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Mambu

Success Story

Vietnamese digital bank Timo leverages technology to improve financial accessibility for all.

Timo Mambu logo
Customer base

Launched in 2021

Segment

Retail

Mambu's role

Cloud banking platform

Since its launch in 2015, Vietnam’s first digital bank, Timo, has rapidly evolved into one of the country’s most awarded banks, named both ‘Fastest Growing Digital Bank’ and ‘Most Innovative Digital Bank’ at the 2020 Global Economics Awards, , International Business Magazine’s ‘Best Digital Bank in Vietnam’ and Global Brands Magazine’s ‘Best Customer–Centric Digital Bank’ in 2021. 

Timo’s commitment to continuous innovation and its customer-centric approach have positioned this digital banking pioneer as a leader, not just in Vietnam, but across the entire Asia Pacific region.

Established in 2015, Timo was the first to offer a fee-free, easy and convenient digital banking experience in Vietnam. Since then, Timo has aspired to set the benchmark for modern banking, in Vietnam and beyond.

Today, Timo – which stands for Time and Money - is committed to helping its customers save time and make the most of their money through a single, easy-to-use platform.

In a country like Vietnam, with low rates of formal financial inclusion, yet incredibly high levels of smartphone ownership and internet penetration, focusing on meeting the needs of the young, digitally-savvy segment of the population has proven a successful strategy. Timo has also taken the innovative step of partnering with high-profile retail brands including McDonald’s and 7-Eleven, setting up kiosks – known as ‘hangouts’ – in high traffic retail outlets to enable customers to sign up to become a Timo customer quickly and conveniently. This approach has helped to increase Timo’s brand recognition, and allow the bank to connect directly with customers, particularly the younger generation.

"Our goal is to help people stay on top of their finances and live their best possible lives. We do this through rethinking a wide range of banking products and services and focusing on providing the best possible customer experience."

Henry Nguyen, CEO, Timo

Henry Nguyen

“Our goal is to help people stay on top of their finances and live their best possible lives. We do this through rethinking a wide range of banking products and services and focusing on providing the best possible customer experience. We know that banking does not exist in isolation - we believe in the idea of social banking, and for us this begins with small shifts in mindset, thinking about connecting people instead of just bank accounts. And this extends all the way to big questions like how banking in general, and Timo specifically, can be a contributor to a prosperous and harmonious society.” Henry Nguyen, CEO, Timo

Timo is continuously looking at ways to leverage technology to understand and better serve its customers, with a view to making accessing financial services easy and convenient.

Timo and Mambu

Timo partnered with Mambu to leverage the benefits of a cloud native core banking platform as it scales its business to a full service digital bank. And with plans to further grow its ecosystem of strategic partners across different industries to enable maximum convenience for its customers, Timo will be relying on Mambu’s agile and responsive cloud platform to continue powering its evolution.

Utilising Mambu’s cloud banking platform allows us to build a bank that is truly accessible to everybody.
Henry Nguyen
CEO, Timo

“Our ultimate mission is to enable financial inclusion for everyone – not just for those who are ‘unhappily banked’ or those who are currently ‘unbanked’, but inclusion across our entire society. Utilising Mambu’s cloud banking platform allows us to build a bank that is truly accessible to everybody. We want to become a financial partner to our customers and provide services that enhance our customers’ lives, and with Mambu we’ve found a technology partner that allows us to do that.” Henry Nguyen, CEO, Timo

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