Vietnamese e-wallet Zalopay has partnered with Cake Digital Bank by VPBank to integrate a suite of financial services into its mobile app.
Users will be able to access Cake’s credit cards, loans, and savings services directly through the Zalopay app, without needing to leave the app.
The process to open a Cake credit card is fully online and requires only a national ID.
Users can reportedly obtain a virtual card within minutes and begin using it immediately for online purchases.
They can also apply for Cake’s Fast Loan with near-instant disbursement, or open savings accounts that support low entry amounts and partial withdrawals without affecting interest on the remaining balance.
The partnership leverages artificial intelligence (AI) to streamline onboarding, approval, and service delivery, enabling more personalised and efficient financial experiences.
With this move, Zalopay and Cake aim to expand access to digital financial services across Vietnam.
Zalopay currently has over 16 million users while Cake reported that it now serves nearly 5 million customers as of December 2024.
Nguyen Huu Quang, General Director of Cake by VPBank Digital Bank said,
“The cooperation with Zalopay reflects the common vision and commitment of the two units in enhancing the digital financial experience for Vietnamese users.
Through this cooperation, tens of millions of users will easily access useful and safe financial solutions, contributing to the growth of the two parties’ scale of operations, while actively contributing to the national financial inclusion strategy.”
Tran Ba Khoi Nguyen, Deputy General Director of Zalopay said,
“Zalopay always aims to become a comprehensive, simple and accessible financial touchpoint for all users. Cooperating with Cake helps us expand the digital financial ecosystem, bringing smart payment, consumption and accumulation experiences.
We believe that with the similarity in innovation and technology thinking, Zalopay and Cake will together create optimal financial solutions, bringing long-term and sustainable value to users.”
