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