Since our launch in 2015, Vietnam’s first digital bank, Timo, has rapidly evolved into one of the country’s most awarded banks, named both ‘Fastest Growing Digital Bank’ and ‘Most Innovative Digital Bank’ at the 2020 Global Economics Awards, International Business Magazine’s ‘Best Digital Bank in Vietnam’ and Global Brands Magazine’s ‘Best Customer–Centric Digital Bank’ in 2021.

Timo’s commitment to continuous innovation and our customer-centric approach have positioned Vietnam’s digital banking pioneer as a leader, not just in Vietnam, but across the entire Asia Pacific region.

Established in 2015, Timo was the first to offer a fee-free, easy and convenient digital banking experience in Vietnam. Since then, Timo has aspired to set the benchmark for modern banking, in Vietnam and beyond.

Today, Timo – which stands for Time and Money – is committed to helping our customers save time and make the most of their money through a single, easy-to-use platform.

In a country like Vietnam, with low rates of formal financial inclusion, yet incredibly high levels of smartphone ownership and internet penetration, focusing on meeting the needs of the young, digitally-savvy segment of the population has proven a successful strategy. Timo has also taken the innovative step of partnering with high-profile retail brands including McDonald’s and 7-Eleven, setting up kiosks – known as ‘hangouts’ – in high traffic retail outlets to enable customers to sign up to become a Timo customer quickly and conveniently. This approach has helped to increase Timo’s brand recognition, and allow us to connect directly with customers, particularly the younger generation.

“Our goal is to help people stay on top of their finances and live their best possible lives. We do this through rethinking a wide range of banking products and services and focusing on providing the best possible customer experience. We know that banking does not exist in isolation – we believe in the idea of social banking, and for us 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.” Henry Nguyen, CEO, Timo.

Timo is continuously looking at ways to leverage technology to understand and better serve our customers, with a view to making accessing financial services easy and convenient.

Timo and Mambu

Timo partnered with Mambu to leverage the benefits of a cloud-native core banking platform as it scales our business to a full-service digital bank. And with plans to further grow our ecosystem of strategic partners across different industries to enable maximum convenience for customers, Timo will be relying on Mambu’s agile and responsive cloud platform to continue powering Timo’s evolution.

“Our ultimate mission is to enable financial inclusion for everyone – not just for those who are ‘unhappily banked’ or those who are currently ‘unbanked’, but inclusion across our entire society. Utilizing Mambu’s cloud banking platform allows us to build a bank that is truly accessible to everybody. We want to become a financial partner to our customers and provide services that enhance our customers’ lives, and with Mambu we’ve found a technology partner that allows us to do that.” Henry Nguyen, CEO, Timo.

Timo digital bank joined Zalo Connect with a solution to allow donors to financially support people affected by COVID-19.

The project named “Surround yourself with green hopes” – Zalo Connect allows people to transfer money quickly and conveniently via Timo digital bank. Transfers can be made with only a link (no account number necessary) that is being used on Zalo Connect to support people in difficulty.

Each “orange dot” is a cry for help on Zalo Connect

Amid the COVID-19 pandemic, a new tool on Zalo Connect permits people in Ho Chi Minh City, Dong Nai, Binh Duong, and Long An to seek emergency support from the community to request foods, medicine, essential goods, and quickly connect with doctors or medical professionals for remote consultation.

As social distancing measures continue to be extended and the transportation of goods on inter-district routes is limited, many donors choose to support their peers in difficulty with financial means.

Those joining the Zalo Connect community are moved to tears by seeing the number of people calling for help in their community. Each “orange dot” (indicating people lacking food or medicine) on Zalo Connect is a story of adversity and need.

It could be a lonely old man running out of food, a young couple with a child who has gone without milk for weeks, a student who could not return home before the social distancing and is trapped at home with no money, an unemployed worker who can no longer afford to pay rent, or an expecting young couple who cannot afford essentials.

The project “Surround yourself with green hopes” – Zalo Connect is among the Top 10 campaigns for the community to “shine the most during the pandemic season” according to YouNet Media report

As of September 9, nearly 40,000 people had joined Zalo Connect to support those in difficulty, with more than 100,000 orange dots turning green after receiving food and necessities. About 92 per cent of requests for help were for essential food such as rice, eggs, meat, fish, vegetables, milk, and bread, while the rest was for other necessities such as washing powder, toothpaste, electronic appliances, medicine, and healthcare advice.

Nguyen Vu is a resident in Tan Phu district of Ho Chi Minh City who had participated in Zalo Connect, said she was looking to support families with children or elderly relatives, as well as families with F0 cases being treated at home. She eventually chose a young couple in Binh Tan district.

“Via Zalo Connection, I saw a request from Le Nguyen who is living in a small inn with a 4-year old. Due to the pandemic, Le and her husband were jobless and ran out of money. I sent some money to Le to help them overcome the difficult time,” Nguyen said.

Thu Hong, a resident in District 10, Ho Chi Minh City said that in the past few days, besides practical and meaningful support activities such as fundraising, supporting, and empowering medical staff, doctors and volunteers, campaigns like “Surround yourself with green hopes” has helped spread positive messages and energy throughout social networks and the whole community to overcome the pandemic.

“The ‘Surround yourself with green hopes’ project has really brought together the community and spread the love, making both the needy and the helpers more optimistic and more connected,” Hong said.

1. Promotion name: Chuyển khoản ngay, cộng tiền liền tay (Move money, Cashback Swiftly)

2. Duration of promotion: From 09/09/2021 to the end of 09/10/2021

3. Who can participate:

Vietnamese citizens or Expatriates living and working legally in Vietnam, over the age of 18 and have a Timo account.

Note: Staff of Viet Capital Bank, employees of the company that operates the Timo App, partner companies and promotional partners (including advertisers and media) are not allowed to participate in this program.

4. Terms and conditions for Reward:

During the Promotion period, the Customer successfully makes money transfers by using Timo Account and have the last 2 digits of the transaction code in the receipt on the application is “88”, in which the minimum transfer value for each transfer is 10,000 VND will receive an amount of VND 10,000 (“Reward”).

  • Timo Account: An account of Viet Capital Bank with code 800, 900, 901 or other code specified by Bank from time to time.
  • Customer receives up to 100 Rewards during the promotion period (no more than 02 Rewards for the same recipient).

5. Reward:

2.000 Rewards in cash worth VND 10,000 will be transferred directly to the customer’s Timo account.

Total value of the Reward: 20.000.000 đồng (Twenty million dong).

Note: Reward will only be given to the first 2,000 customers who complete the regulated steps as specified in the detailed rules during the Promotion period.

6. Notifying customers:

Within 30 (thirty) days from the end of the promotion, the Customer will receive a notification of the Reward via their registered email and/or via the Timo app.

7. How to join the Campaign:

To move money by using the Move Money button, the Customer needs to perform the following steps:

  • Step 1: Log in to Timo application, select money transfer by tapping the purple circle button on the main dashboard.
  • Step 2: Choose to transfer money to a new recipient or transfer money via phone number.
  • Step 3: Fill in the recipient’s account information, the amount and tap transfer.
  • Step 4: Check the transfer information, choose “Move money now” and enter the iOTP confirmation code.

To move money by using the QR code, the Customer needs to perform the following steps:

  • Step 1: Log in to Timo application, select money transfer by tapping on the three dots (•••) and select “QR scan“.
  • Step 2: Scan the recipient’s QR code or select Photos, select the recipient’s QR code image (if you already have their QR code’s image).
  • Step 3: Enter the amount and tap transfer.
  • Step 4: Check the transfer information, choose “Move money now” and enter the iOTP confirmation code.

