Globally, 785 million people lack access to clean drinking water. Specifically, many people in Mekong Delta, Vietnam are suffering due to the climate changes.

In the celebration of Lunar New Year, with the wish to protect and improve the ecosystem in Mekong Delta, Timo is collaborating with GAIA, a nature reserve organization, to launch the project of planting mangroves in Ca Mau.


With one friend you refer to install and use Timo successfully, Timo will send a fund to GAIA to plant two mangroves on your behalf in Ca Mau National Forest.  

  1. How to join:
    When your friends download Timo app and register, please remember to fill in your referral code (Take your referral code)
  2. We will send a confirmation email, and GAIA will help us to plant and take care of these trees for us.
  3. Program duration: 17/01/2023 – 28/02/2023

  4. There is NO LIMIT to the number of trees that you can plant. The more friends you refer to, the bigger part of the forest you are planting.

Isn’t it amazing to start 2023 by planting some trees in the forest? Even a forest!

The best time to plant a tree was 20 years ago.
The second best time is now, with Timo.

  • We will address all of your questions and concerns about this Project HERE
  • Information about GAIA
  • Register to get updates about the progress of Ca Mau Mangroves HERE


For any other support, please kindly:

  • Call our hotline 1800 6788 or 
  • Use the Live Chat in Timo app or 
  • Email us at care@timo.vn or
Ms. Thu Tran - Timo Digital Bank Vice President of PR & Communications at the Top 100 Trusted Vietnam Products - Services 2022 Award. Source: Timo.

Hanoi, 7th December 2022, Vietnam Economic Times hosted a celebration for the Top 100 Trusted Vietnam Products – Services 2022 Awards. The event attracted the participation of many large and reputable enterprises of nine sectors in Vietnam, including Banking, Insurance, Securities; E-Commerce, Retail; Fintech, Digital Products, Education, and more. Timo is proudly featured in the TOP 10 Trusted Vietnam Products – Services 2022 for Banking – Insurance – Securities with the “Personal Financial Management Solution Package.”

Timo's Personal Financial Management Solution Package is recognized in VET's Top 10 Trusted Vietnam Products - Services 2022 for Banking - Insurance - Securities

“Personal Financial Management Solution Package” from Timo Digital Bank is listed among the TOP 10 Trusted Vietnam Products – Services 2022 for Banking – Insurance – Securities – Source: Timo.

In the past few years, the digital banking market in Vietnam has had a striking take up by consumers with impressive development speed, primarily motivated by the Covid-19 pandemic. As consumers eventually become familiar with online payment methods, the digital banking market is getting more exciting and fiercer, and many new players, even traditional banks, have begun to participate in the “digitalizing race.” Competitive pressure has emphasized the importance of building customer trust and confidence in digital financial services.


With 7 years of operating in Vietnam as the first and pioneering digital bank, Timo acknowledges that “Trust” is the most significant barrier for all players in this market. And by becoming an effective financial partner that always puts the customers at the heart of development, Timo has set itself apart from the digital banking landscape. The satisfaction and trust of the customer are the foundation for long-term loyalty to Timo.  

Based on that, the “Personal Financial Management Solution Package” includes MoneyPot, Goal Save, Term Deposit, Split Bills, and Expense Statements. With these features, customers can easily keep track of their spending habits, manage payment channels, manage all transactions, and adjust expenses to secure financial stability. As the “Personal Financial Management Solution Package” is widely trusted and used by many customers, Timo is honored to feature in the Top 10 Trusted Vietnam Products – Services 2022 for Banking – Insurance – Securities.

Ms. Thu Tran - Timo Digital Bank Vice President of PR & Communications at the Top 100 Trusted Vietnam Products - Services 2022 Award. Source: Timo.

Ms. Thu Tran – Timo Digital Bank Vice President of PR & Communications at the Top 100 Trusted Vietnam Products – Services 2022 Award. Source: Timo.

Ms. Thu Tran – Vice President of PR & Communications at Timo Digital Bank, shared: “It is genuinely an honor for Timo to be recognized in the Top 10 Trusted Vietnam Products – Services 2022 of Banking – Insurance – Securities along with many prestige enterprises. This Award will motivate Timo to constantly develop innovative products and services, be a reliable tool for customers’ financial journey, and continue pursuing our mission of setting benchmarks for modern banking.  

We are proud to be the first and pioneering digital bank to develop many creative innovations to give customers ground-breaking experiences. Thus, a competitive and prominent market will enhance many companies’ efforts in developing new products and services to fulfil customers’ expectations and requirements, offering them more solutions to best solve their problems.”


About Timo

Established in 2015, Timo was Vietnam’s first and pioneering digital banking platform. Since then, Timo has aspired to set the benchmark for modern banking in Vietnam and beyond.

During seven years of operations, Timo’s efforts have been recognized across multiple fronts, including being named The Best and Fastest Growing Digital Bank inside and outside of Vietnam for many consecutive years, awarded by many reputable organizations like Asia Money, The Global Economics. In 2021, Timo was named “Best Customer-Centric Digital Bank in Vietnam” by Global Brands Magazine and also recognized as HR Asia’s “Best Companies to work for in Asia 2021”. Timo has further achieved “Gold Quality Service for Consumers benefit 2022”, as well as being a part of the Top 50 FDI Enterprises in Vietnam in the category of “Leading Digital Banking Platform in Vietnam” in 2021 and “Pioneering social banking and sustainable growth” in 2022 by Golden Dragon Award.

One of the country’s leading digital bank builds core banking platform on AWS in six months, set to scale with anticipated tenfold growth in demand

HO CHI MINH, Vietnam November 24, 2022 — Amazon Web Services (AWS), an Amazon.com company, today announced that Timo, Vietnam’s leading digital bank, has built and launched its cloud native core banking platform on AWS in just six months. The cloud banking platform will help Timo scale its business and acquire 5 million new customers over the next three years. Using the depth and breadth of AWS capabilities, including compute, data analytics, and machine learning, Timo is helping customers enjoy healthy financial lives with easily accessible digital banking services like payments and savings solutions. Timo is helping its customers in Vietnam use their mobile devices to make over 2 million monthly financial transactions, including transferring, managing, and saving money. With AWS, Timo can offer personalized financial services to customersmeeting their individual financial needs in a secure and compliant manner.


Timo set out to drive economic empowerment by delivering innovative and personalized mobile banking services to the Vietnamese population, of which 69% are unbanked. Working with AWS Partner Mambu, Timo built an agile, scalable, and secure environment to run its core financial applications in the cloud, including banking, payments, and mobile app. Using Amazon Elastic Compute Cloud (Amazon EC2), a web service that provides secure, resizable compute capacity in the cloud, and Amazon Elastic Kubernetes Services (Amazon EKS), a managed container service, Timo easily scales workloads on demand. This scalability supports an expected tenfold increase in Timo’s transactions by 2025, allowing more customers in Vietnam to easily transfer funds between mobile bank accounts or pay merchants online. To develop new financial solutions that help customers thrive, Timo built a data lake using Amazon Simple Storage Service (Amazon S3), a cloud object storage service, and AWS Glue, a serverless data integration service. This data lake securely and compliantly stores Timo’s structured and unstructured data on customer demographics and financial behavior at scale. With Amazon SageMaker, a fully managed service to build, train, and deploy machine learning models, Timo provides personalized financial services using customer data stored in the lake. For example, Timo can provide savings recommendations and partner discounts to customers based on their spending habits, driving economic empowerment.


To prepare staff for using the latest cloud technology, Timo worked with AWS to train 60 of Timo’s cloud team members and information technology (IT) members in architecting, developing, security, big data, artificial intelligence (AI), and machine learning on AWS. During these classes, discussions about Timo’s current cloud practices helped the teams verify their understanding and application of AWS services while learning and adopting new cloud capabilities to innovate new digital financial services. This training increased productivity for Timo’s cloud team with infrastructure automation, application deployment, and IT management using AWS without increasing the headcount of Timo’s cloud team.


“AWS helped us implement our entire banking platform in the cloud in less than six months,” said Alan Barker, Chief Technology Officer at Timo. “Using the cloud helps us deliver new and meaningful digital financial services to our customers faster. Our customer base is growing rapidly, and on AWS, we can confidently scale to meet the rising demand for digital financial services, leveraging the latest technology to set the benchmark in digital banking.”


“Digital Banks like Timo are mission focused to serve customers, drive financial inclusion and economic empowerment,” said Pete Murray, ASEAN Head of Financial Services at AWS. “Timo has developed a unique banking proposition on AWS include services that solve customer pain points working backwards from the mission to develop economic empowerment. We are excited to support Timo as the company grows. Their recent win at the Vietnamese Technology Excellence Awards recognising their payments innovation in partnership with OpenWay is testament to their success. At AWS we look forward to seeing the already thriving Vietnamese financial services technology community evolve.”

About Amazon Web Services

For over 15 years, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud offering. AWS has been continually expanding its services to support virtually any cloud workload, and it now has more than 200 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, virtual and augmented reality (VR and AR), media, and application development, deployment, and management from 96 Availability Zones within 30 geographic regions, with announced plans for 15 more Availability Zones and five more AWS Regions in Australia, Canada, Israel, New Zealand, and Thailand. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.


About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.


About Timo

Established in 2015, Timo was the first and pioneering digital bank platform in Vietnam to offer customers a unique banking experience coupled with products and services to make their banking life easier and hassle-free. Timo’s mission is to improve the financial lives of our customers so they can successfully achieve their goals and dreams in life. Since then, Timo has aspired to set the benchmark for modern banking, in Vietnam and beyond.

Timo Digital Bank – a pioneer in social banking and banking services in Vietnam – has announced that Mr. Henry Nguyen has been promoted to Executive Chairman. Mr. Jonas Eichhorst, Chief Financial Officer since 2021, has been promoted to CEO and will retain his position on the Board of Directors. In his new leadership role, Jonas will continue to work closely with Henry and the senior leadership team at Timo. The change also marks the two-year milestone of Timo’s relaunch of service under its long-term partnership with Viet Capital Bank.

As Executive Chairman, Henry will continue on working on strategy and planning as well as regulatory and external relations including partnerships and strategic alliances. In addition to Timo, Henry also serves as Chairman of Phoenix Holdings, whose portfolio holdings include strategic partners of Timo including VietCredit and Kredivo, Viet Capital Securities, and Viet Capital Bank.

Timo appoints Mr. Henry Nguyen as Chairman and Mr. Jonas Eichhorst as CEO – Source: Timo

Under Henry’s management, Timo’s re-launched platform has maintained its pioneering position as Vietnam’s leading digital bank. Timo offers a full stack of banking services including ATM/Debit cards accessible across the entire NAPAS platform, Visa credit cards, and other fundamental banking services. It has innovated banking in Vietnam by relentlessly pursuing a modern, customer-centric approach to the development of its products and services. By being obsessively customer-focused, Timo has become the most customer-relevant and valuable service to a rapidly growing base of clients. Beyond just offering the best user banking experience, Timo is also a true innovator in developing the concept of social banking, an important part of becoming more relevant and connected to our customers online and in the real world.

“While my work at Timo will remain unchanged and uninterrupted, I am extremely excited about Jonas’ promotion to CEO. It reflects all of the hard work and leadership he has exhibited at Timo so far while also expressing the potent and high expectations we all have for him,” said Henry Nguyen.

Over the past 15 years, Jonas has supported the development of a wide range of high-scale products and businesses across various emerging markets. Having first joined Timo’s Board in 2020, Jonas took on the CFO position in 2021 before now being promoted to CEO.

As newly appointed CEO of Timo, Jonas said: “Timo has had an incredible journey since its founding seven years ago to become the most trusted digital banking brand in Vietnam. We have a unique opportunity to really set the benchmark for digital banking in a market that is quickly developing. Ultimately, our customer’s success in moving, managing, growing, accessing and protecting their money drives our success.”

About Timo

Established in 2015, Timo is the pioneering and leading digital banking platform in Vietnam. Since it’s founding, Timo has endeavoured to set the benchmark for modern banking, in Vietnam and beyond. Timo offers customers a unique banking experience coupled with products and services to make their banking life easier and hassle-free.

Timo’s obsessive approach to customer satisfaction sets it apart from traditional banks which tend to get customers bogged down in paperwork and bureaucracy. Timo is relentlessly working on innovations to bring innovative products and services that will make the financial lives of our customers better. Some of these innovations include the concept of social banking – making Timo’s services more integrated to our customers online and in the real world.

