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Mambu

Success Story

Cake digital bank selected Mambu as it looked to scale its business towards offering a full suite of digital banking services.

Cake Mambu logo
Customer base

Launched January 2021

Segment

Retail

Mambu's role

Cloud banking platform

Launched in January 2021, Cake is a collaboration between Be Group – the organisation behind Vietnam’s ‘Be’ ride-hailing app – and VPBank, one of Vietnam’s leading banks. All products and services offered by Cake are fully licensed by the State Bank of Vietnam through VPBank, with beFinancial (a part of Be Group) looking after the operations of the new digital bank.

As Cake looked to expand its business into full service digital banking, and improve access to financial services for young Vietnamese consumers, they chose Mambu because of its flexibility and scalability.

Like Cake, Mambu is nimble and agile, and we are excited about the potential of what our two tech-focused businesses can do together.
Mr Nguyen Huu Quang
CEO, beFinancial

Cake will be included in Be’s interface and allow users to open a banking account online in two minutes as well as transfer and receive money, pay bills, and make deposits, among others.

BeFinancial, the payment and financial services arm launched by Be Group and VPBank, will operate new technologies and other features within Cake. The fintech unit will also help Cake manage its customer and business development in a purely digital environment.

Cake is the first digital banking solution attached to a ride-hailing app in Vietnam, and will enable access to financial services for as many as 10 million existing Be customers and drivers, primarily Gen Z and young professional consumers.

“In order to provide a superior customer experience we need to enable the rapid launch of flexible and unique products, as well as shorten processing times for transactions. We selected Mambu’s cloud banking platform as it is the most innovative and versatile solution on the market,” said Mr Nguyen Huu Quang, CEO of beFinancial. “We wanted to find a technology partner that shares the same understanding of the power and social impact of enabling faster and easier access to financial services. Like Cake, Mambu is nimble and agile, and we are excited about the potential of what our two tech-focused businesses can do together.”

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