8. General regulations:

  • This promotion cannot be used in conjunction with other promotions/offers being implemented for Timo customers at the same time.
  • Participants receiving the Reward are responsible for all expenses incurred in connection with receiving the gift including but not limited to personal income tax, related taxes, travel expenses for card opening and other relevant expenses (if any)…
  • Each customer is only eligible for 01 reward. Organization Committee has the right to request additional documents to sign and receive the Reward.
  • Customers are responsible for coordinating, implementing and complying with the procedures and procedures of the Organization Committee for Timo Account.
  • The Organization Committee is the final decision-maker in the consideration of the reward.
  • The incentive is not awarded in the following cases:
    • Customer refuses to receive the incentive.
    • Customers does not fully perform the steps / does not satisfy the conditions as prescribed in this Regulation during the Program period.
    • Customers do not receive email invitation to participate in the program.
    • Customer is not among the first 2,000 people to fully complete the steps/satisfy the conditions listed in section 4 of this document during the Program period.
    • The Customer does not cooperate, perform and does not comply with the procedures, process and regulations of the Organization Committee.
    • The number of Rewards is exhausted before the end of a Promotion.
  • By participating in this promotion program, customers are bound to accept all Terms and Conditions of the program, all the amendments (if any) and all the Terms and Conditions of the Timo ATM Debit card and Timo Spend Account as per relevant laws…
  • For underwriting procedure, Organization Committee has the right to request additional documents to verify the opening of a Timo Account (if necessary)
  • The Organization Committee may change or adjust the terms and conditions of the Promotion accordingly and the adjustment (if any) will be made public via the Customer’s email registration or via relevant communication channels.
  • The deadlines for submitting complaints and disputes about the campaign is 30 days from the campaign end date. Pass the above time limit, complaints and disputes will not be valid.

9. Contact point:

  • Hotline: 18006788 (toll-free)
  • Email: care@timo.vn
  • Fanpage: https://www.facebook.com/yourtimo/
  • Website: www.timo.vn

Along with the development and growth of e-commerce sites, retailers, and convenience stores, the need for online payment also rises significantly. According to many economical experts, soon, the payment ecosystem in general, and e-wallets will increase with their full potential. Timo Digital Bank is nowhere behind the trend since we’re now officially ready to connect with some of the most used E-wallets in the market: Momo & ZaloPay.  

Requirements to successfully connect your Timo account with Momo & ZaloPay: 

Within 5 minutes after registration for the Timo account online, you are now ready to use your Timo Account number to connect with Momo & ZaloPay without any further requirements.  

Moreover, if you’ve already had Timo Debit Card, you can choose to connect by Card Number as well.  

Linking your Timo Account with Momo 

Requirements:  

  • Have a Timo account that’s never been linked to Momo.  
  • Account Phone Number must be the same as the number registered with Timo.  
  • Citizen Identity Card/ Passport Number must match the one registered at Timo.  

How to link your account with Momo 

To successfully connect your Timo account with Momo, please follow the below steps:  

  • Step 1: Open Momo and choose “My Wallet” 
  • Step 2: Choose “Manage Card”, tap on “Add card/bank account” and choose “Timo” 
  • Step 3: Type your Account number, Cardholder name & ID number. 
  • Step 4: Confirm your OTP and finish the process.  

Notice: If you need to withdraw money from Momo to Timo account, choose Timo as your main account and disconnect with your previous bank account.  

Linking your Timo Account with ZaloPay 

Requirements:  

  • The minimum bank balance is 50,000 VND and above.  
  • Account Phone Number must be the same as the number registered with VietCapital Bank.  
  • Citizen Identity Card/ Passport Number must match the one registered at VietCapital Bank. 

How to link your account with ZaloPay  

To successfully connect your Timo account with ZaloPay, please follow the below steps:  

  • Step 1: In your ZaloPay app, access to “Personal” tab 
  • Step 2: Selecting “Bank” and click on “Add link” and choose VietCapital Bank. 
  • Step 3: Choose your connecting type as “Account” and fill up required information including Account Number, Cardholder name & ID number. 

Understand all your needs for a more convenient payment method, Timo has recently allowed all users to connect with e-wallets of their choice, including Momo, ZaloPay, Moca & ShopeePay in our latest application update. From now on, your online shopping experience is getting even better with Timo!  

