Cake digital bank has announced it is using the cloud banking platform Mambu to scale up its business towards offering a full suite of digital banking services.

“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,” Nguyen Huu Quang, CEO of beFinancial, said.

“We selected Mambu’s cloud banking platform as it is the most innovative and versatile solution in the market. We wanted to find a technology partner that shares the same understanding of the power and social impact of enabling faster and easier access to financial services.”

Cake, a collaboration between Be Group, the organisation behind Vietnam’s Be ride-hailing app, and VPBank, was launched in January this year.

Its products and services are licensed by the State Bank of Vietnam through VPBank, with beFinancial (a part of Be Group) looking after the operations of the new digital bank.

Myles Bertrand, managing director APAC at Mambu, said: “Viet Nam’s digital banking market is incredibly active right now, but Cake’s offering is completely unique in the market. 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.”

Cake is the first digital banking solution attached to a ride-hailing app in Viet Nam, and will enable access to financial services for as many as 10 million existing Be customers and drivers, primarily Gen Z and young professional consumers.

Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. — VNS