Digital bank Cake and Be sign comprehensive cooperation with Viettel Money

The handshake between the three Vietnamese brands opens up the development strategy and thorough cooperation in all areas among leading financial and technology companies in the country.

Accordingly, Viettel Money's 20 million users will have access to Cake digital banking's exclusive products including savings deposits and consumer loans with lots of incentives. Viettel continues to be Be’s partner in terms of online cashless payment for all services.

The number of Be platform users linking Viettel Money accounts has increased 20 times, and throughout the 4-month integration period, the number of successful transactions has increased 50 times.

Through its partnership with Be Group, Viettel Money seeks to broaden its services within the ecosystem, offering customers the greatest delivery, shipping, and food delivery services with optimal online payment methods via Viettel Money.

The number of Be platform users linking Viettel Money accounts has increased 20 times, and throughout the 4-month integration period, the number of successful transactions has increased 50 times.

“Customers of the Be consumer platform and users of Viettel Money have benefited from this partnership's payment experience in terms of convenience, time savings, and the removal of concerns associated with cash payment,” said Vu Hoang Yen, CEO of Be Group.

“Additionally, the cooperation enables customers to directly profit from the two firms' digital ecosystems and alter their habits. Thanks to its partnership with Viettel Money, Be is presently an on-demand multi-service consumer platform that incorporates the most varied payment options on the market,” Yen noted.

In addition, customers who use the Viettel Money application to deposit money at Cake by VPBank benefit from a competitive interest rate of up to 7.4 per cent, a quick and easy process that takes just two minutes, and total security thanks to online identification technology.

At the same time, Cake's consumer loan service on Viettel Money will also bring a quick, easy and reliable financial solution to users with outstanding advantages such as instant loan approval and disbursement process, zero per cent interest rate and free early payment.

Nguyen Huu Quang, CEO of Cake by VPBank said, “The integration of Cake savings and consumer loans on Viettel Money offers a swift, innovative investment and financing solution along with high benefits for users. The complete partnership between Viettel, Be, and Cake will pave the way for a development plan and comprehensive cooperation among the top financial and technological businesses in Vietnam."

Despite being recently introduced to the market, Cake has already made significant progress toward strengthening its position.

After 20 months of operation, it holds two records as the fastest-growing digital bank in Vietnam with more than two million customers and it is the first bank in Asia-Pacific to convert core banking in just 74 days.

It has also won prestigious international awards such as Best New Generation Digital Bank in Vietnam 2022 and Best Growth Digital Bank in Vietnam 2022.

According to Le Van Dai, general director of Viettel Digital Services Corporation, the collaboration between Viettel Money, Cake, and Be offers customers optimal financial and technological solutions, contributes to a positive change in argument shifting in the economy with high growth, and makes people more accustomed to using non-cash payment methods.

Be Group is the owner and developer of the on-demand multi-service consumer platform Be. With the ambition of becoming the number one consumer platform for daily consumable needs serving 20 million users in Vietnam, Be currently provides a wide range of on-demand services including transportation, goods delivery, food delivery, groceries shopping, insurance, telecom services, and Cake, as well as continues to develop and launch new products.

Since launching in 2019, Be apps have been downloaded over 20 million times, currently servicing over 10 million transactions monthly on the platform and operating in 28 cities and provinces nationwide.

On April 25, Hanoi-based lender PVcomBank and Vietpay Technology Co., Ltd. – a member of multi-national group Nexxo Ventures Ltd. from the UK – signed a comprehensive cooperation agreement in associating and expanding the network of payment and card issuance.

On the night of July 11, 1995 (July 12, 1995 in Vietnam time), US President William J. Clinton announced the normalisation of relations with Vietnam. Only hours later, Vietnamese Prime Minister Vo Van Kiet read out a statement on the normalisation.

Cake offers a wide range of banking products and services, allowing customers to perform all transactions such as opening a bank account, sending and receiving money, savings, investments, consumer loans, and others, without going to the banking transaction office.

Cake allows customers to open accounts in as little as two minutes using a mobile phone account and an electronic customer identification that helps customers settle contracts with their digital signature.