Requirements to successfully connect your Timo account with E-wallets:  

After register on Timo App, you can immediately connect with Momo & ZaloPay without any further requirements. However, to link to Grabpay by Moca & ShopeePay, you’ll need to wait until you received your Timo Debit Card since these e-wallets require your Card Number to connect.  

Just have a look at the detailed instruction right below to connect to your favorite E-wallets at ease!  

With online account e-KYC:  

Even with a newly registered Timo account who is still waiting for Timo Debit Card to be published, you can connect and experience every feature of Momo & ZaloPay smoothly. Timo ensures every transaction of yours will be completely simple and zero-fee.  

Linking your Timo Account with Momo 

Requirements:  

  • Have a Timo account that’s never been linked to Momo.  
  • Account Phone Number must be the same as the number registered with Timo.  
  • Citizen Identity Card/ Passport Number must match the one registered at Timo.  

How to link your account with Momo 

To successfully connect your Timo account with Momo, please follow the below steps:  

  • Step 1: Open Momo and choose “My Wallet” 
  • Step 2: Choose “Manage Card”, tap on “Add card/bank account” and choose “Timo” 
  • Step 3: Type your Account number, Cardholder name & ID number. 
  • Step 4: Confirm your OTP and finish the process.  

Notice: If you need to withdraw money from Momo to Timo account, choose Timo as your main account and disconnect with your previous bank account.  

Linking your Timo Account with ZaloPay 

Requirements:  

  • The minimum bank balance is 50,000 VND and above.  
  • Account Phone Number must be the same as the number registered with VietCapital Bank.  
  • Citizen Identity Card/ Passport Number must match the one registered at VietCapital Bank. 

How to link your account with ZaloPay  

To successfully connect your Timo account with ZaloPay, please follow the below steps:  

  • Step 1: In your ZaloPay app, access to “Personal” tab 
  • Step 2: Selecting “Bank” and click on “Add link” and choose VietCapital Bank. 
  • Step 3: Choose your connecting type as “Account” and fill up required information including Account Number, Cardholder name & ID number. 

With full identification account (full-KYC) 

After finish all the necessary procedures and have your Timo Debit Card, you can now access even more privileges. Besides Momo & ZaloPay, full-KYC accounts can use card numbers to connect with Moca & ShopeePay.  

Linking your Timo Account with ShopeePay 

Requirements:  

  • The minimum bank balance is 50,000 VND and above.  
  • Account Phone Number must be the same as the number registered with VietCapital Bank.  
  • Citizen Identity Card/ Passport Number must match the one registered at VietCapital Bank. 

How to link your account with ShopeePay 

To successfully connect your Timo account with ShopeePay, please follow the below steps:  

  • Step 1: In your ShopeePay app, access to “Top Up”, select “Payment” then tap “Add New Debit Card” 
  • Step 2: Choose VietCapital Bank logo 
  • Step 3: Enter your Timo Debit Card number & necessary information. 
  • Step 4: Confirm your OTP and finish the process.  

Linking your Timo Account with Grabpay by Moca 

Requirements:  

  • Account Phone Number must be the same as the number registered with VietCapital Bank.  
  • Citizen Identity Card/ Passport Number must match the one registered at VietCapital Bank. 

How to link your account with Grabpay by Moca 

To successfully connect your Timo account with Moca, please follow the below steps:  

  • Step 1: In your Moca app, choose the card icon (top right of your screen) or choose the Personal icon and tap on the Card icon.  
  • Step 2: Choose “Link to card” 
  • Step 3: Enter your Timo Debit Card number & necessary information. 

If you haven’t received your powerful Timo Debit Card, please reserve your schedule on the Timo app to fulfill the required procedure and get your card at our Hangouts.  

Connect your E-wallets to your Timo account now and enjoy the hassle-free and completely free-of-fee transaction. 

On 25th  August 2021, Digital Banking Asia Part II Virtual Event, powered by IQPC Singapore, shed light on the digital capabilities and strategic partnerships needed to boost continuous innovation and ensure digital resilience. Senior-level executives in the banking – financial services industry will share tactical insights and best practices on collaborating and competing in a post-pandemic world, as well as building digital resilience through the combination of infrastructure, tech and talent.

Mr. Henry Nguyen, CEO of Timo Digital Bank – a pioneer and leading successful digital bank in the Vietnam market – joined for the keynote opening at the conference, to share the 4 key pillars for Digital Banking to be the Industry Disruptors in the coming time, including:

  • Start with the Customers: In a world that is changing ever faster, consumer demands change quickly, and being sure you can respond to those demands is key to our competitiveness. A digital bank does not achieve success overnight. The development requires consistent implementation with a customer-centric mindset. Targeting a breakthrough in the next 5-10 years, Timo is nourishing an ever-growing network of partners in its digital ecosystem while using customer data and insights from the domestic and foreign markets to improve its functionality and user experience.
  • Technology Innovation: Technologies like cloud technology allow you to scale faster, modern tech stacks allow you to develop faster and good ideas are copied faster than ever meaning you always need to keep innovating to be ahead.

Recently, Timo announced to partner with SaaS banking platform Mambu to leverage the benefits of a cloud-native core banking platform. The fact that Mambu’s platform utilises AWS’ comprehensive suite of services also gave us an additional layer of confidence and allowed us to envisage the true potential of what Timo can become. Our collaboration with both Mambu and AWS enables Timo to reap the benefits of a range of best-for-purpose technologies and will position us at the forefront of Vietnam’s digital banking revolution.

  • Openness: In the offline world, sharing information, integrating with partners was slow and costly – but digital information can be copied and transmitted at almost 0 extra costs. This is an advantage that helps digital banks to reduce or waive fees, create new interesting services and experiences for customers.
  • Banking services are an integral part of modern life: People don’t wake up in the morning dreaming of going to a bank – they wake up dreaming of going on a trip, buying a house, sending their kids to university, etc. – and banking & financial services play key roles in enabling this. Banking doesn’t exist in isolation, and technology allows us to integrate more seamlessly and more closely which ultimately helps people live the life they want.
Timo pointed Technology Innovation and Customer-Centric as agile approaches for Industry Disruptors in the coming time

Vietnam is currently a country with a low population served by banks but technology and internet accessibility are high, and the percentage of the population using smartphones is increasing rapidly. Now is the “Golden” time for Vietnam’s banking and financial services industry to make breakthroughs and innovations. The Vietnamese government is actively promoting innovation towards the goal of 80% of the adult population officially registered to use banking services by 2025.

The world is predicted to become digitalized much quicker, to win the market, in the next five years, Timo will focus on technologies such as big data, machine learning, and AI to learn more about existing and potential clients, generate actionable insights into customer behavior and consumption habits. Timo will develop products tailored to the needs of individual consumers while offering faster and more convenient services.

1. Duration of promotion: From 25/08/2021 to the end of 25/09/2021

2. Who can participate:

Vietnamese citizens or Expatriates living and working legally in Vietnam, over the age of 18, who have a Timo account until before the time of the program and received an invitation email to participate in the program.
Note: Staff of Viet Capital Bank, employees of the company that operates the Timo App, partner companies and promotional partners (including advertisers and media) are not allowed to participate in this program
3. Term and conditions for Reward:

During the Promotion period, the Customer successfully makes 03 money transfers to 03 different recipients (within 15 days from the date of receiving the program email) by using Timo Account, in which the minimum amount for each transaction is 10,000 VND and the minimum total transfer value for 03 transactions is 200,000 VND, will receive 10% cashback on the total transaction amount (of all 03 transactions), up to VND 30,000 (“Reward”).

  • Timo Account: An account of Viet Capital Bank with code 800, 900, 901 or other code specified by Bank from time to time.
  • Each customer can only receive 01 Reward.

4. Reward:

The Offer will be transferred directly to the first 1,000 customers’ Timo account who are qualified to the program.

Total value of the Offer: up to 30,000,000 VND (Thirty million VND).

