Be Group, the developer of Vietnamese ride-hailing app Be, and Vietnam Prosperity Joint Stock Commercial Bank (VPBank) have launched an e-banking solution called Cake.
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.
Launched in 2018, Be Group is the parent firm of ride-hailer Be, which offers services including beBike (two-wheeler booking service) and beCar (four-wheeler booking service), beTaxi, beExpress, be Di Cho, beLoyalty, Ve Xe Khach, and beDelivery.
The company says that it currently has over 10 million customers in 10 provinces, accounting for nearly a third of Vietnam’s ride-hailing market.
“Be Group understands that e-banking will not simply stop at a new payment method, but it will also encompass a new technology that can be integrated into our every day lives through essential devices,” said CEO Nguyen Hoang Phuong.
Other digital banks in Vietnam include VPBank’s Yolo, Viet Capital Bank’s Timo, and Maritime Bank’s Tnex.
This article was originally published by Tech in Asia.