Top Digital Bank In Vietnam

Vietnam’s digital banking is growing fast. It’s the second-fastest growing fintech sector in ASEAN, after Singapore. The country expects its digital economy to reach $18 billion by the end of 2025. Banks in Vietnam are making digital plans for the next few years. In early 2025, cashless payments jumped—transactions rose by 57% in number and 39% in value.

In 2020, Vietnam started its National Financial Inclusion Strategy. The goal is for 80% of adults to have bank accounts by 2025. It helps people—especially low-income groups, vulnerable communities, and small businesses—access essential financial services like payments, transfers, savings, loans, and insurance.

The strategy aims to set up financial service offices in 50% of communes. It also wants 25-30% of adults to have savings accounts and increase cashless transactions by 20-25% annually. Another target is to grow insurance income to 3.5% of GDP by 2025. This shows Vietnam’s push to make financial services available to more people. In 2023, about 4 million mobile money accounts were opened, with over 70% in rural or underserved areas.

List Of Digital Banks In Vietnam

Here is a list of digital banks of Vietnam that are transforming the banking landscape for Vietnamese.

Timo Bank

Timo Bank is a digital bank in Vietnam. It provides various services, including online account opening, payment processing, ATM card issuance, financial management, and goal-setting for savings. Timo was developed by VietNam Prosperity Joint Stock Commercial Bank (VP Bank) and Global Online Financial Solution. Its name reflects the concepts of “Time and Money.”

The bank has received several awards, such as “Fastest Growing Digital Bank” and “Most Innovative Digital Bank” at the 2020 Global Economics Awards, as well as “Best Digital Bank in Vietnam” in 2021. Timo has partnered with well-known retailers like 7-Eleven and McDonald’s to simplify the sign-up process for new users. It has collaborated with Amazon Web Services (AWS) to enhance its IT staff’s training. Overall, Timo stands out as a pioneering digital bank in Vietnam. It is recognized for its innovation and customer-centric approach. It is one of the top digital banks in Vietnam.

Live Bank By TP Bank

LiveBank is a digital banking platform in Vietnam. It provides automated banking services 24/7. Its stations offer various functions, including ATM services, new account openings, debit card issuance, and cash deposits and withdrawals. Customers can also access quick loans and use thumbprint scanning for transaction verification.

LiveBank uses advanced technologies such as eKYC, optical character recognition (OCR), QR codes, cash recyclers, and biometrics. These technologies help LiveBank to operate more cost-effectively than traditional bank branches with operational costs 28% lower and transaction costs 75% lower. It is one of the top digital banks in Vietnam.

LiveBank was launched by TPBank in 2017. LiveBank has allowed the bank to offer remote account opening and cardless transactions. These services made a significant milestone in Vietnam’s banking sector. LiveBank is a collaboration platform that enhances customer interactions with financial institutions and streamlines sales and customer service across all channels.

VCB Digibank

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank). It was initially established as a foreign trade bank. Vietcombank has transformed into a versatile financial institution that offers a wide range of services. Vietcombank successfully implemented the VCB CashUp project in collaboration with Intellect Design Arena as part of its digital transformation strategy to become Vietnam’s leading digital bank.

VCB CashUp presents a comprehensive suite of transaction banking products. These products include Digital Payments, Enhanced Liquidity Management, Supply Chain Finance, Virtual Accounts and more. These services are designed to meet the needs of Vietcombank’s corporate clients, such as large enterprises and financial institutions. It is one of the top digital banks in Vietnam.

Since the launch of VCB CashUp, Vietcombank has seen significant improvements in revenue generation, operational efficiency and customer satisfaction. Bank’s monthly revenue reached VND 55 trillion, which reflects a remarkable 500% increase in overall revenue since 2021. This success underlines Vietcombank’s commitment to adopting advanced banking practices and technologies in its digital transformation journey.

Orient Commercial Bank (OCB)

Orient Commercial Joint Stock Bank (OCB) is enhancing its digital banking capabilities by partnering with Backbase to modernize its omnichannel banking system. Bank aims to create a personalized digital experience for customers across all platforms. It fully digitizes every customer journey to provide seamless services via mobile and computer applications. OCB expects to double its monthly active retail banking users in the first year. It is estimated to reach 10 million users by the fifth year with the implementation of the Backbase Engagement Banking Platform (EBP). It is one of the top digital banks in Vietnam.

OCB has shown impressive growth by expanding its OCB OMNI platform to over 200 products and services in 2022 as the top private bank in Vietnam. The number of OCB OMNI users and transactions increased significantly, alongside a 178% rise in deposits through digital channels. OCB provides financial services to individual and business customers through its nearly 200 branches nationwide. Emphasis on digital innovation makes it a top player in Vietnam’s banking industry.

Conclusion

Vietnam is improving its digital banking sector to boost the economy. Many digital banking companies are already helping with this growth. The country wants to make banking digital so more people can use bank accounts. The State Bank is teaming up with other groups to make payments safer and more secure. They’re also teaching people about money and banking to help them use these services better. This shows Vietnam’s dedication to growing its digital banking system.

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