Note: Offer will only be given to the first 1,000 customers who complete the steps as specified in the detailed rules during the Promotion period.

5. Notifying customers:

Within 30 (thirty) days from the end of the promotion, the Customer will receive a notification of the Reward via their registered email and/or via the Timo app.

6. How to join the campaign:

6.1. To move money by using the Move Money button, the Customer needs to perform the following steps:

  • Step 1: Log in to Timo application, select money transfer by tapping the purple circle button on the main dashboard.
  • Step 2: Choose to transfer money to a new recipient or transfer money via phone number.
  • Step 3: Fill in the recipient’s account information, the amount and tap transfer.
  • Step 4: Check the transfer information, choose “Move money now” and enter the iOTP confirmation code.

6.2. To move money by using the QR code, the Customer needs to perform the following steps:

  • Step 1: Log in to Timo application, select money transfer by tapping on the three dots (•••) and select “QR scan“.
  • Step 2: Scan the recipient’s QR code or select Photos, select the recipient’s QR code image (if you already have their QR code’s image).
  • Step 3: Enter the amount and tap transfer.
  • Step 4: Check the transfer information, choose “Move money now” and enter the iOTP confirmation code.

7. General regulations:

  • This promotion cannot be used in conjunction with other promotions/offers being implemented for Timo customers at the same time.
  • Participants receiving the Reward are responsible for all expenses incurred in connection with receiving the gift including but not limited to personal income tax, related taxes, travel expenses for card opening and other relevant expenses (if any)…
  • Each customer is only eligible for 01 reward. Organization Committee has the right to request additional documents to sign and receive the Reward.
  • Customers are responsible for coordinating, implementing and complying with the procedures and procedures of the Organization Committee for Timo Account.
  • The Organization Committee is the final decision-maker in the consideration of the reward.
  • The incentive is not awarded in the following cases:
    • Customer refuses to receive the incentive.
    • Customers does not fully perform the steps / does not satisfy the conditions as prescribed in this Regulation during the Program period.
    • Customers do not receive email invitation to participate in the program.
    • Customer is not among the first 1,000 people to fully complete the steps/satisfy the conditions listed in section 4 of this document during the Program period.
    • The Customer does not cooperate, perform and does not comply with the procedures, process and regulations of the Organization Committee.
    • The number of Rewards is exhausted before the end of a Promotion.
  • By participating in this promotion program, customers are bound to accept all Terms and Conditions of the program, all the amendments (if any) and all the Terms and Conditions of the Timo ATM Debit card and Timo Spend Account as per relevant laws…
  • For underwriting procedure, Organization Committee has the right to request additional documents to verify the opening of a Timo Account (if necessary)
  • The Organization Committee may change or adjust the terms and conditions of the Promotion accordingly and the adjustment (if any) will be made public via the Customer’s email registration or via relevant communication channels.
  • The deadlines for submitting complaints and disputes about the campaign is 30 days from the campaign end date. Pass the above time limit, complaints and disputes will not be valid.

8. Contact point:   

Ho Chi Minh City , 11 August 2021: Timo, Vietnam’s first digital bank, has announced it is partnering with SaaS banking platform Mambu to leverage the benefits of a cloud-native core banking platform to significantly scale its business.

Timo, one of Vietnam’s most innovative banks, offers a unique, user-friendly ‘banking-on-the-go’ experience to customers, and was named both Fastest Growing Digital Bank and Most Innovative Digital Bank at the 2020 Global Economics Awards.

“We selected Mambu’s market-leading cloud banking platform as we understand the value in leveraging a cloud-native, true SaaS core banking platform as we look to scale our business,” explained Henry Nguyen, CEO of Timo. “The fact that Mambu’s platform utilises AWS’ comprehensive suite of services also gave us an additional layer of confidence and allowed us to envisage the true potential of what Timo can become. Our collaboration with both Mambu and AWS enables Timo to reap the benefits of a range of best-for-purpose technologies and will position us at the forefront of Vietnam’s digital banking revolution.”

