The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
AwardsBest Bank Awards

Vietnam's best bank for digital solutions 2022: Cake by VPBank

Cake by VPBank

Nguyen Huu Quang, Cake by VPBank.jpg
Nguyen Huu Quang, Cake

There’s a new player in Vietnam and it’s disrupting the banking industry, snapping up customers at a rapid clip, and slowly but surely grabbing a bigger piece of the pie.

Cake by VPBank is a fully digital bank launched in January 2021 as a partnership between VP Bank and ride-hailing startup Be Group. Its growth has been spectacular, earning it Asiamoney’s award for best bank for digital solutions in Vietnam.

Customer numbers soared a whopping 67-fold year on year, to about 1.6 million by the end of March 2022, from about 24,000 a year earlier. Revenues surged 78-fold to $57.4 million from $738,173 during the same period. The number of banks served by – or connected to – Cake rose to 44 by March this year, from 12 a year earlier.

There are several reasons for Cake’s success. Nguyen Huu Quang, Cake’s CEO, set key targets and focus areas from the get-go. In the first six months, the focus was on enhancing infrastructure, finding tech talent and implementing a clear strategy for acquiring clients.

The

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree