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Be Group and VPBank join hands to roll out digital

Cake digital bank_IFM_Image
Cake can be accessed through Be’s interface and will allow users to open a banking account online in two minutes

Vietnam-based ride-hailing app Be developer Be Group has joined hands with Vietnam Prosperity Joint Stock Commercial Bank (VPBank) to launch a new digital bank called Cake, media reports said. Cake will be accessible through Be’s interface and will allow users to open a banking account online in two minutes.

Chief executive officer Nguyen Hoang Phuong told the media, “Be Group understands that ebanking will not simply stop at a new payment method, but it will also encompass a new technology that can be integrated into our everyday lives through essential devices.”

According to Be Group, digital bank Cake will have access to over 10 million customers, nearly a third of the Vietnamese ride-hailing market. Meanwhile, the digital bank claims its online know-your-customer (KYC) system would enable users to utilise digital signatures to verify their transactions.

According to statistics from the National Payment Corporation of Vietnam (NAPAS), online payments in Vietnam has grown by 76 percent between January 25 and mid-March in 2020, amid the lockdown measures introduced to curb the spread of the coronavirus.

Back then, Nguyen Chien Thang, director of the digital banking centre at the Bank for Investment and Development of Vietnam (BIDV), revealed banks are also integrating new technology solutions to better serve their customers during the coronavirus pandemic.

According to local media reports, transaction value through digital channels at Vietnam Prosperity Joint Stock Commercial Bank (VPBank) by the end of the first quarter of 2020 increased by 25 percent, while the number of online transactions increased by 50 percent compared to the same period last year.

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