Cake Digital Bank wins Euromoney's Vietnam Best Digital Bank 2026 award
The Vietnamese lender, operating for nearly six years, reported profitability in mid-2024 and serves over 7.6 million customers through its digital platform.
Euromoney Recognises Digital Banking Model
Cake Digital Bank received the “Vietnam's Best Digital Bank 2026” award at the Euromoney Awards for Excellence ceremony in Singapore on 10 September 2026. Euromoney recognised the bank's digital model and overall business performance, noting its transition from digital experimentation to scaled and profitable operations.
The award is part of Euromoney's Group Level Banking Awards, which evaluates banks on their strategy, technology, business performance, and customer value. Euromoney specifically highlighted Cake's use of cloud infrastructure and artificial intelligence (AI) from its inception, rather than adapting older legacy systems, as a key factor in its success.
Scaled Operations and AI Integration
Established as a fully digital banking model in 2021, Cake Digital Bank has expanded its reach significantly. The bank reported serving more than 7.6 million customers through its digital platform, which encompasses services such as payments, savings, credit, cards, investments, and international money transfers.
Cake Digital Bank also stated it leverages AI and data science to analyse customer needs and behaviours, allowing it to tailor services for individuals. Its digital-only infrastructure is designed to support this personalisation as the customer base continues to grow.
Profitability and Future Plans
Cake Digital Bank announced profitability in mid-2024, after 3.5 years of operation, stating it was the first fully digital bank in Vietnam to achieve this milestone. The bank's average revenue per user (ARPU) reached US$25 in 2025 and is projected to rise to US$44 in 2026, according to Cake Digital Bank.
Nguyen Huu Quang, CEO of Cake Digital Bank, stated the award marks a new development stage for the institution. He added that the bank aims to further develop its "Next Gen AI Bank model" in Vietnam and across the region, focusing on customer engagement and financial performance.
Cake Digital Bank's recognition for achieving scaled, profitable operations through a digital-first and AI-driven model sets a benchmark for other financial institutions in Southeast Asia. Its reported profitability after 3.5 years of operation, coupled with rising ARPU figures, shows that digital banks can move beyond customer acquisition to generate tangible financial returns.
This performance may encourage investors and regulators to support similar digital-only banking ventures, particularly those built on modern cloud and AI architectures, seeking to replicate this balance of growth and financial viability across the region.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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