Correcting and Replacing: Cake digital bank launches its fully cloud-based card management system using Visa solutions, the first of such deployment in Vietnam

HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 15 November 2024 – Cake by VPBank (Cake), Vietnam's largest digital bank by user base, revenue and product variety, announced the launch of its first fully cloud-based Card Management System (CMS) in collaboration with Visa.

The new cloud-based CMS utilizes Visa Cloud Connect on Google Cloud infrastructure as its access model to the Visa network. This innovative solution is the first of its kind in Vietnam and is now available on Cake's platform, significantly advancing payment processing modernization.

Visa Cloud Connect allows financial institutions to securely connect to the Visa network via participating cloud-based infrastructure, simplifying and accelerating access to Visa's global payment network. This benefits a wide range of businesses, from early-stage fintechs and traditional clients, to cloud-native enterprises, that are looking for faster time-to-market, infrastructure modernization, or business expansion, regardless of their existing connections to the Visa network.

Businesses using Cake's platform benefit from Visa Cloud Connect's enhanced operational capabilities, such as reduced data center overheads and costs. It promotes operations-driven sustainability and scalability to meet demand and adaptability for future payment innovations and growth. Visa Cloud Connect supports all card and transaction types, is available globally, and maintains the highest levels of security and control.

Ms. Dung Dang, Visa Country Manager for Vietnam and Laos, said: "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. It underscores Visa's commitment to supporting fintech innovation and financial inclusion in the region."

Cake is the first issuing bank globally to have implemented Visa Cloud Connect on Google Cloud Infrastructure. Cake's proprietary payment processing platform is built on modern domain-oriented microservices architecture and event-driven architecture, taking advantage of Google Cloud's unique and best-in-class capabilities, such as Google Kubernetes Engine (GKE) Enterprise, Spanner, Pub/Sub and BigQuery. Recently, Cake launched Vietnam's first disposable virtual debit card on this new platform, with additional debit and credit card products forthcoming.

Mr. Nguyen Duc Toan, Country Manager, Vietnam, Google Cloud, said: "Vietnam is in the midst of a rapid shift toward a cashless society, with the gross transaction value of digital payments projected to reach between US$300 billion and US$350 billion by 2030. We are proud that Cake CMS is one of the world's first implementations of Visa Cloud Connect on Google Cloud's secure, scalable, open, and cost-optimized infrastructure, enabling it to deliver the seamless payment experiences that today's customers demand. This collaboration with Cake exemplifies our commitment to supporting and advancing fintech innovation in Vietnam."

Mr. Tu The Hien, Chief Technology Officer at Cake by VPBank, added: "Technology is the backbone of Cake's rapid growth. This collaboration integrates Visa's payment expertise, Cake's innovative DNA and Google Cloud's secure and scalable infrastructure to 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."

Hashtag: #Visa

The issuer is solely responsible for the content of this announcement.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About Cake Digital Bank

Cake by VPBank digital bank (Cake) was launched in January 2021 in Vietnam. Cake is a digital-only bank that applies AI in the entire banking process with the orientation of "Next GenAI Bank". As of September 2024, Cake digital bank serves more than 4.6 million customers and provides a full range of personal financial services of the banking sector, including: bank transfer, payment, savings, investment, consumer loans, BNPL, credit cards, etc. In Vietnam, Cake is the digital-only bank that meets the ISO/IEC 30107-3 standard for facial biometrics, Cake also meets the highest standard for payment card data security - PCI DSS 4.0 level 1. In 2024, The Asian Banker recognized Cake as the "Best AI Technology Implementation". At the same time, Euromoney also voted Cake as "Rising Star 2024".

For more information: https://cake.vn/