Vietnamese neobank Timo partners with Mambu to offer cloud-core banking services

Vietnam’s banking industry is ripe for disruption with low financial inclusion but high smartphone ownership.

Vietnamese digital bank, Timo, has partnered with software as a service (SaaS) banking platform, Mambu, to leverage a cloud-native core banking platform for its services.

“We selected Mambu’s market-leading cloud banking platform as we understand the value in leveraging a cloud-native, true SaaS core banking platform as we look to scale our business,” explained Henry Nguyen, CEO of Timo. 

The Vietnamese banking and financial services industry are ripe for disruption and innovation, with low rates of formal financial inclusion but very high rates of smartphone ownership and internet penetration, and a young, digitally-savvy population. 

The Vietnamese government is also proactively pushing for innovation, aiming for 80% of the adult population to be "banked" by 2025, Timo noted in a press release.