With billions of transactions processed annually, the value of “digital trust” has become a critical benchmark for banks to compete and establish their position.
For decades, customer trust in banks was often tied to grand headquarters, modern teller counters, or the professional demeanor of staff. However, the digital era has redefined these standards. Today, users no longer need to visit a branch to “see is to believe”; instead, they trust through experience: instant transactions, loans approved in minutes, or secure logins with absolute safety.
This shift is evident in the figures released by the State Bank of Vietnam. By the end of 2024, the number of non-cash payment transactions in Vietnam reached 17.7 billion, with a total value of 295.2 quadrillion VND, marking a 56% increase in volume and a 32% rise in value compared to 2023. ATM transactions continued to decline, with a 15.83% drop in volume and a 4.97% decrease in value in the first seven months of 2025 compared to the same period in 2024.
In this landscape, Cake by VPBank stands out as a prime example. After nearly five years of operation, this digital bank boasts 6 million users with a retention rate exceeding 95%. Customers under 35 now account for over 85% of its total user base.
Cake has earned international security certifications such as PCI DSS 4.0, ISO/IEC 27001:2022, FIDO2, and ISO/IEC 30107-3 Level 2, which are considered the “trust badges” in the digital finance sector. By leveraging technology, every user action—from login to payment and card transactions—is fortified with multiple layers of security without compromising speed and seamlessness.
Currently, Cake operates over 100 self-developed AI models, serving various purposes from customer identification and anomaly detection to credit scoring and experience optimization.
For instance, the AI-powered money transfer feature allows users to scan information from images or text, reducing manual errors and shortening data entry time. As technology addresses small but practical risks, customers gradually feel a sense of security.
AI enables users to transfer money swiftly by automatically scanning necessary information from images or text.
Convenience is another focus for Cake, achieved through a “personalization” strategy tailored to individual customer needs. By applying data science and AI, the system continuously learns user habits, suggests suitable products, and delivers a service that feels custom-made for each customer.
What sets Cake apart is its mastery of technology by a Vietnamese team. While many regional digital banks rely on imported platforms, Cake takes pride in its “Made in Vietnam” technology models, ensuring data security and showcasing the capabilities of local talent.
Cake’s journey in building digital trust is marked by numerous prestigious domestic and international awards, as well as partnerships with major players in e-commerce, telecommunications, and super-apps. These achievements serve as reliable endorsements for customers and demonstrate that a Vietnamese digital bank can compete globally. Recently, Cake was named “Best Digital Bank in Vietnam 2025” by International Banker and ranked among the Top 100 Global Digital Banks by TAB Global.
Its nomination for “Best AI-Powered Digital Bank” at this year’s BCA further underscores recognition from industry experts. In the global digital transformation wave, a purely Vietnamese digital bank asserting its position is not just a business milestone but also a testament to the ambition of mastering technology to accompany the nation in the new era.
Cake by VPBank is Vietnam’s pioneering all-digital bank, integrating artificial intelligence throughout its operations, aligned with the Next Gen AI Bank vision. All of Cake’s AI systems are developed by Vietnamese engineers, with over 100 AI models currently in operation. Notably, Cake’s large language model (LLM) won an award at the Multilingual Conversational Speech Language Model (MLC-SLM) competition during Interspeech 2025, the world’s leading conference on speech technology. Ranked A by CORE standards, the event gathered top entities like Tencent, the Chinese Academy of Sciences, and Nanyang Technological University. This achievement underscores Vietnam’s capability to master AI technology at an international level.
Enhancing Early Warning Systems for Suspicious Transactions to Mitigate Fraud Risks in Financial Institutions
Early warning systems that provide proactive alerts and reminders to customers, helping them identify suspicious transactions and potential fraud, have proven highly effective. Their success underscores the need to prioritize, enhance, and expand these initiatives for broader impact and continuous development.
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MB Bank Ranked Among Vietnam’s Top 10 Most Valuable Brands in 2025
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Dr. Nguyen Quoc Hung: Building a Sustainable Digital Banking Ecosystem – Innovative Yet Secure, Personalized Yet Privacy-Protected
At the opening ceremony of the Smart Banking 2025 Seminar and Exhibition on September 25th, Nguyen Quoc Hung, Vice Chairman and Secretary-General of the Vietnam Banking Association, emphasized the harmonious integration of Strategy, Data, Technology, and People, all underpinned by proactive risk management and compliance.
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As a pioneer in digitalization, Techcombank leverages its innovative edge and trusted financial solutions to empower over 16.5 million customers. By ushering in the era of Automated Profitability, we redefine how Vietnamese manage their finances—safely, flexibly, and around the clock—while maximizing value and experience. Our customer-centric strategy not only optimizes wealth management but also extends our legacy of success through a uniquely differentiated approach.
