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Cake shakes hands with BPC and Radar Payments to accelerate digitalisation

Nadia Benaissa Nov 9, 2021 12:57:59 PM

After partnering with Mambu to transform the core banking system, Cake continues to work with BPC and Radar Payments to accelerate the digital transformation journey. Expanding banking services in-depth with the support of fintech partners is the choice of many credit institutions, in which, some choose partners who are already technological "unicorns" in the world market. Cake, the new generation digital bank is also not out of this game.

Cake is a digital banking platform launched in early 2021, backed by ride-hailing app Be and VPBank. After successfully converting core banking with a period of only 74 days, this digital bank continues to announce its cooperation with BPC's Radar Payments payment processing service provider to expand services and provide a full range of services. Full range of digital banking products.

 In this partnership, BPC will provide an end-to-end payment experience that is at the core of Cake's customer-centric concept, with the goal of building a simple digital bank, attractive and reliable.

This platform is expected to help Cake users have a fast, convenient, and highly secure payment experience. "Fast and easy access to financial services is important to our customers. Radar payments allow us to provide a differentiated customer experience when introducing new digital banking products and services.", said Mr. Nguyen Huu Quang, CEO of beFinancial, which operates Cake.

Previously, Cake had impressive cooperation with Mambu, successfully implementing the transformation of the core banking system in just 74 days. According to Mambu, 74 days is one of the records for the time to transform the core banking system in the Asia-Pacific region.

Appreciating the transformation at Cake, Pham Quang Minh, General Director of Mambu Vietnam commented: "Cake has proven that we can launch a powerful, high-performing digital bank in just a few minutes. in a few weeks if the right technology platform is in place."

The secret to shortening the time in the context of social distancing is to put all our efforts into the project, closely connect and support each other to the fullest extent, minimizing the impact on the current customer experience. ownership during the transition, according to Mr. Tu The Hien, Chief Technology Officer of Be Group.

Core banking is the basic operating standard of any bank. According to a representative of Cake, in Vietnam, the keyword "core banking" started to be mentioned in the early 2000s, but it is still "hot" now. Some Vietnamese banks are still facing difficulties in the process of investment, construction, and transformation because this work affects millions of customers with millions of transactions per day. However, thanks to choosing the right partner, Cake has managed to complete the conversion in a short time and is still integrating it directly into the ride-hailing application Be, which has more than 10 million customers.

According to Mr. Quang, besides helping customers access financial services faster and easier, scalability of services and security are the "qualities" that Cake looks for from public partners. world-class technology.

Choosing  Radar Payments, as well as shaking hands with BPC, shows that Cake wants to accelerate its integration into the world. world, opening up potential financial services for a market of 90 million people and experiencing an expected digitization speed.

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