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.

The first digital bank in Vietnam, Timo has become one of the sponsors accompanying the “Build On, Vietnam 2021” programme, an intellectual playground for students who love to explore cloud computing technology in Vietnam.

At the opening ceremony of the “Build On, Vietnam 2021” held on July 15, Nguyen Quang Minh, deputy CEO, Partnership at Timo said that the event welcomes programmers who are passionate about cloud computing technology, innovation, and technology solutions to solve sponsors’ and judges challenges.

The “Build On, Vietnam 2021” programme is a hackathon organised by Amazon Web Services (AWS) in collaboration with VnDXE.

“With the long-term goal of becoming one of the best banks in Vietnam, Timo quickly understood the importance of digital transformation and embracing the cloud – an inevitable technology trend for the financial sector,” Minh said.

Nguyen Quang Minh, Deputy CEO, Partnership of Timo Digital Bank at the opening ceremony

Attending the opening ceremony were Tran Van Tung, deputy minister of Science and Technology; Tang Ngoc Truong An, general director of VnDXE; Ha Hai Nam, deputy director of the Vietnam National Institute of Software and Digital Content Industry; Nguyen Minh Hong, chairman of Vietnam Digital Communications Association; as well as representatives from AWS and partners accompanying the programme.

With a vision to become a friendly, creative, and ideal workplace, Timo is fostering, training, and developing young talents in the company and other young people who love technology and choose to work in the financial sector. In the next 5-10 years, the Vietnamese market will have many talented and experienced young people who can meet the strong development and increasing competition in the Vietnamese market.

Partners & Sponsors of “Build On, Vietnam 2021”

Sharing at the event, Julian Lau, Public Sector Emerging Markets Development manager at AWS said that when schools switch to online learning during the pandemic, using online attendance systems or streaming a video lecture means the student has used cloud computing. Cloud computing is the backend infrastructure, supporting many apps and platforms such as Zoom, Netflix, and Twitch.

Besides commercial companies, cloud computing is also widely used in the public sector such as educational institutions, government agencies, and healthcare organisations which use cloud technology to solve public challenges and build a framework for smart city development.

“We provide students with the opportunity to experience cloud computing and use it to make a positive impact on the community with the power of technology,” said Lau. “As a result, AWS is excited to announce the launch of ‘Build On, Vietnam 2021’, a competitive exam that challenges students to create technological innovations and solutions to address the challenges which the sponsors are facing. We hope students will utilise services from virtual machines, IoT, AI, machine learning, and databases to create innovative solutions that can contribute to the digitisation of cloud computing in Vietnam with AWS,” he added

“Build on, Vietnam 2021” is a hackathon organized by Amazon Website Service in collaboration with VnDXE

The first digital banking platform in Vietnam, Timo, on May 24 announced that it has officially become a strategic partner of the world’s largest fast-food restaurant chain, McDonald’s, in Vietnam.

This cooperation helps Timo and McDonald’s exploit each other’s unique offerings and effectively combine their potential and unique advantages, thereby bringing attractive incentives and exciting experiences to customers, especially the Vietnamese youth.

Over the past six years, Timo has continuously developed, improved, and innovated to bring simple, convenient, new and groundbreaking financial experiences to users.

This has helped Timo receive high recognition and appreciation from prestigious domestic and foreign financial institutions.

Timo has been honored in the Top 50 Outstanding Foreign-Invested Enterprises in 2020, won the Leading Digital Banking Platform in Vietnam at the Golden Dragon Award 2021, and was awarded the Best Digital Bank in Vietnam title for three consecutive years by prestigious international magazines Asiamoney, Global Economics, and International Business Magazine.

Officially operated in Vietnam since 2014, McDonald’s is constantly improving service quality, bring enjoyable experience for its customers

Aiming to become a “financial partner” of consumers, Timo is trying to build a platform where banking is no longer just banking, but also enhances the lives of our customers where daily financial transactions can be made within the ecosystem that customers have linked, thereby bringing about product experiences that are relevant convenient, and cost-effective.

The potential of this model is undeniable but it also requires huge investment in technology, capital and human resources.

