On December 24, 2024, in Hanoi, Cake by VPBank (Cake) digital bank and Vietnam Payment Solutions Joint Stock Company ( VNPAY ) officially signed a strategic cooperation agreement to deploy Cake's digital financial services on the VNPAY wallet application. This cooperation marks an important step in expanding payment utilities and flexible financial resources on the VNPAY wallet for customers.
Representatives of VNPAY (left) and Cake Digital Bank (right) signed a strategic cooperation agreement
According to the cooperation agreement, Cake's digital financial services are Paylater and Quick Loan, the first group of utilities integrated on VNPAY wallet. Specifically, Paylater provides customers with a limit to use in advance and pay later when using shopping, entertainment, travel , transportation, bill payment utilities... on VNPAY wallet with an interest-free period of up to 45 days. In addition, Quick Loan service with a simple, quick registration and loan approval process and no need for financial proof, helps customers easily access financial resources from Cake to promptly resolve urgent spending needs, with a limit of up to 50 million VND.
Ms. Nguyen Anh Tuyet - Deputy General Director of VNPAY spoke at the event
To achieve this, Cake Digital Bank deeply applies modern financial technologies, especially AI, to quickly approve credit, providing each customer with a "tailor-made" product experience that suits their individual needs and financial conditions in just a few minutes.
Currently, VNPAY wallet is serving more than 10 million users with a variety of utilities such as booking Taxi/Bike with VNPAY Taxi, online shopping at VnShop, and many other payment, shopping, transportation and entertainment services. Financial resources from Cake will be an effective and timely support for VNPAY customers, especially during this year-end shopping season.
From now on, customers can register to use Cake's Postpaid Service and Quick Loan on VNPAY wallet.
Sharing his thoughts on the collaboration, Mr. Nguyen Huu Quang, General Director of Cake by VPBank Digital Bank, said: “Cake is proud to be the first bank to offer digital financial products on the VNPAY e-wallet. We believe that the strategic cooperation between Cake and VNPAY will not only contribute positively to the business efficiency of both entities, but also help VNPAY e-wallet customers access digital financial services easily and safely. In the near future, Cake and VNPAY will strive to provide more services, contributing to expanding the circle of comprehensive digital finance access in Vietnam.”
Mr. Nguyen Huu Quang - General Director of Cake Digital Bank shared about the cooperation between the two sides
On behalf of VNPAY, Ms. Nguyen Thi Thu Huong - Director of VNPAY e-wallet, emphasized: “In addition to a convenient transaction experience, VNPAY e-wallet customers now also receive effective financial support through Cake's digital financial products. The strategic cooperation with Cake marks an important step in development and affirms our commitment to realizing the goal of “Making life simpler” for all customers and partners.”
By integrating Postpaid and Quick Loan services into the VNPAY wallet, Cake and VNPAY expect to provide an optimal financial solution, opening up a new approach to modern spending management and payments. This combination not only brings convenience to customers but also demonstrates the strategic vision of both parties in shaping the digital financial experience for the market.
This is also considered the first step for the potential for deeper development of both sides. In the future, Cake and VNPAY will continue to expand services to serve the needs as well as bring practical values to customers, contributing to promoting the digital payment market in Vietnam as well as increasing the scale of operations of both sides.
Representatives of VNPAY (left) and Cake (right) at the strategic cooperation signing ceremony
About VNPAY: As a pioneering national brand in the field of electronic payments, VNPAY collaborates with over 40 banks and 350,000 businesses, serving more than 60 million users through Mobile Banking and the VNPAY wallet. With a diverse ecosystem of smart payment solutions, VNPAY meets all needs from payments and shopping to transportation and entertainment, providing convenient experiences and practical value, contributing to the promotion of Vietnam's digital economy.
About Cake Digital Bank: Cake by VPBank is a purely digital bank that applies artificial intelligence throughout its banking operations following the "Next GenAI Bank" orientation. By the end of 2024, Cake digital bank will serve 5 million customers and provide a full range of personal financial services, including: money transfer, payment, savings, investment links, consumer loans, pre-paid purchases, credit cards... and other innovative services such as ticket distribution for entertainment activities, travel, transportation... integrated on the same platform.
Furthermore, in Vietnam, Cake is the only digital bank to meet the ISO/IEC 30107-3 standard for facial biometrics, and it also achieves the highest standard for payment card data security - PCI DSS 4.0 level 1. In 2024, Cake was recognized by The Asian Banker as the “Best AI Bank”, and Euromoney also voted Cake as the “Outstanding Digital Bank of 2024”. Simultaneously, Cake recently won the “Technology Bank of the Year” award at the Better Choice Awards 2024.
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