Be Group, creator of the Vietnamese ride-hailing app Be, partnered with Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and has rolled out an e-banking solution dubbed “Cake.”
This is the first time a digital bank will be seen on a ride-hailing app in Vietnam by being introduced in Be’s interface.
With this feature, users will be able to open a banking account online in just 120 seconds as well as experience and enjoy services like transfer and receipt of money, deposits, and bill payments, among others.
BeFinancial, the financial services and payment arm introduced by BeGroup and VP Bank to operate modern technologies and a bundle of other Cake features. Additionally, the fintech arm will also enable Cake to manage its customer in a one hundred percent digital environment.
What does Cake offer?
Cake makes available a range of products and services that are just like what traditional banks offer. Another significant feature of Cake is the, e.KYC system that assists customers to resolve contracts digitally by using their digital signatures.
Cake also offers its customers free cost lifetime service and free card insurance to the account holder’s address.
The State Bank of Vietnam licenses every product and service offered by Cake through VPBank.
The road map
BeFinancial will take part in Cake’s operation as per a long-term strategic agreement between BeGroup and VPBank. This is included within the framework of the fintech’s plan inked by Be Group and VPBank in May 2019, with an aim to enhance the user experience of individual customers and drivers.
BeFinancial will perform tasks in the fintech industry under this agreement framework, such as delivering software, services, products, and working on new technologies like e.KYC, and e.Contract/e.Signature.
BeFinancial’s primary scope is R and amp;D (research and development) and the provision of solutions associated with fintech. BeFinancial, will also support Cake with expansion when it is the question of customer and business development in the digital environment.
About Be Group
Brought in action in 2018, Be Group is the parent company of ride-hailer Be. Further, the company is associated with services such as beBike (two-wheeler booking service) and beCar (four-wheeler booking service), and a few more like beTaxi, beDelivery, beLoyalty, beExpress, be Di Cho, and Ve Xe Khach.
The company states that it currently has more than 10 million customers in 10 provinces and accounts for nearly a third of Vietnam’s ride-hailing market.
Phuong Nguyen, CEO at Be Group, said, “Be Group understands that e-banking will not simply stop at a new payment method, but it will also encompass a new technology that can be integrated into our everyday lives through essential devices.”