Recently, Timo has onboarded a team of leading financial experts in the region such as Mr. Nirukt Sapru, former CEO of Standard Chartered Bank Vietnam and Mr. Nam Tran, co-founder and chairman of Moca, who are on the Timo Global Advisory Board. Their expertise and consultancy in identifying innovative and strategic solutions will support Timo to build a robust service, backed by solutions and development strategies.

In addition, Timo plans on expanding its ecosystem of strategic partners across industries ranging from banking, finance, retail, sports, healthcare, and education to consumer goods, fashion, real estate, tourism, aviation, and more to bring maximum convenience for customers.

According to Ms. Ha Tran, Chief Growth Officer of Timo, the company’s strategy is continuous innovation and non-stop creation, putting customers’ interests and experiences first, thereby creating financial products and solutions with outstanding integrated features and value.

“To do this, Timo is actively expanding cooperation with fintech and multi-industrial partners to develop a digital ecosystem that supports customers in every aspect of their daily lives,” said Ms. Ha Tran.

“We do believe that becoming a strategic partner of McDonald’s, a global brand and sharing the same vision of providing convenient products and services and breakthrough experiences to customers, will be a step forward for Timo in its journey to build and develop its digital ecosystem. We hope this cooperation will open up opportunities to help both sides consolidate our strengths in the market, support each other, thereby bringing more benefits and added value to both our customers”, Ms. Ha Tran added.

According to Mr. Thinh Nguyen, General Director of McDonald’s Vietnam, the restaurant chain puts customers first and has an unerring customer-centric mindset.

“As we find this same spirit shared by Timo, we enter into a strategic partnership to ignite both our passions to bring great convenience and joyful experiences to customers,” Mr. Thinh Nguyen said.

Technology has dramatically changed how people live and their consumption habits. Nguyen said in McDonald’s, they have started serving a future experience and have been using technology in their daily operations since Day 1.

“Nowadays customers enjoy ordering, paying, and being served in the restaurants in the most convenient ways. Continuously improving customer experience using digital technology has been an important part of McDonald’s business strategy,” he said.

Mr. Thinh Nguyen also added that many applications including automated kiosks with a table service, integrated payments system, digital menu board, mobile apps, and delivery app, together with a great Guest Experience Leader have lifted its hospitality standards with a focus on customer satisfaction.

“With Timo growing into one of the leading digital banks in Vietnam, we look forward to fruitful cooperation in which we could grow together as pioneers and leaders in our field and support us in our digital transformation process. In addition, we will utilise our strengths in technology capacity and our network to further broaden service to give more to many more customers,” said Mr. Thinh Nguyen.

A “giant” of the global fast-food industry, McDonald’s officially operated in Vietnam since 2014, with a long-term investment strategy, McDonald’s is constantly improving service quality, bringing enjoyable experiences for its customers, Mr. Thinh Nguyen added.

Not only bringing world-famous menus such as French fries, Big Mac, Chicken McNuggets, Happy Meals, and McCafe, McDonald’s Vietnam has also launched special local menus such as Pho Burger, meat porridge, meat noodles, and Vietnamese Coffee to customers.

In addition, McDonald’s Vietnam is constantly expanding its network of multi-industrial partners to bring the most comprehensive experiences to customers. The most outstanding of these include “The Famous Order” programme in May in collaboration with Platinum artist BTS group that is widely loved by Vietnamese fans. In particular, McDonald’s pays great attention in its development strategy to cooperating with partners who are providing digital technology applications, such as Timo.

Timo, the first digital banking platform in Vietnam, officially announced the appointment of Nam Tran, co-founder and chairman of Moca as a member of the Global Advisory Board at Timo from May 1, 2021.

Nam Tran co-founded and led the development of Moca, a pioneer in mobile payments in Vietnam. Moca has successfully launched a strategic partnership with Grab since late 2018 and has also partnered with more than 20 banks and leading retailers such as McDonald’s and 7-Eleven. Nam is also a Senior Advisor and former Head of Grab Financial Group (Vietnam).

In earlier years, Nam had worked at Maritime Bank (MSB) as deputy general director in charge of Operations and IT. Nam also co-founded Mobivi – the first electronic wallet in Vietnam – after leaving his position as Product Manager at Microsoft in the US. Nam completed his PhD in computer science at Monash University, Australia in 2005.

