Vietnam’s largest digital bank, Cake by VPBank (Cake), has recently made a groundbreaking move by launching a fully cloud-based Card Management System (CMS) in partnership with Visa, creating a significant milestone as the first deployment of its kind in Vietnam. By leveraging the Visa Cloud Connect technology on the Google Cloud infrastructure, Cake has positioned itself at the forefront of digital banking innovation. This integration not only enhances payment processing efficiencies but also underscores Visa’s commitment to fintech innovation and fostering financial inclusion in Vietnam. The new system marks a pivotal moment for the country’s financial technology landscape, potentially setting a blueprint for future banking practices.
Visa Cloud Connect offers versatile and secure connectivity to Visa’s network through various cloud-based infrastructures, enabling a wide range of businesses—from nascent startups to established enterprises—to benefit from this advanced technological leap. This integration delivers improved operational efficiency, sustainability, and scalability, which are crucial elements for the continued growth and innovation in payment systems. By supporting all card and transaction types globally while maintaining the highest security standards, this CMS redefines what is possible in digital banking.
Seamless Integration and Efficiency
One of the most notable achievements of this endeavor is that Cake has become the world’s first issuing bank to implement Visa Cloud Connect on Google Cloud Infrastructure. Cake’s proprietary payment processing platform takes full advantage of various Google Cloud tools such as Google Kubernetes Engine (GKE) Enterprise, Spanner, Pub/Sub, and BigQuery, which underscores the bank’s commitment to staying ahead in the technological curve. The capability to harness these powerful tools means that Cake can offer its customers seamless and efficient banking services. Recently, Cake introduced Vietnam’s first disposable virtual debit card on this cutting-edge platform, with ambitious plans to further expand its repertoire of debit and credit card products.
The advantages of a cloud-based CMS don’t just end with improved efficiency, they also open up new possibilities for expanding financial services and promoting cashless transactions in Vietnam. Visa’s Country Manager for Vietnam and Laos, Ms. Dung Dang, noted that this cloud-based solution aligns perfectly with Visa’s vision of advancing towards a digital future for Vietnam, significantly boosting the adoption of cashless payments. The collaboration not only marks a significant achievement for Cake but also positions Vietnam as a potential leader in the global transition towards digital banking and financial solutions.
A Vision for a Cashless Future
Vietnam’s largest digital bank, Cake by VPBank (Cake), has recently made a significant advancement by launching a fully cloud-based Card Management System (CMS) in partnership with Visa. This move marks the first deployment of such a system in Vietnam. Utilizing Visa Cloud Connect technology on the Google Cloud infrastructure, Cake stands at the forefront of digital banking innovation. This integration not only enhances payment processing but also highlights Visa’s dedication to fintech innovation and promoting financial inclusion in Vietnam. The new CMS represents a pivotal shift in the country’s financial technology landscape, potentially setting a precedent for future banking practices.
Visa Cloud Connect provides versatile and secure connectivity to Visa’s network through various cloud infrastructures, which benefits a wide array of businesses—from startups to established enterprises. This advanced integration offers improved operational efficiency, sustainability, and scalability, all crucial for the growth and innovation of payment systems. By supporting all card and transaction types globally while maintaining top security standards, this CMS revolutionizes possibilities in digital banking.