Be Group (the developer of Be ride-hailing app) and VPBank have officially introduced Cake digital bank, a new solution for e-banking. This is the first time that a digital bank will appear on the interface of a ride-hailing app in Vietnam.
The launch of Cake by VPBank, the first digital bank to appear on the Be ride-hailing app
Cake provides a variety of products and services similar to a traditional bank, which include opening accounts, transferring-receiving money, paying bills, saving deposits, and issuing debit cards, among others. One of the most notable features on Cake is the e.KYC system which helps customers settle contracts digitally with just their digital signatures. An account can be opened quickly in just about two minutes without having to visit a teller.
Cake also offers a free lifetime service and free card issuance to account holder's home. All of the products and services provided by Cake are licensed by the State Bank of Vietnam through VPBank.
BeFinancial, as part of Be Group, will participate in the operation of Cake thanks to a long-term strategic agreement between VPBank and Be Group. This is included within the framework of the fintech ecosystem improvement plan signed by Be Group and VPBank in May 2019, aiming to optimise the user experience of individual customers and drivers.
Under this agreement, beFinancial will carry out tasks in the fintech industry such as providing software, products, services, developing and operating new technologies like e.KYC and e.Contract/e.Signature as well as a slew of other features within Cake. BeFinancial's main field of activity is the research, development, and provision of solutions related to fintech. BeFinancial will also help Cake expand when it comes to customer and business development in a purely digital environment.
With this launch, for the first time ever in the Vietnamese market, a digital bank will appear directly on the interface of a ride-hailing app. Thanks to this, 10 million Be customers and drivers will potentially receive all the benefits brought by Cake in terms of finance and payment. At the same time, customers will have a quick, convenient, secured, and profitable transaction channel right in the palm of their hands.
Nguyen Hoang Phuong, CEO of Be Group stated that, “Be Group understands that e-banking will not simply stop as a new payment method but it will also encompass a new technology that can be integrated into our every day lives through essential devices. This enables us to offer a suitable financial solution for the betterment of people's lives. Cake was completed by beFinancial's team of developers. This is our next important step to upgrade Be's ecosystem, which is on its way to become a leading open digital platform in Vietnam. The goal of Cake is to bring outstanding benefits in fintech to customers and drivers. In the long run, we want Cake to become a trusted financial service for the Vietnamese people.”
Nguyen Duc Vinh, CEO of VPBank shared, “Expanding the partner ecosystem has always been a focus for VPBank in recent years. We consider Be Group is a perfect partner for VPBank' s future development of digital platforms in terms of technology, operations, and targeted customers. The cooperation with Be Group in the recent digital banking's launch is expected to bring users a preeminent financial product, in line with the development trend shaping the new era.”
Cake is expected to give Be, an original "Made in Vietnam" application, a competitive edge compared to other foreign competitors.