Cake Digital Bank wins prestigious banking awards

Feb 22nd at 14:24

22-02-2025 14:24:36+07:00

Cake Digital Bank has been ranked among the 'World’s Top 100 Digital Banks' for 2025 and honoured as 'Best Digital Bank in Vietnam' by The Asian Banker (TAB) Global at the Excellence in Retail Financial Services Global Awards 2025 on February 20 in Tokyo.

According to TABInsights - the global research and consulting subsidiary of TAB Global, Cake is significant in Vietnam’s finance and banking industry, also in markets worldwide, due to its operational effectiveness.

Cake digital bank wins prestigious bank awards (PR)

Photo: Cake Digital Bank

By the end of last year, Cake had served five million customers, with revenue tripling to $12 per user. Moreover, Cake's operating income increased sevenfold and the earnings before interest, taxes, depreciation and amortisation witnessed a fourfold increase in 2024. Cake is the only representative from Vietnam to feature in the world's top 100 digital banks in 2025.

A part of the reason for its success has been Cake's ability to provide financial services by leveraging the power of AI to further improve operation and experiences for customers.

Cake offers a complete range of banking products, from payment accounts, savings, credit cards to consumer loans, and other innovative services, helping expand financial inclusion and reach younger customers and segments than the traditional banks could access, such as ride-hailing drivers, freelancers, and online sellers.

Furthermore, Cake is also known as a 'Next-Gen AI Bank' in Vietnam that is willing to proactively invest in and adopt new technology in the early stages.

This kind of innovation has helped Cake move confidently towards sustainable growth in renovative and innovative fintech markets. Nguyen Huu Quang, CEO of Cake, believes these achievements come from a long-term strategic thinking and sustainable investment.

"We will continue to adopt advances in technology and AI to offer an 'Easy-as-Cake' experience, and make financial access easier for everyone, aiming to become Southeast Asia’s leading digital bank within the next five years," said Quang.

Photo: Cake Digital Bank

By leveraging AI and Machine Learning to customise financial products, Cake has experienced an increase in user satisfaction, with 80 per cent retention on a transactional level and 95 per cent on a financial level.

Cake Digital Bank has been lauded by international experts as among a few pioneers in developing its own card management system via Visa Cloud Connect and modernising payment infrastructure, making transactions faster and more secure. The bank’s advanced security features ensure that transactions are well protected.

Cake Digital Bank complies with international standards and is committed to preserving the security of users’ information, optimising risk management, and providing a safe digital financial environment: PCI DSS 4.0 Level 1 payment card industry data security standard ISO/IEC 30107-3 biometric Presentation Attack Detection standard ISO/IEC 27001:2022 information security management standard FIDO2 password authentication standard

Cake Digital Bank complies with international standards and is committed to preserving the security of users’ information, optimising risk management, and providing a safe digital financial environment: