HO CHI MINH CITY – Timo, the first digital bank service in Viet Nam, was officially launched.

Developed by the Viet Nam Prosperity Joint Stock Commercial Bank (VP Bank) and Global Online Financial Solution, Timo is the first bank service in the country without branches or traditional transaction offices.

All services, including ATM cards, opening of saving accounts and payment to accounts, will be done online though mobile banking applications on smartphones or at the website https://my.timo.vn.

Money sent to Timo will be kept at VPBank to ensure security, the bank said.

All activities, including transfer of money, opening and closing accounts and account statements, are provided free.

VPBank said the company would first develop the service in HCM City and later open in Hanoi in October.

According to Viet Nam News