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, deploying 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, etc. 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 do this, Cake Digital Bank deeply applies modern financial technologies, especially AI, to quickly review credit, giving each customer the experience of "tailoring" products to suit their needs and personal 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. The 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 about the cooperation, Mr. Nguyen Huu Quang - General Director of Cake by VPBank Digital Bank said: “Cake is proud to be the first bank to provide digital financial products on VNPAY wallet. We believe that the strategic cooperation between Cake and VNPAY not only contributes positively to the business performance of the two units, but also helps customers on VNPAY Wallet to 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 financial access in Vietnam”.
Mr. Nguyen Huu Quang - General Director of Cake Digital Bank shared about the cooperation between the two sides
On the VNPAY side, Ms. Nguyen Thi Thu Huong - Director of VNPAY e-Wallet emphasized: “In addition to convenient transaction experience, VNPAY wallet customers are now also effectively supported financially through Cake's digital financial products. The strategic cooperation with Cake marks an important development step, and affirms our commitment to realizing the goal of "Making life simpler" with all customers and partners".
By integrating Postpaid Services and Fast Loans on VNPAY wallet, Cake and VNPAY expect to bring optimal financial solutions, opening up a new approach to modern spending and payment management. 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 parties. In the future, Cake and VNPAY will continue to expand their services to meet the needs and bring practical values to customers, contributing to promoting the digital payment market in Vietnam as well as increasing the scale of operations of both parties.
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 cooperates with more than 40 banks and 350,000 businesses, serving more than 60 million users on Mobile Banking and VNPAY wallet. With a diverse ecosystem of smart payment solutions, VNPAY meets all needs from payment, shopping, to travel, entertainment, bringing convenient experiences and practical values, contributing to promoting 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 linkage, consumer loans, buy now pay later, credit cards... and other innovative services such as ticket distribution for entertainment activities, travel, transportation... integrated on the same platform.
In addition, in Vietnam, Cake is the only digital bank that meets the ISO/IEC 30107-3 standard for facial biometrics, Cake also meets the highest standard for payment card data security - PCI DSS 4.0 level 1. In 2024, Cake was recognized by The Asian Banker as "Best AI Bank", Euromoney also voted Cake as "Outstanding Digital Bank 2024". At the same time, Cake just won the "Technology Bank of the Year" award at the Better Choice Awards 2024.
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