Cake and The Gioi Di Dong to provide consumer loans

Cake is the first digital bank to cooperate with The Gioi Di Dong (a subsidiary of Mobile World Investment Corporation - MWG) to offer entirely digital consumer loan solutions with quick disbursement within a few minutes.

The move will help customers access financial support more easily when they shop at Thegioididong and Dienmayxanh stores under Mobile World’s management, with a fast, streamlined process through the high-tech application.

Cake is utilising AI to optimise the loan approval process, thereby shortening the registration, approval, and disbursement time to just a few minutes, considerably shorter than the traditional loan process, which requires a lot of paperwork and disbursement can take a long time.

Furthermore, Cake has digitised the entire loan process, helping customers to register for loans and receive approval anytime, anywhere, by providing a photo of their Citizen Identification Card. This simple process meets the demands of busy young customers who want to access secure consumer loans with reasonable interest rates and simple procedures.

A Nielsen survey from 2023 indicated that more than 70 per cent of young consumers in Vietnam are willing to invest in new technology devices, especially smartphones, laptops, and tablets. However, not everyone can afford to pay for such expensive products.

Cake's consumer loan products are designed to provide the necessary support to allow its customers to access loans with suitable limits, competitive interest rates and reasonable payment times.

This enables customers to save time in purchasing the high-tech items they want, allowing for better opportunities in their jobs.

With Cake's technological advantages and Mobile World's services, the partnership delivers more choice and convenience to the market and opens up an optimal digital journey for customers - from digital devices to digital financial solutions.

The rapid development of technology has changed the way banks provide services, especially regarding consumer loan products.

Customers will interact with a synchronised, fast digitalisation process supported by AI technology from Cake and the digitalisation system of Mobile World.

The cooperation between Cake and The Gioi Di Dong creates a comprehensive digital experience during the customer's online-to-offline journey, which creates entirely different shopping behaviours and brings value to both parties and the wider community.

Nguyen Huu Quang, CEO of Cake Digital Bank said, "Leveraging this cooperation, Cake Digital Bank wants to bring high-quality digital financial experience to the market. Our tech advantage leaves us confident that the digital consumer loan products are an optimal financial solution and creates an increasingly diverse business environment for partners in the product distribution and service sectors."

The rapid development of technology has changed the way banks provide services, especially regarding consumer loan products. The cooperation between Cake Digital Bank and The Gioi Di Dong marks a new milestone in the journey of financial service digitalisation, promising strong growth in the future.

Though newly established, leveraging significant investment in technology, Cake by VPBank has emerged as one of Vietnam's top digital banks in terms of customer growth and service quality.

Cake by VPBank has been granted the ‘Best AI Technology Implementation’ Award by The Asian Banker at a ceremony on July 18 in Hanoi.

Cake by VPBank was named Technology Bank of the Year at the Better Choice Awards 2024 on October 2 in Hanoi.