Known as a pioneer and experienced leader in fintech in Vietnam, especially in the mobile payment segment, Nam is expected to contribute to breakthrough products and outstanding financial experiences for Timo’s customers.

Sharing about his new position, Nam said that he was very excited about this new role at Timo. “Banking services should contribute to better life experiences for consumers. To do that, Timo will expand cooperation with many other fintech companies and ecosystem partners to provide diversified and optimised digital financial services. With an extensive network of partners and a modern digital banking platform, I believe Timo can become a leading digital ecosystem in Vietnam,” Nam said.

According to CEO Henry Nguyen, Timo will soon promote cooperation with other e-wallets and fintech platforms to expand its digital services for customers, providing them with the best experiences in payment and beyond.

“Timo will have to be more flexible and become the leader in grasping international financial development trends and flexibly adjust to truly fit and bring the best performance to the digital banking ecosystem in Vietnam”, Hoang said.

The Timo Global Advisory Board consisting of Nirukt Sapru, former CEO of Standard Chartered Bank Vietnam and Nam Tran, co-founder and chairman of Moca, will advise and support Timo’s senior management team, including to seek and appoint other strong leaders, aiming to become a preferred “financial partner” providing the best financial experiences      anytime, anywhere through innovative and flexible digital solutions.

Cooperating with Viet Capital Bank as the first digital banking platform in Vietnam, Timo has continuously developed, improved, and innovated to bring its customers the best financial experiences.

Recently, Timo has been honoured in the Top 50 Outstanding Foreign-Invested Enterprises in 2020, won “Leading Digital Banking Platform in Vietnam” at the Golden Dragon Award 2021, and was awarded the “Best Digital Bank in Vietnam” title for three consecutive years by prestigious international magazines Asiamoney, Global Economics, and International Business Magazine.

Ho Chi Minh City, April 15, 2021 – Timo Digital Bank platform today officially announced that Mr. Nirukt Sapru has been appointed to the Global Advisory Board of Timo with effect from 1 April 2021.

Nirukt has more than 34 years in retail, commercial and investment banking. Nirukt brings deep emerging market experience across Asia, Middle East, Eastern Europe and Latin America coupled with having run businesses in the OECD markets of Australia, Europe and North America.

Most recently, he served as Standard Chartered Banks CEO for Vietnam and Cluster CEO for ASEAN and South Asia cluster markets. During his tenure, Standard Chartered Bank Vietnam became one of the leading international banking franchises in Vietnam and he is in particular credited for building out a digital retail franchise.

Prior to joining Standard Chartered Nirukt was Global Head of Emerging Markets and Leverage Finance for ABN AMRO Bank based in London.

His extensive knowledge and experience in Vietnam and other financial markets will allow him to contribute significantly to the long-term domestic and international development of Timo.

Both Nirukt and the company strongly believe that any strategy must be based on customer-centricity. “Timo has an extraordinary cloud based native digital platform which allows it to provide a truly world class digital solution for its customers. With its obsession on customer outcomes, I am excited to join Henry and the team at Timo to help serve our customers to give them a truly world class customised experience” according to him.

With this appointment, Timo gains an exciting opportunity to understand international financial development trends and customise them to the digital banking ecosystem in Vietnam. Mr. Sapru will therefore play a key advising, supporting and empowering role for Timo’s senior management, complementing and validating strategic matters.

Setting up a Global Advisory Board is crucial to assist Timo in realizing its aspirations of becoming the preferred “financial partner” for customers and provide the best financial experience anytime, anywhere. To further advance this mission, Timo has concurrently made a series of additional senior management appointments tasked with developing further innovative solutions. The company hopes to positively contribute to the overall development of the banking and financial sector in Vietnam and improving the lives of the Vietnamese people through innovative and customised digital solutions.

These efforts are also starting to attract global attention. Recently, Timo was awarded “Best Digital Bank in Vietnam 2021” by the prestigious International Business Magazine, the third consecutive year that Timo has received the award “Best Digital Bank in Vietnam”.

Mr. Nguyen Bao Hoang – CEO of Timo said that he sees the line between digital and traditional banks continuously blurring in the future. Timo therefore aspired to simply become a leading bank in Vietnam over the next decade. Meanwhile, in addition to strengthening its position domestically Timo is also assessing international strategic opportunities. Specifically, the company is open to international partners and investors who can provide strategic value to the financial ecosystem and reach customers in both financial and non-financial segments to increase Timo’s overall competitiveness in this period of abundant opportunity but also significant challenge.

