Singapore, Oct 24: Mambu and Vietnamese digital bank Cake – a collaboration between Be Group and VPBank set a record in the region by replacing its core banking technology in just 74 days. The core replacement project will enable Cake to rapidly launch flexible and unique products, as well as shorten processing times.
Originally launched in January, Cake sought to replace its core banking technology with Mambu’s platform in order to support its current hyper growth stage.
It is the first digital bank in Vietnam to be linked to a ride-hailing app, and plans to reach 30 million customers by the end of this decade.
“Mambu is very proud of what we have achieved with Cake, implementing this core replacement project in less than three months. “Cake selected Mambu as it needed maximum agility and flexibility alongside the power to offer full banking solutions, and our unrivalled speed-to-market was obviously another big selling point, ”Mambu General Manager Vietnam Pham Quang Minh said.
Mambu Asia Pacific has had an exceptional year to date, securing a raft of new customers across the region, including high profile financial service providers like Bank Islam in Malaysia, Bank Jago in Indonesia, Cake and Timo in Vietnam and Bluestone in Australia, among others.
Mambu has undergone a period of significant growth throughout the year, doubling the Asia Pacific team and growing its presence in more countries within the region.
“The pace of fintech innovation across Asia Pacific over the last two years has been phenomenal and we are seeing banks launching products and concepts we could only dream of just a few short years ago.
“While the pandemic certainly accelerated the adoption of digital banking technologies, the key driver today is really consumer demand.
“Consumers have had a taste of digital banking and now understand the benefits – convenience, speed, lower cost – and they don’t want to go back to the ‘old’ ways of managing their money,” Mambu APAC Managing Director Myles Bertrand said.
A key focus for Mambu is on improving access to financial services for consumers who are currently excluded from the traditional financial services industry, with the company seeing technology as the greatest enabler of financial inclusion.
“Today we’re seeing consumers who have never had access to financial services before able to access credit, save money and make transactions all from their smartphones,” added Bertrand.
“Fintech innovations like mobile banking and payment apps have literally changed lives, and digital banking services are going to continue being essential, particularly for micro, small and medium enterprises that are still on a post-pandemic recovery journey.
“We’ve been saying that the future of banking must be customer-centric for a long time, so it’s very interesting to see that it’s now those changing consumer demands that are driving continuous improvements and innovation in the industry,” Bertrand said.
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