The Vietnamese banking and financial services industry is ripe for disruption and innovation, with low rates of formal financial inclusion but very high rates of smartphone ownership and internet penetration, and a young, digitally-savvy population. The Vietnamese government is also proactively pushing for innovation, aiming for 80 per cent of the adult population to be ‘banked’ by 2025.

“Mambu strives to work with organisations that are truly focused on improving financial inclusion and making banking better, and we have certainly found that with Timo,” said Myles Bertrand, Managing Director APAC at Mambu. “We are delighted to be partnering with Timo, an innovative and forward-thinking organisation that has already made such a significant positive impact in Vietnam. We look forward to working together to enable rapid growth for Timo and to make a real difference to the way banking services are delivered in Vietnam.”

There is currently significant opportunity for Vietnam to attract FDI in the digital banking space, with the Vietnamese market proving very attractive to overseas banks and private equity firms due to digital-savvy Vietnamese consumers. The rise of digital banking in the country will also enable financial institutions to tap the unbanked as well as provide customised solutions to the rising middle class.

“Vietnam is an incredibly important market for Mambu,” concludes Pham Quang Minh, General Manager Vietnam, for Mambu, “and we are very proud to have formed this partnership with Timo, one of the country’s leading digital banks. Mambu is committed to continuing our investment in Vietnam to extend our help to established banks and financial institutions to help them transform their legacy infrastructure, enhance their digital capabilities and deliver tailored customer experiences.”

_ ENDS _

About Timo

Established in 2015, Timo was the first digital banking 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.

In its six years of operations, Timo has been recognized in the Top 50 FDI Enterprises in Vietnam 2021 in the category of ‘Leading Digital Banking Platform in Vietnam’ by Golden Dragon Award ceremony, and ‘Best Digital Bank in Vietnam 2021’ voted by International Business Magazine, ‘The Best Digital Bank in Vietnam’ in 2019 by Asia Money and ‘Best Digital Bank in Vietnam 2021’ by International Business Magazine. Timo has also gained a remarkable double first, with The Global Economics awards – #1 in Fastest Growing Digital Bank 2020 and # 1 in Most Innovative Digital Bank 2020 in its ongoing digital banking transformation further cementing its maturity and proven success in improving the banking landscape in Vietnam. www.timo.vn

About Mambu

Mambu is the only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end-user demands. Mambu has over 700 employees​ that support 200 customers in over 65 countries – including N26, OakNorth, Tandem, ABN AMRO, Bank Islam and Orange. www.mambu.com

At the Asia-Pacific Digital Banking Forum 2021 on August 5 organized by Clariden Global, Henry Nguyen, CEO of Timo Digital Bank, shared how over the course of five years, the company has risen to the leading position in the digital banking market in Vietnam, a “promising land” for digital banking.

Attended by global leaders in the digital banking sector, Asia-Pacific Digital Banking Forum 2021 discussed digital transformation and long-term investment strategies to build up advanced technology platforms and upgrade customer experiences in digital banking.

Established in 2015, Timo is Vietnam’s very first digital banking platform which has rapidly evolved over the past years and become the No.1 digital bank. More than two million transactions a month attest to growing customer satisfaction and trust, resulting in an expected gross transaction value at a $2.5 billion run rate.

Its success in enhancing customer experience while growing the overall business has resulted in Timo winning a number of prestigious awards, both domestically and regionally, such as Leading Digital Banking Platform in Vietnam by Golden Dragon Award and Best Digital Bank in Vietnam 2021 voted by International Business Magazine. Furthermore, Timo was named the Best Digital Bank in Vietnam 2021 by International Business Magazine and in a remarkable double-first at The Global Economics awards received the first prizes in the Fastest-Growing Digital Bank 2020 and Most Innovative Digital Bank 2020.

This also signals the growing digital maturity in the Vietnamese banking industry as customers show increasing awareness and demand for digital banking products.

At the APAC Digital Banking Forum 2021, Henry Nguyen shared five lessons Timo has learned over the five years it has risen to the top of the Vietnamese digital banking market.