Hochiminh city, 19th Jan 2021


Timo was established in 2015, as the first digital banking platform in Vietnam to offer customers a unique banking experience coupled with products & services to make their banking life easier and hassle-free. 

The global banking sector is constantly metamorphosing yet in an embryonic stage in Vietnam. 

Timo has emerged as a leading non-conventional bank in the nation and beyond with a digital-first mindset. The bank has achieved a remarkable double first with The Global Economics award categories- #1 in Fastest Growing Digital Bank 2020 and #1 in Most Innovative Digital Bank 2020 in its ongoing digital banking transformation. The Global Economics is a U.K.-based premium financial magazine and is happy to commend Timo Bank in its unique approach of integrating banking with lifestyle sought after by many private banking customers.

Award criterias

Timo’s strategy is product-led, innovation-led, and customer-centric- the best of integrated functionality and value. Timo has modernized the e-Payments ecosystem with EasyPay for their increasing digital-native customer base. 

The following criteria were looked upon during the process of evaluation:

  • Customer Reviews/Feedback
  • Market Reach
  • Products and Services
  • Online Presence
  • Technology used
  • Innovation
  • Growth

What made Timo stand out from traditional banks was a strategic decision to bypass formal branches and instead, invite customers to “Hangouts”, which are hybrid coffee shop-banking centers. This was the first innovation that prioritized customers at the forefront of the business. 

Hangout model is the Timo’s commitment to put customer first

Timo’s vision & mission

Unlike typical banks in Vietnam, Timo also streamlined the sign-up process via Digital channels that could be completed in under 5 minutes, followed by a 15-minute physical visit to any of the Hangouts nationwide where a “wet signature” and Debit Card was collected (as required by State Bank of Vietnam regulation). A new Timo member enjoyed a complimentary beverage at the Hangout, while the verification is completed and walks away with a Debit Card. 

Most importantly, this customer experience and customer-first approach allowed Timo to demystify the complex banking environment and deliver a Simple, User-friendly and transparent banking platform accessible on iOS, Android and through a web app. Safety measures like authentication, are also streamlined with multi-level security protocols like Fingerprint Login, Face Recognition, Card lock / Unlock iOTP in the App and OTP via SMS to ensure customers’ funds are safe.

After 5 years of operating in the market, Timo opened 5 hybrid coffee shop branches called “Hangouts” across 4 key provinces nationwide – where customers can experience a digitized financial product in a unique environment that’s not a typical bank. In 2019, Timo was recognized for its innovative efforts and was awarded “The Best Digital Bank in Vietnam” by Asia Money– further cementing its maturity and success in improving the landscape of banking sector in Vietnam. 

New year new look with Timo

Timo changes banking partner

Extending the digitalization trend in Vietnam, Timo decided to move to its next development stage by partnering with Viet Capital Bank in September 2020, with a shared vision of bolstering innovation and better customer experience. 

Timo’s mission is to benchmark its smart financial management platform with a focus on the best user experience. Timo offers users can conveniently send and receive payments, manage savings and investments, borrow money and create financial plans. To accomplish this mission, Timo decided to form this strategic partnership with Viet Capital Bank that promises a closer working relationship and upgrades. 

Within 2 months post the transition from the previous partner, Timo recorded impressive numbers with over 100,000 new and migrated accounts. The company has been quick to expand its capacity by continuously deploying new ‘hangout’ branches and pop-up event locations to meet the overwhelming demands of customers eager to join the newest digital bank. In the true spirit of collaboration, Viet Capital Bank branches in select cities, also onboarded Timo customers. This number will continue to grow as Timo and Viet Capital Bank strengthen their partnership and aims to reach as many customers as possible across the country. 

About Viet Capital Bank 

Established in 1992, Viet Capital Bank has over 27 years of experience in transforming the banking sector of Vietnam through a focus on technology and customer care, especially for SMEs and individual clients. In digital banking, Viet Capital Bank has earned its reputation to adopt digital transformation initiatives such as being the first to implement eKYC with TrueID technology from VNG. 

