One of Vietnam’s fastest-growing digital banks Cake has announced a new partnership with BPC‘s leading payment processing provider firm Radar Payments, as it plans to scale its offering towards a full suite of digital banking services. This collaboration will see BPC provide the end-to-end payment experience that is core to Cake’s unique concept as a customer-centric bank with the goal of building a simple, trusted and socially delightful digital bank
With a journey that began in January 2021, Cake is a collaboration between Be Group (the organisation behind Vietnam’s ‘Be’ ride-hailing app) and one of the leading Vietnam banks VPBank. The bank is building a true lifestyle banking application, which goes beyond traditional payment services. Integrated into Be’s interface, it enables users to open a banking account online in two minutes and transfer or receive money, pay bills, invest and make deposits using the latest technology. These services - and more- are available on any essential devices and take into account the customer’s lifestyle. Armed with the best innovation available to the market, Cake can enable as many as ten million existing Be customers and drivers, many of whom are young professionals and key drivers of the digital economy, to access financial services.
Commenting on the partnership, Minh-Ha Truong, Radar Payments Regional Director for Indochina, said: “Cloud SaaS deployment has become a trend worldwide. This collaboration represents the first SaaS project that BPC’s Radar Payments has undertaken in Vietnam. We are excited to help Cake provide a seamless and efficient experience for their customers and to roll out new services at ease while minimising upfront investment. We look forward to helping them remove any difficulties or barriers around customer money management and daily spending, as they help serve the needs of both the banked and the unbanked.”
Cake’s products and services are fully licensed by the State Bank of Vietnam through VPBank, with Be Group’s beFinancial managing the operations of the new digital bank.
“Faster and easier access to financial services is crucial for our customers and therefore crucial to us. However, scalability and security are just as essential, and represent the key qualities we have been seeking in this partnership,” commented Nguyen Huu Quang, CEO of beFinancial. “Radar Payments by BPC enables us to provide a world-class customer experience as we introduce new digital services and products.”
About Cake Bank
Cake Digital Bank was launched in January 2021 as a new solution for e-banking in Vietnam. It is a joint venture from Be Group, the company behind the ‘Be’ ride-hailing app, and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Cake offers a range of banking products and services to its customers, enabling customers to open bank accounts, send and receive money, all without visiting a branch. Cake leverages ground-breaking financial technologies to enable customers to open an account in just two minutes with a mobile phone account, and its Electronic Know Your Customer (eKYC) system that helps customers to settle contracts using their digital signatures. All of the products and services offered by Cake are licensed by the State Bank of Vietnam through VPBank.
Cake is the first digital bank in Vietnam to be incorporated into the interface of a ride-hailing app, with the day-to-day operations managed by beFinancial, the financial arm of Be Group.