As the pioneering digital bank in Vietnam, Covid propelled Timo to reposition themselves as social banking that focuses on connecting community & sustainable growth. As a result, in recent times, Timo has shown a strong commitment to every community they associate with, to always be an understanding friend, a long-term partner that could create emotional experiences in a way no bank has ever tapped into.

Mr. Jonas Eichhorst, Director and CFO of Timo Digital Bank shared: “Sports in general and basketball, in particular, are great people connectors. As the pioneering social bank and enabler of sustainable growth, we want people to stay on top of their financial needs, and help them feel connected, whether through features like payment requests or by bringing people together to learn more about managing their finances and how to live responsibly – especially for the younger generation. Our growth direction for Timo is deeply rooted in our commitment to a prosperous and sustainable community in the near future.”

All the success and excitement of the SEA Games 31 with Vietnam’s Men & Women Basketball team in the heat of Thanh Tri Stadium had brought Timo to consider the basketball community as our next challenge and build up to join Vietnamese basketball history.

SEA Games 31 is an essential milestone that witnesses one of the first steps of Vietnam’s basketball history-making journey – Cre: Timo

The story of “Defying the odds, Fuel your passion, Love the game you play”

Truong Twins – #11 Kayleigh Truong Thao My and #14 Kaylynne Truong Thao Vy are Vietnamese American twin sisters currently located in the United States. These two talented girls are among the minority of Asian American players to receive sports scholarships from Gonzaga University and now play for the team at NCAA Women.

During SEA Games 31, hosted by Vietnam, Truong Twins was a part of the women’s team and supported “making history” for the country’s basketball with a silver medal for the 3×3 games. From that moment, Thao My and Thao Vy have become idols that inspire young sports lovers, spreading the love for the orange ball and becoming fundamentals for the growth of national women’s basketball.

In the previous week, Truong Twins was proudly entitled to the shortlist of the 18 most influential names in US college basketball to become the Breaking Limits campaign ambassadors. Their mission is to continue spreading the message “Breaking Limits” and fuel young athletes to pursue their dreams and passions.

Truong Twins has created a positive and inspired young Vietnamese to live life to the fullest – Cre: Timo

Truong Twins Thao My – Thao Vy shared: “I love basketball because it is a universal sport. It gives us the chance to meet different people from different backgrounds. However, on our journeys, we also have to deal with adversity. So many people doubted us and said we didn’t belong and could fit in. But we wouldn’t be here, wouldn’t be the person or player we are today, without those obstacles.

We would like to see continued support from the fans. These past SEA Games show how much dedication these fans have. They showed up to the game early and supported both men and women, especially on the women’s side. We saw a huge fan base, so it just has the fan support to help us stay motivated. Moreover, we want to witness Vietnam compete at the highest level possible with FIBA 3×3 and 5×5 in the future.

We are excited to join Timo Digital Bank on this inspiring journey and have the chance to share the story of “Defying the odds, fuel your passion, love the game you play”. We look forward to seeing Vietnam’s basketball community grow and receive more attention. Thus we, the young generation, will continuously pursue the innovative, positive lifestyle to follow what they desire til success, then help create a more incredible Vietnam.”

Ms. Thu Tran – Vice President of PR & Communications, Timo Digital Bank said: “We are incredibly excited to witness that Truong Twins #11 Kayleigh Truong Thao My and #14 Kaylynne Truong Thao Vy are talented young athletes that reflect Timo’s 4 colour brand story and echo our core values in its truest form. Extending beyond just an “icon,” Truong Twins inspire the young Vietnamese generation to move towards a positive life, follow their dreams and play a critical role in supporting the upliftment of the Vietnamese women’s basketball scene. Timo is extremely proud to be a companion in this inspiring story!”

Timo Digital Bank sponsors VBA Saigon Heat 2022

Timo Digital Bank and the VBA Professional 3×3 Basketball Tournament hope to together carry out a mission of connecting and spreading a love of basketball.

On May 7 and 8 at the Youth Cultural House, the Vietnam Professional 3×3 Basketball Tournament, organized by the Vietnam Basketball Association (VBA), took place, with U/20 and Professional categories.

