Cake has been ranked among TAB Global’s World’s Top 100 Digital Banks for 2025 and recognised as the Best Digital Bank in Vietnam at the Excellence in Retail Finance Awards on 20 February in Tokyo, Japan. Being the only Vietnamese player on the list cements Cake’s leading position in Vietnam and highlights its competitiveness against prominent players in Southeast Asia.

The bank also received the award for Best AI Technology Implementation in Vietnam at the Vietnam Awards 2024 held in Hanoi.

Outstanding in a competitive landscape

Vietnam witnessed the establishment of its first digital bank in 2016. Nearly a decade later, the country has 10 digital-only banks operating under the sponsorship of traditional banks.

The country is an attractive market for digital banks due to its young, tech-savvy population. As of 2025, Vietnam has a population of over 100 million, making it the second-largest market in Southeast Asia. Notably, about 25% of the population is between the ages of 18 and 35, a large demographic likely to embrace digital banking.

Aiming for a cashless society, the Vietnamese government strongly drives digital transformation in the banking sector. Digital banks must offer unique products and strategically leverage technology to stand out in the competitive market. At the same time, they must carefully manage the risks associated with serving higher-risk customers. Traditional banks in Vietnam are also rapidly undergoing digital transformation. The compound annual growth rate (CAGR) of the digital payment market in Vietnam is projected to be 14.4% in the period 2024-2023, according to IMARC market research firm.

At present, Cake is the first and only Vietnamese digital bank to achieve profitability, based on earnings before interest, taxes, depreciation, and amortisation (EBITDA) in 2024. It now has five million customers, four years after its launch, the most among digital banks in Vietnam. Cake’s revenue per user tripled from the previous year, reaching $12. Notably, its total operating income also rose sevenfold.

In the award citation for Best Digital Bank in Vietnam, TAB Global said Cake “has demonstrated strong growth in its customer base, deposits, loans and revenue, rapidly establishing itself as a leading player through its innovative, customer-focused approach.”

According to global statistics in 2023, only 5% of digital banks have achieved significant profits. Cake has been in this group after only 3.5 years of development. Many digital banks are still not profitable because they need more time to complete their ecosystems and business models. Accordingly, they need an average of five to 15 years to stabilise and become profitable.

AI makes the difference

Cake is a leader in innovation because of its proactive investment in and application of artificial intelligence (AI). This approach allows it to develop optimal products and services faster than its competitors. Cake has created tailored products for various customer segments, including those underserved by traditional banks, such as ride-hailing drivers, freelancers and online sellers.

These products were developed based on deep analysis of customer behaviour. As a result, Cake maintains a retention rate of 80% for transactional users and 95% for users of its financial products.

These results are driven by a team of 250 people, with 40% working in tech and data-related roles. In comparison, a traditional bank would need a much larger workforce to serve the same number of customers. Notably, Cake is powered by a team of 100% Vietnamese technology engineers, fostering a culture of innovation and maximising the team's ability to continuously improve and develop products.

A testament to the Cake tech team’s excellence is the successful implementation of its own fully cloud-based card management system using Visa Cloud Connect on Google Cloud infrastructure. This makes Cake the first bank in the world to reach this milestone.

Cake’s success is driven equally by its strength in product development and technology. In addition to basic services like money transfers, transactions, savings and consumer loans, Cake also offers a wide range of financial solutions, such as investments, buy-now-pay later options, and credit cards. Furthermore, users can access various lifestyle services, including concert tickets, travel bookings, and mobility solutions—all within a single app.

Cake has successfully integrated its products into an extensive network of strategic partners. For example, through its partnership with one of Vietnam's largest electronics retailers, Cake offers its loan products in 3,000 stores nationwide. Users can also access Cake’s services through popular apps.

Cake CEO Nguyen Huu Quang said the bank is committed to integrating AI deeper into the user experience. The goal is to provide fast and convenient services that align with its slogan ‘Easy as Cake,’ while continuing to invest heavily in technology. This will help every Vietnamese customer easily access digital financial products, contributing to financial inclusion.

Path to becoming the leading digital bank in the region

Cake’s achievements in just four years since its establishment have demonstrated remarkable resilience as a digital-only bank. The success is not the result of short-term breakthroughs, but rather the outcome of well-executed strategies and sustainable investments over time.

For the bank, continuous investment in technology and AI remains a priority to sustain development, profitable growth and enhance customer service. In particular, its vision to become a ‘Next GenAI Bank’ is one of the long-term strategies aimed at creating a leading digital banking platform in the region within three to five years.

According to TABInsights, the research arm of TAB Global, 47% of the Top 100 Digital Banks in 2025 are based in Asia-Pacific, 30% in Europe, and 10% in North America, with the remaining 13% spread across other regions. Notably, the digital banking industry in Southeast Asia is performing more positively than the global average.

Nguyen said, “We are optimistic about this goal, thanks to the technological capabilities of our local talented team”.