Viet Capital Bank has also been pioneering in online and mobile banking and has led the banking sector in partnerships with the leading Fintech and digital financial services innovators. Its business results through the first 6 months of 2020 reflect the benefits of this focus on technology and innovation as the number of transactions and transaction value handled by Viet Capital Bank have increased by over 3 times and over 5 times, respectively, as compared to last year.

Timo Best Digital Bank 2019


HCMC, 2nd October 2019

Timo Digital Bank receives the “Best Digital Bank in Vietnam 2019” award.

Second from left to right:
Mr. Andy Ho (Board of Directors of Timo), Mrs. Nga Lam (Chief Financial Officer – Timo) and Mr. Giang Pham Long (Head of Digital Banking Services – VP Bank) received the award from  Asiamoney representatives. 

September 25, 2019 – At the Asiamoney Awards ceremony on 25th September 2019 in Singapore, Timo won the “Best Digital Bank in Vietnam 2019” award amongst an audience of its peers.

The Award is given annually by Asiamoney, a subsidiary of the prestigious Euromoney financial magazine that is a trusted source of banking and capital markets news amongst the financial sector. Asiamoney has been an authoritative voice for the banking and financial industry in Asia for almost three decades, with the Asiamoney Awards acknowledging pioneers across categories of finance, investment, SMEs support activities and CSR activities.

When asked how winning this award made him feel, Mr. Don Lam, Chairman of Timo said:

I am proud to see Timo realize our initial vision and change the face of banking in Vietnam. As a market leader in the Fintech space, we will continue to push innovative solutions and create progressive and intelligent customer experiences across our platform”.

For Cameron Warden, CEO of Timo, this award is a testament to the last few years of hard work and determination. He says:

It’s fantastic to see that our strategy of innovating on customer experience through technology is paying off. We’re excited to be a true catalyst for change in the banking sector in Vietnam”.  

The “Asiamoney Best Bank Awards” were created to identify which banks in each market across Asia have excelled across a range of core banking activities over the past year. The 2019 award ceremony honored participating banks across categories like Best Domestic Bank, Best Bank for SMEs, Best Corporate & Investment Bank, Best International Bank, Best Digital Bank and Best Bank for CSR. 

Asiamoney’s award decisions are made by a team of senior journalists, chaired by Euromoney’s editor, after receiving detailed submissions from market participants and in conjunction with research into the banking and capital markets by their editorial committee. Their senior editors also visited each country or territory to meet leading bankers and gather client and competitor feedback. 

For Timo, this is a prestigious award in the field of banking, evaluated by a team of highly qualified Asiamoney award advisors and senior journalists via surveys and interviews conducted with random participants to receive their responses and sentiment toward a brand. 

Enthusiasm for Timo in Vietnam has been growing, just like it’s customer base which is a little over 250,000 in 4 short years since opening its doors in 4 locations – Ho Chi Minh City, Hanoi, Da Nang and Can Tho. The hybrid “Hangout” coffee shop concept resonates well with Timo’s younger target demographic, who love the fact that they can open a bank account on their phone while sitting in a coffee shop.


  • For more information, please contact:

    Ms. Manisha Philip

    Marketing Director – Timo Digital Bank sponsored by VPBank

    Mobile phone: +(84) 931493154 | Email: manisha@timo.vn

    Head office: 194 D – E Pasteur Street, Ward 6, District 3, HCMC, Vietnam.

    Phone number: 1800 6788. 


Timo Digital Bank powered by VP Bank was founded with 3 core goals:

  • Providing a smart financial management platform with user-oriented experiences that support them with more convenient banking operations;
  • Supporting users to take advantage by enjoying life and managing finances and time on their own terms;
  • Transitioning from traditional banking experience to digital banking.

In 2015, the first version of the Timo Digital Bank application was introduced to customers with an eye-catching, friendly and easy-to-use interface. Soon after, the Timo team has added a variety of new functions and features but still retain the strengths of the Timo application. Currently, users of the Timo Digital Bank app, besides transactions – remittance related actions, can also make investments, buy insurance directly in-app and even buy flight tickets.

  • To know more about the award, read the article here.
  • And for more details about Timo, please visit the website: https://timo.vn/ and other official media channels including LinkedIn and Facebook.