This year, together with other brands accompanying Vietnamese basketball, such as Viet Capital Bank, Audi, and Nova World Phan Thiet, Timo, a pioneer in social banking and sustainable growth, was the main sponsor of the VBA Professional 3×3 Basketball Tournament. With similarities in vision, mission, and growth direction, Timo joined the VBA to popularize 3×3 basketball, connecting and spreading a love of basketball through urban culture.

The VBA 3×3 tournament was held just before the 31st SEA Games, in which Vietnam is honoured to be the host country. Therefore, not only does this mark the first professional 3×3 tournament in Vietnam but also a training opportunity for the national team to win medals at the SEA Games and bring glory to Vietnam.

Mr. Jonas Eichhorst, Director and CFO of Timo Digital Bank, told VnEconomy about the mission of “Accompanying the VBA on its creative journey and setting new benchmarks in Vietnam and beyond.”

Ông Jonas Eichhorst – Thành viên HĐQT, Phó Tổng Giám đốc phụ trách Tài chính, Ngân hàng số Timo
Mr. Jonas Eichhorst – Director & CFO of Timo Digital Bank – Source: Timo

Why did Timo choose to accompany the VBA and become the main sponsor of the 3×3 Basketball Tournament?

We chose to work with the VBA because we can see consistency and similarities in vision, mission, and growth orientation. The orange colour in Timo’s logo represents the spirit of Innovation and Boldness, which are also the values the VBA is pursuing on its journey. The 3×3 Basketball Tournament is a completely new form of competition in Vietnam, and the VBA had to overcome barriers and breakthrough limits, showing its determination to promote urban culture.

Timo is also always improving its products and services every day so we can deliver outstanding experiences, helping customers stay on top of their finances and live the best life possible. Therefore, we are honoured to work with the VBA to spread a love of basketball among the young and build a stronger foundation for Vietnamese basketball, establishing new benchmarks and achieving bigger goals in Vietnam and beyond.

3×3 Basketball – An urban cultural sport was developed and popularized in Vietnam by VBA – Source: Timo

Is sponsoring sports and, more specifically, basketball, part of Timo’s social banking efforts?

Sports in general and basketball, in particular, are great people connectors. Not until recent years has the World Basketball Federation (FIBA) focused on 3×3 Basketball. With just half a court, one hoop, and three players on each team, exciting games can be held anytime, anywhere. That simplicity has helped 3×3 basketball quickly creep into every corner and become part of urban sports culture. With its contribution and support, Timo Digital Bank hopes that more and more 3×3 games will be held in both the professional and amateur forms nationwide, making 3×3 basketball a cultural connector and bringing basketball closer to sports lovers.

A commitment to a prosperous and sustainable community is a similarity in the growth directions of both Timo and the VBA.

Is Timo’s participation part of the strategy that “Digital banks do not need a branch network but still need to be present everywhere”?

Most customers are used to the fact that every time they need to use financial services, they will have to go to a bank branch. As a digital bank with the ambition of setting new benchmarks for modern banking, this starts from the smallest changes in mindset to meet all of the demands of our customers. To achieve this, the first principle is that Timo be present at all “touchpoints”, through online platforms, and be present in the most genuine way in the daily lives of customers.

The image of Timo alongside 3×3 basketball courts filled with energy and passion all around the country is the fastest way we can reach the hearts of the community as well as global sports lovers.

While the message from VBA is “Basketball we all love”, what is the message from Timo Digital Bank?

One main goal is securing “true love” from customers. First is to win their attention, then make sure they trust and respect what we are doing, and finally understand the value we bring. Then, customers will fall in love and engage with Timo.

The VBA tournament’s message is “Basketball we all love”, with a desire to spread a love of basketball among young people nationwide. As a pioneering social bank with sustainable growth, Timo hopes its support of this first 3×3 tournament will ensure it is a great success and become an annual event, taking Vietnamese basketball to world-class levels.

For maximized convenience in your financial experience, Timo offers our beloved customers a full guidance on cashing in and out of your Timo account.

It’s always free & easy to withdraw

Having a Timo Debit Card means you have the privilege of FREE WITHDRAWAL at more than 20.000 ATMs all over Vietnam.

