The bank has just announced an innovative cloud-based card management platform that taps into two existing global technology platforms
In a case study of innovation in payment processing modernization in Vietnam, let us examine VPBank (Cake) — the country’s largest digital bank by user base, revenue and products varieties.
On 13 November 2024, Cake announced the launch of its first fully cloud-based Card Management System (CMS) that would significantly modernize local payment processing.
The CMS offers enhanced operational capabilities such as reduced data center overheads and costs, and promotes operations-driven sustainability and scalability to meet demand and adaptability for future payment innovations and growth. In addition, it taps into an established card payment platform that supports all card and transaction types, is available globally, and maintains the highest levels of security and control.
According to the bank’s Chief Technology Officer, Tu The Hien, the CMS can “deliver a seamless payment experience and operational efficiency. It reaffirms our ability to work with leading global organizations to provide comprehensive financial solutions with excellent customer experiences, true to our ‘Easy as Cake’ motto.”
Recently, the bank also launched Vietnam’s first disposable virtual debit card on this new platform, with additional debit and credit card products forthcoming. In fact, Cake is the first issuing bank globally to have implemented Visa Cloud Connect for its proprietary payment processing platform built on modern architecture domain oriented microservices, event-driven architecture.
True to its nature as a digital bank, Cake applies AI in the entire banking process, now serving more than 4.6m customers with a full range of personal financial services including: bank transfer, payment, savings, investment, consumer loans, Buy Now Pay Later, credit cards, and so on.
Said Dung Dang, Country Manager (Vietnam and Laos), Visa, the bank’s card management ecosystem partner: “This collaboration empowers Vietnamese businesses with advanced technologies essential for thriving in today’s digital economy. A cloud-based solution enhances operational efficiency and promotes cashless payments, aligning with our vision for a digital future in Vietnam.”
