KUALA LUMPUR: Cake Digital Bank has reached a significant achievement by becoming profitable in just three and a half years, placing it among a small group of digital banks worldwide that have accomplished this milestone so swiftly.

According to BERNAMA News Agency, this success underscores Cake’s commitment to innovation, technological advancements, and customer satisfaction in Vietnam’s competitive banking sector. In 2024, the bank experienced substantial growth, with revenue per user tripling from US$4 in 2023 to US$12. Customer acquisition also rose by over 60 percent, growing from three million in its first two years to nearly five million in 2024, highlighting the bank’s increasing market appeal.

Cake processes an average of 400,000 credit applications each month, a notable achievement for a digital-only bank in Vietnam. Payment transactions have more than doubled, reaching US$4.7 billion in 2024, demonstrating Cake’s expanding market share and the trust customers place in its services. Achieving brea
keven in June this year, Cake became the first digital-only bank in Vietnam to announce profitability in the fourth quarter, showcasing its competitive advantage and strong customer retention rates.

A key factor in Cake’s success is its integration of artificial intelligence (AI) across all operations, enhancing customer experience and operational efficiency. The bank’s in-house AI solutions offer customers quick and easy access to services, creating a smooth and efficient user experience. These innovations are transforming how customers manage their finances, making banking faster, more intuitive, and tailored to individual needs.

In addition to its focus on AI, Cake emphasizes financial inclusion and ease of use, ensuring accessibility for all users regardless of their background or technical expertise. Cake’s technological innovations have earned it multiple accolades, including “Technology Bank of the Year” and “Best AI Technology Implementation” in 2024.

Having achieved profitability, Cake is poised f
or continued growth and is set to become a model for digital-only banks. With a focus on innovation and a commitment to accessible banking and financial inclusion, it is expected to play a pivotal role in shaping the future of Vietnam’s financial and banking sectors.