In addition, you can always do large withdrawals at all Viet Capital Bank branches and offices nationwide.

Ditch the old habits of finding the correct ATMs for free withdrawals. With Timo, you get access to your money anywhere, always free of charge!

Depositing to your Timo account can be done in the following ways

< 5.000.000 VNĐ Fund your account through MoMo e-wallet at their cash deposit/withdrawals checkpoints. Then simply link your Timo account with your MoMo e-wallet to cash out.   
Preferred deposit/withdrawals checkpoints include major CVS chains like Circle K, Family Mart, Ministop,…  
You can also map your Timo account with e-wallets like GrabPay by Moca, ZaloPay & ShopeePay to cash out in a similar manner as MoMo. 
From >= 5.000.000 VNĐMake a deposit at all Viet Capital Bank branches (*).
Check out Viet Capital Bank branches HERE.

Transferring money from other banks to your Timo account is another great way to start using Timo. We offer you the convenience of receiving money from national and international banks, and other payments channels (PayPal, TransferWise,…)

*Notice: For foreigners who wish to deposit from 20.000.000 VND/day and up, Timo will require document verification.

Here is how to find your Timo account number or VietQR code for bank transfer:

On 23rd February 2022, 115 Vietnam-based enterprises were recognized by HR Asia – Asia’s leading human resources magazine, as “Best Companies to Work for in Asia 2021”, Timo Digital Bank included.

2021 was a challenging year not only for Timo but also for a lot of enterprises across many fields. HR Asia take pride in recognizing companies that have demonstrated world-class employee engagement from Vietnam. Many have managed to show great efforts in prioritizing employee experience while navigating through the uncertainty amid the pandemic. As the lockdown movement continues to disrupt business operations globally, companies based in Vietnam understand the importance of keeping employees engaged and motivated to achieve sustainable results.

Regarding the recent award by HR Asia, Henry Nguyen – CEO of Timo Digital Bank shared: “One thing about being a start-up is that it is not easy. We embraced a lot of challenges along the way, especially with the pandemic that hit last year. Having the right team is the most valuable – asset that anyone can ask for. The success in 2021 cannot be done without Timo’s team. Not only did they help Timo to accomplish many achievements in 2021 but also help us setting even more benchmarks for the modern banking industry.

Henry Nguyen – CEO of Timo Digital Bank

I would like to take this opportunity to send my appreciation to all Timonians that chose to stay with the company during such difficult period, being united and maintaining the commitment, constantly devoting themselves to the mission of setting the benchmarks for modern digital banking in Vietnam and beyond. This award today will be marking another important milestone in Timo’s growth. The trophy has reaffirmed that we’re on the right track and empower us to invest in building internal culture, fostering, and developing young talents.”

Despite all the hardships, the pandemic was still an important catalyst for digitalisation, especially in the finance-banking sector. As the pioneer and leading digital bank in Vietnam, Timo Digital Bank has shown its agility in rebranding by focusing on leveraging technology, upgrading its core banking system, and expanding its ecosystem for sustainable development in which human resources will be playing a vital role in the success of the whole enterprise.

Established in 2015, Timo was the first digital bank in Vietnam, with a long-term goal to be the one who set the benchmark for the modern banking industry, in Vietnam and beyond. This begins with small shifts in mindset, thinking about connecting people instead of just bank accounts. And this extends all the way to big questions like how banking in general and Timo specifically can be a contributor to a prosperous and harmonious society. In the next 5-10 years, Timo believes that the Finance-Banking sector will be led by these young talents that are currently being fostered and trained by Timo. From aspiring young employees with experienced leaders, who specialize in all fields, Timo empowers every individual in their team to promote an innovative and sustainable internal culture.

In order to best support Timo’s staff to overcome challenges and achieve the goals together, Timo ensures all employees have the best physical and mental health through offering sufficient compensation policy, good benefits and many bonding activities. The solidarity of Timonians creates a comprehensive and united team, in which individuals’ growth will align with the company’s vision. Timo is building a workplace where employees can consider it to be their second home – an open, united, and supportive office with equal and transparent opportunities.

