Top Digital Banks In Vietnam To Watch In 2020

Emerging Trends in Digital Banking in Vietnam

The development of technology 4.0 has completely changed the life and consumption behavior of Vietnamese people in the past 10 years. Digital banking with outstanding features and convenience has gradually conquered consumers. Leading to the shift of digitalization of banking and financial services, the continuous emergence of digital banking models with full features and services of traditional banks. Let’s review the list of leading digital banks in Vietnam market today.

Why should use digital bank service in the Covid-19 pandemic?

Limiting exposure: Digital banking is fully operational and transacting on the internet environment but still ensures all support for all transactions for customers. Therefore, all contact between people is strictly limited. In the context of the COVID-19 epidemic, this is one of the important contributing factors to the global epidemic.

Time-saving: a prominent feature of digital banking is the online operation, customers will save time going to the branch to conduct transactions, procedures such as opening an account, transferring money … All activities are all done online.

High transparency: with digital banks, when all transactions are conducted visually on the application platform, it is very difficult for data errors to occur as traditional bank operations. When operated by humans, the risk of error will not be avoided. The digital banking technology platform is completely designed to operate independently by artificial intelligence, so the ability to calculate and process transactions are absolutely accurate.

Leading digital banks in Vietnam

Timo by VPBank

Timo (launched in 2016) is the first digital bank in Vietnam. Starting with an application that allows you to open cards, deposit online, and transfer and withdraw money at other ATMs without fee system, Timo has become a familiar name to Vietnamese people when it comes to digital banking.

NEEBank by Omanee (expected to officially operate in 2021)

NEEBank is the first digital bank model on the Blockchain platform in Vietnam. NEEBank – as a project cooperated between Omanee and Ecoworld, with the ambition to apply 4.0 technology to life for a cashless world. With outstanding features such as free international money transfer, no annual fee, free-of-charge all services such as account opening, account maintenance fee, payment, money transfer, money exchange …

In addition, NEEBank also develops a system of cooperative agents across the world – NEEBanker, in order to bring the best experience to users. With its extensive NEEBanker network, international money transfer services that required lots of procedures and time are now simplified and above all completely free.

NEEBank will be officially put into operation in May 2021, promising to be a potential name in the current digital banking race.

Livebank by TPBank

Among digital banks in Vietnam, TPBank chooses a different direction than VPBank. LiveBank is a 24/7 automated teller system that can meet most of your needs without the presence of tellers.