Lesson 1: Build around timeless principles

Timo has been developed based on the core principle of creating “one app for all banking needs”.

Timo stands for “Time” and “Money” with the commitment to help customers save time and make the most of their finances through a single platform. To this end, Timo has been consistently building an ecosystem of digital banking features with a single app to meet customers’ requirements quickly, conveniently, and completely free of charge.

Timo’s app does away with the inconveniences customers have with traditional banking each day, such as queuing for service and cumbersome paperwork.

Lesson 2: Digital transformation requires continuous research and improvement

A digital bank does not achieve success overnight. The development requires consistent implementation with a customer-centric mindset. Targeting a breakthrough in the next 5-10 years, Timo is nourishing an ever-growing network of partners in its digital ecosystem while using customer data and insights from the domestic and foreign markets to improve its functionality and user experience.

Lesson 3: Technology is essential, but not the only factor for success

Technology is not the key to success for digital banks, but it will help digital banks better understand customers’ behaviours and habits, thereby providing the best and most convenient experiences.

Technologies such as big data, machine learning, and AI can help businesses and digital banks learn more about existing and potential clients, using these insights to offer personalised that meet their individual needs.

In the next five years, Timo will focus on the above technologies to generate actionable insights into customer behaviour and consumption habits. Timo will develop products tailored to the needs of individual consumers while offering faster and more convenient services.

Lesson 4: Digital banks do not need a branch network but still need to be present everywhere

Customers need to be connected to receive support when they need it. Despite being a digital bank, Timo is constantly looking to make its presence felt across customers’ daily life. The strategy of “standing on the shoulders of giants” under which the digital bank has tied up with many powerful partners such as 7-Eleven and McDonald’s has helped Timo achieve unparalleled customer outreach and increase its brand recognition.

The cooperation with these two brands which are especially popular among young people not only helps Timo reach a potential customer base but allows it to quickly cover the Vietnamese market and increase its brand recognition by appearing in all McDonald’s and 7-Eleven stores.

Timo Digital Bank has entered into strategic partnerships with popular brands to set up “hangouts” at 7-Eleven convenience stores in Vietnam

Lesson 5: To succeed, a bank must inspire trust

Traditional banks face ongoing challenges is complying with changing legal regulations, risk management, capital assurance, and the urgent need to upgrade their systems. For digital banks however, customer trust is the most vital factor to achieve.

This “trust” is the biggest barrier for digital banks and by becoming an effective financial partner that always puts the customers at the heart of its development, Timo has set itself apart from the market. The satisfaction and trust of the customer is the foundation for long-term loyalty to Timo.

Timo has just designed a new feature to donate for Vietnam Covid-19 Vaccine Fund right on its phone application. Now users can easily donate within seconds to support our country and spread the positive spirit against the epidemic. So what does Timo’s Vaccine Donate feature does, and how to use it?   

What is Vietnam Covid Vaccine Fund?   

Vietnam Covid-19 Vaccine Fund was established on June 5th, 2021, aiming to collect all national and international contributions, along with the government budget to purchase & import vaccines for Vietnam citizens to get vaccinated. Every single personal or organizational contribution is appreciated deeply.   

What’s new in Timo’s Vaccine Donate feature?   

When our country calls for help, Timo responds immediately. To support the community, Timo has just released its latest feature of donating for Vietnam Covid-19 Vaccine Fund right on the mobile app. So that every user can log in and donate anytime, anywhere using the Timo app.  

This feature will enable your ability to express your love and support to our country by making donate simpler and faster. All contributions will be sent directly to the official account of the Vietnam Covid-19 Vaccine Fund to ensure transparency, publicity, and effectiveness.   

The Vietnam Covid-19 Funds is truly the fund of compassion, support, belief and united for Vietnam to fight against pandemics and recover strongly as we all are.  

How to use this feature?  

  • Tap “Donate Now” on the main dashboard banner.   
  • Enter your desired amount & your description/ message.  
  • Tap “Donate now” to confirm your transaction.