Our most important mission is to offer comfort and satisfaction to customers. We strongly believe that the only way to meet that goal is to offer positive services and products which can only be provided by our happy employees.

The constant efforts from Timo’s team have helped the company overcome multiple challenges and achieve many prestigious awards such as “Best Customer-Centric Digital Bank in Vietnam” recognized by Global Brands Magazine, named as “Fastest Growing Digital Bank in Vietnam” voted by The Global Economics for 2 consecutive years, top 50 FDI Enterprises in Vietnam 2021 in the category of “Leading Digital Banking Platform in Vietnam” by Golden Dragon Award ceremony. Timo’s $20M fresh funding led by Square Peg was another shining example. These achievements have marked digitalisation maturity and proved the success of enhancing the banking sector in Vietnam.

The Fintech industry has kicked off 2022 with many exciting finance transactions and M&A. This signals a promising year for the fintech industry to thrive even stronger in the coming year. As part of the exciting movement, Timo has publicly shared its most recent funding round led by Square Peg right at the beginning of the new year – 2022.

Square Peg and Timo also share the same goal, and both firms are committed to adding a positive value to customers’ lives, solving customers’ problems in ways others cannot. Square Peg is a world-class and knowledgeable investment firm that seeded many tech unicorns from their infancy like Canva, FinAccel and AirWallex. This investment not only signals digital bank is the future in Vietnam but also affirms Timo’s leading position in this vital sector.

Regarding the good news, Henry Nguyen – CEO of Timo Digital Bank has shared about the company’s strategy to accelerate further its service in the use of the new funding.

Henry Nguyen – CEO of Timo Digital Bank

Covid-19 has taken a severe toll on the economy and businesses. How has it shifted consumer behavior regarding contactless payment?

Consumer behavior has evolved and changed rapidly by necessity and then by force of habit created by four months of lockdown. The pandemic forced people to interact and transact virtually, greatly accelerating online transactions and electronic payments. Avoiding face-to-face interactions has driven more rapid adoption of cashless and contactless payments among consumers – and these newly acquired behaviors will remain even after the pandemic.

Along with adapting to the new normal of life with the pandemic, electronic transactions are reaching the tipping point. Consumers demand that their banking and financial services respond to their needs and keep up with the rapid changes in how they manage the transactions in their lives. At Timo, we are building a modern banking service that is responsive to this consumer demand – one that is accessible, relevant, and valuable to our customers.

We know that banking does not exist in isolation and believe in social banking. For us, this begins with slight shifts in mindsets, thinking about connecting people instead of just bank accounts. This extends to big questions like how banking can be valuable and relevant to customers. Most of all, our team at Timo is driven by making the lives of our customers better and more prosperous.

We have worked on many platforms such as Zalo Connect during the strict lockdowns to help people adapt to the complex environment where transactions cannot happen face-to-face. We made sure our Timo customers could process all peer-to-peer transactions easily and quickly.

To become more relevant and valuable to customers, Timo continuously launches breakthrough features such as “Li xi Term Deposit” in the 2022 Tet season – Source: Timo

How is Timo partnering with other financial institutions, such as banks and e-wallets in Vietnam?

Timo believes that a robust digital ecosystem will make it easier for fintech businesses to develop faster and connect with modern digital customers more engagingly. A digital ecosystem built on solid partnerships will enhance the value that we all create for our customers and accelerate the growth and adoption of our services. It is a win-win approach where one plus one is more significant than two.

Like many tech startups, we are always moving as fast as we can to develop the best possible products for our customers. However, we also know the power and value of partnerships and nourish an ever-growing network of partners. We want to create synergistic values for Timo, our partners, and our entire universe of users. Of course, building these networks takes tremendous time and effort. It is not just technology; it is a lot of product work and interfacing between the two companies.

In addition to developing more products and constantly improving quality and accessibility, Timo and our strategic partners will continue building our ecosystem to offer a range of convenient services while ensuring the customer’s needs and experience are at the center of it all.

Large parts of the Vietnamese population are still unbanked and underbanked. How can Timo’s non-cash services help this segment achieve financial inclusion?

Financial inclusion is one of our primary missions at Timo. As traditional banking services can be operationally expensive, they tend to ignore customers on the lower rungs of the socioeconomic ladder. Timo believes all people in Vietnam should have access to no-fee banking services and become more integrated into the formal economy.

