Cake by VPBank, a leading digital bank in Vietnam, has been honored with the “Outstanding AI-Powered Digital Bank” award at the 2025 Better Choice Awards (BCA 2025), an annual event organized by the Ministry of Finance. This recognition highlights Cake’s pioneering role in integrating artificial intelligence across all banking operations, setting the stage for the next generation of digital banking in Vietnam.
According to the judging panel, Cake stood out in three key areas: its early adoption of cutting-edge technology, the seamless integration of AI throughout its services, and the tangible benefits delivered to both customers and business operations. This achievement underscores AI’s growing importance as a cornerstone of the domestic digital finance industry.
Mr. Nguyễn Hữu Quang, CEO of Cake Digital Bank, stated, “Our victory at the 2025 Better Choice Awards demonstrates that Vietnamese expertise can compete on the global AI stage and transform critical sectors like digital finance. Through our Next Gen AI Bank strategy, we aim to build digital trust and expand financial opportunities for millions nationwide.”
Cake has proven that technology can bridge the gap for previously underserved customers. With just a few taps on their smartphones, users can open accounts, apply for credit cards, or secure loans without visiting a branch. This accessibility has empowered individuals in remote areas and freelancers to access comprehensive financial services. Leveraging a robust partner ecosystem, Cake now serves tens of millions of users.
A technological highlight is Cake’s Smart Virtual Agent (SVA) system. Utilizing advanced technologies such as voice recognition, NLP, TTS, Voice Auth, and finance-specific LLMs, the SVA handles over 5,000 calls daily, increasing outreach by 80%, improving debt recovery by 30%, and reducing operational costs by 40%. Additionally, hundreds of thousands of credit applications are processed within minutes, significantly mitigating risks and fraud.
Beyond customer service, AI enables Cake to manage large-scale operations with exceptional efficiency. The system processes hundreds of millions of transactions annually in seconds and manages millions of credit profiles monthly. These capabilities position Cake as one of the few digital banks with full AI mastery.
Cake boasts over 6 million users, processing hundreds of millions of transactions annually. Photo: Cake
Alongside technological innovation, Cake leads in meeting international security standards. It is Southeast Asia’s first bank to achieve ISO/IEC 30107-3 Level 2 certification for facial recognition and PCI DSS 4.0 Level 1 for card data security. With over 6 million users, Cake maintains an 80% retention rate for regular customers and 95% for financial service users, reflecting strong customer trust.
At BCA 2025, Cake also received the “Pioneering Vietnamese AI Platform” award, further cementing its leadership in AI-driven digital banking developed by Vietnamese experts.
This milestone benefits not only Cake but also enhances Vietnam’s technological reputation in the global digital banking arena. Previously recognized by The Asian Banker and International Banker, Cake ranks among the world’s top 100 digital banks.
As a trailblazer, Cake exemplifies a new path for digital finance, showcasing how banks can combine agility, convenience, and technological sovereignty to redefine industry standards.
Cake by VPBank is Vietnam’s first fully digital bank to implement end-to-end AI, pioneering the Next Gen AI Bank model.
Notably, Cake’s large language model (LLM) won at Interspeech 2025, competing alongside giants like Tencent and Nanyang Technological University.
This achievement highlights Vietnam’s AI capabilities on the global stage.
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