Timo, one of Vietnam’s most innovative banks, offers a unique, user-friendly ‘banking-on-the-go’ experience to customers, and was named both Fastest Growing Digital Bank and Most Innovative Digital Bank at the 2020 Global Economics Awards.
Added Henry, “the fact that Mambu’s platform utilises AWS’ comprehensive suite of services also gave us an additional layer of confidence and allowed us to envisage the true potential of what Timo can become. Our collaboration with both Mambu and AWS enables Timo to reap the benefits of a range of best-for-purpose technologies and will position us at the forefront of Vietnam’s digital banking revolution.”
The Vietnamese banking and financial services industry is ripe for disruption and innovation, with low rates of formal financial inclusion but very high rates of smartphone ownership and internet penetration, and a young, digitally-savvy population. The Vietnamese government is also proactively pushing for innovation, aiming for 80 per cent of the adult population to be ‘banked’ by 2025.
“We are delighted to be partnering with Timo, an innovative and forward-thinking organisation that has already made such a significant positive impact in Vietnam. We look forward to working together to enable rapid growth for Timo and to make a real difference to the way banking services are delivered in Vietnam," said Myles Bertrand, Managing Director APAC at Mambu.
There is currently significant opportunity for Vietnam to attract FDI in the digital banking space, with the Vietnamese market proving very attractive to overseas banks and private equity firms due to digital-savvy Vietnamese consumers. The rise of digital banking in the country will also enable financial institutions to tap the unbanked as well as provide customised solutions to the rising middle class.