Offering no-cost banking services to all customers means there is one less barrier for them to perform electronic and cashless transactions and therefore be a part of the rapidly growing digital economy. To achieve this, a big part of our work is to educate and provide access to essential banking services.

This means developing and applying the latest technologies to serve a more significant segment of the population in a low-cost way.

In the end, the most important thing we focus on is how to serve our customers best so that their financial lives can be easier to manage, more accessible and convenient, and simply more prosperous and more valuable. Technology is just one of many tools to do this. Our team at Timo and their drive to serve our customers are making this happen. They too are customers, and they want to make a great product that makes everyone’s life better.

At Timo, we work hard to identify the problems and challenges that banking customers face every day. Being customer-centric is a core part of our ethos. Regardless of the barriers we meet in solving these problems, we know we must continue improving every day to serve our customers and earn their trust. Winning our customers’ trust and love is critical to our long-term success.

The investment round is led by Square Peg, a leading global VC firm whose investments include unicorns such as Canva, FinAccel and Airwallex. Other participants are Jungle Ventures, Granite Oak, FinAccel, Phoenix Holdings (existing investor) and other super angels. 

How Timo is redefining banking in Vietnam

Established in 2015, Timo is Vietnam’s first digital bank and has steadily evolved to become the country’s leader in digital banking. In 2019, the bank announced a strategic partnership with Viet Capital Bank, further accelerating its growth.

Timo – which stands for Time and Money – has consistently emphasized customer-centricity at its core. The company is widely recognized as being one of the first banks in Vietnam to offer eKYC services. Operating in a country where banking adoption rate is still relatively low, this helps customers save time during on-boarding and allows them to access other banking services online faster through its platform. More recently, the company has been accelerating its vision of social banking, recognizing that banking and financial services always are embedded in a broader context.

Securing the backing of Square Peg

With over US$1 billion in assets under management, Square Peg has backed category-defining companies including Southeast Asian fintech giants like Kredivo, StashAway and Pluang. Square Peg’s mission is to empower exceptional founders, and has invested over US$200M in Southeast Asian startups.

Tushar Roy, Square Peg Southeast Asia Partner said: “We have been impressed by the Timo team’s vision to transform banking in Vietnam. In a market with almost no other independent, digital-native players – Timo stood out from the crowd. It is a mission-oriented team aligned around creating beautiful experiences for customers and bringing more people in Vietnam into the financial ecosystem. We are excited to support Timo on its journey.”

Henry Nguyen, CEO Timo Digital Bank said: “This funding round is not only a signal that digital banking is the future in Vietnam, but It also demonstrates investors’ confidence that Timo is leading this important sector. We are deeply committed to our mission of setting the benchmark for modern banking in Vietnam while bringing greater financial inclusion and accessibility to the large majority of the population which remains unbanked. Timo aims to become the bank that is at the center of our customers’ financial lives. We are delighted to have world class investors led by Square Peg joining us on our journey.”

About Square Peg

Square Peg is a global investment firm on a mission to empower exceptional founders. With teams in Singapore, Israel and Australia, Square Peg invests in emerging technology companies across the internet economy. Square Peg has over US$1 billion in assets under management across multiple funds and has invested in category-defining companies including Fiverr, Canva, PropertyGuru and Airwallex. Since 2013, Square Peg has invested over US$200m in Southeast Asia in companies including Pluang, Stashaway, DoctorAnywhere and Neuron Mobility. In 2021, Square Peg expanded into global listed equities, with the launch of the Global Tech Fund.

About Timo

Timo is Vietnam’s very first digital banking platform which has rapidly developed over the past six years and become the country’s No.1 digital bank. Timo’s commitment to continuous innovation and its customer-centric approach have positioned it a true digital banking pioneer and as a leader in redefining modern banking services in Vietnam and beyond. In the past several years, Timo’s efforts have been recognized through many honors inside and outside of Vietnam including being named in the Top 50 FDI Enterprises in Vietnam 2021 as the “Leading Digital Banking Platform in Vietnam” by the Golden Dragon Awards and “Best Digital Bank in Vietnam 2021” voted by International Business Magazine.