Digital bank Cake by VPBank (Cake) was recently honored with the "Vietnam's Best Digital Bank 2026" award at the Euromoney Awards for Excellence 2026 ceremony, which took place in Singapore on 10/9.
This award, part of the "Group Level Banking Awards" category, assesses a bank's overall capabilities across strategy, technology, business efficiency, and customer value, rather than focusing on a single product or application.
Euromoney noted that Cake's performance in Vietnam signifies a transition from experimental digital banking to a scaled and profitable model. Cake was established from the outset on cloud computing and artificial intelligence (AI) platforms, distinguishing itself from traditional banks that convert existing systems. This approach highlights the necessity for technology and AI in digital banking to generate tangible value for both customers and business operations.
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Nguyen Huu Quang, CEO of Cake Digital Bank, representing the unit receiving the award from Euromoney. Photo: Tran Duy |
Launched in 2021, Cake now serves over 7,6 million customers. Its platform integrates various services, including payments, savings, credit, cards, investments, and international remittances. The bank has also broadened its partner network across retail, telecommunications, transportation, insurance, and other digital services. Cake states that this integrated approach enables users to access financial services seamlessly within their daily routines, eliminating the need for separate service access.
In addition to ecosystem expansion, Cake leverages AI and data science to analyze individual customer needs and behaviors, enabling personalized experiences. Its inception as a purely digital model has allowed the bank to maximize this personalization advantage, especially as its user base surpasses 7,6 million.
Cake emphasizes that as its customer base grows, operational efficiency is measured by the value generated per customer, not solely by user numbers. The bank proudly states it is the first purely digital bank in Vietnam to report profitability, achieving this milestone after 3,5 years of operation.
Average revenue per user (ARPU) reached 25 USD (approximately 645.000 dong) in 2025 and is projected to rise to 44 USD in 2026. Cake attributes this growth to its capability in translating customer experience into tangible business value.
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Cake Digital Bank currently serves over 7,6 million customers. Photo: Nhung Nguyen |
Nguyen Huu Quang, General Director of Cake Digital Bank, stated that this award signals a new phase of development following its rapid expansion. Through its digital financial services, Cake aims to provide people with faster and more convenient access to financial solutions. Simultaneously, the bank is committed to building a scalable, highly personalized, purely digital bank that drives business efficiency.
"This award also provides a foundation for Cake to further develop its 'Next Gen AI Bank' model in Vietnam and the broader region", affirmed Cake's CEO.
Since its establishment as a purely digital model in 2021, Cake reports a shift in focus. While scale growth was initially paramount, the bank is now prioritizing operational efficiency and value generated per customer.
The Euromoney Awards for Excellence, a prominent recognition in the Asian banking and finance sector, has been organized for over 30 years. Its rigorous evaluation system includes participation from more than 700 banks across over 125 countries and territories. This year, Euromoney recognized numerous global and regional banks, including Santander, Revolut, HSBC, DBS, and Maybank.
Thy An
