked’ by 2025.
There is significant opportunity for Viet Nam to attract FDI in digital banking, with the Vietnamese market being very attractive to overseas banks and private equity firms due to its digital-savvy consumers.
The rise of digital banking in the country will also enable financial institutions to tap the unbanked and provide customised solutions to the growing middle class.
“Viet Nam is an incredibly important market for Mambu,” Pham Quang Minh, the company’s general manager for Viet Nam, said.
“Mambu is committed to continuing our investment in Viet Nam 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.”
Mambu is the only true SaaS cloud banking platform. Launched in 2011, it fast-tracks the design and building of nearly any type of financial offering for banks of all sizes, lenders, fintech companies, retailers, and telcos. — VNS