Cake digital bank wins innovative product award

The award was based on votes by the judging panel including regulatory agencies, and experts in finance, banking and IT.

The event is a prestigious one in Vietnam’s finance and banking sector, which has been running for 11 years.

"The milestone has proven the technology and innovation capabilities of Cake by VPBank," a bank representative said.

Last year, digital bank Cake collaborated with Be, the on-demand multi-service consumer platform, in releasing a co-branded credit card offering cashback of up to 20% and attractive payment experiences to customers. Previously, this product also received the "Pioneering Digital Partner in Rapid Credit Card Issuance" award from VISA. With Cake’s technology platform, online registration of the credit card is approved within minutes. The cardholders can shop online immediately while waiting for their physical card.

Cake is one of a few digital banks capable of issuing international credit cards within the second year of operation. With the Be-Cake credit card, Cake provides a comprehensive selection of necessary financial services, including payment, saving, lending, micro-investment, and credit cards. The whole procedure is online with an ID card only. Especially, the credit card will be issued instantly.

Cake credit card features fast approval and many utilities. Photo by Cake by VPBank

Users can choose one of two card designs that suit their preferences. The designs are modern and highlight Vietnamese culture with familiar patterns such as flags and mountains.

After more than two years since launch, Cake by VPBank achieved a strong growth rate both in services and the number of customers in the market. As of April, the bank had more than 3 million users, and processed transactions worth more than VND38 trillion (US$1.62 billion).