Cake digital bank cooperates with VinFast to support e-bike buyers

With this loan package, the customer experience will be simplified. Without visiting a bank branch, they can sign up for loans and receive approval results on the Cake app within a few minutes.

The first priority group of customers to experience the development is Be Group's tech drivers, who are familiar with consumer loan services on Cake.

According to statistics from the Ministry of Industry and Trade, e-bike sales in Vietnam have increased by about 30–35% recently, making the country the largest market for e-bikes in ASEAN, and the runner-up in the world, just behind China.

There is ample potential for electric vehicles, including e-bikes and electric cars, given that the world in general and Vietnam in particular are promoting green transformation trends in transportation and other fields.

Ho Thanh Huong, CEO of VinFast Vietnam, said that the partnership agreement gives customers the opportunity to own and use smart, modern, and environmentally friendly e-bikes at optimal costs through simple and convenient procedures.

This partnership offers customers access to a safe and civilized transportation alternative, contributing directly to the government's net-zero carbon emission target by 2050.

Through the loan package to buy an e-bike, Cake digital bank is perfecting a comprehensive digital financial model. Photo courtesy of Cake

In the current context, the collaboration between the large-scale EV manufacturer and the digital bank Cake by VPBank is expected to bring benefits to the mass of customers on both sides.

While Cake will expand its digital financial product line to include vehicle installment payment services, VinFast offers customers a "Buy Now, Pay Later" payment experience in a quick, convenient, and secure way.

Furthermore, this is also an opportunity to promote digital financial inclusion. Specifically, Cake by VPBank boasts a large and diverse digital ecosystem, while VinFast owns a nationwide distribution network with a diverse lineup of two-wheeler and four-wheeler models.

According to Nguyen Huu Quang, CEO of Cake, in the coming time, Cake by VPBank will keep working with VinFast to research different financing packages tailored for customers looking to acquire electric vehicles across several channels.

"We are in discussion to develop more diverse products to bring practical benefits to customers, thereby contributing to promoting comprehensive digital finance and green energy in Vietnam," he said.

The handshake between VinFast and Cake by VPBank digital bank will promote comprehensive digital services, popularize EVs, and foster environmental protection.

Cake by VPBank is a testament to the trend of innovation in consumer finance products. Before venturing into the electric vehicle market, the digital banking app has already enabled its tech drivers to borrow cash online within a few minutes.

Cake has rolled out niche lending products such as "Ung tien nhanh" (fast cash advance) with instant approval. Most recently, Cake has further expanded into selling tickets for music shows and achieved impressive results.