The award is part of Euromoney’s Group Level Banking Awards, which assess banks based on strategy, technology, business performance and customer value rather than individual products or applications.

According to Euromoney, Cake has moved “from digital experimentation to scaled, profitable digital banking,” with cloud technology and artificial intelligence (AI) built into its operations from the outset rather than layered onto legacy banking systems. The shift reflects a broader emphasis on using technology and AI to deliver tangible value for customers while improving business performance.

After nearly six years of operation, Cake has served more than 7.6 million customers through a digital platform spanning payments, savings, credit, cards, investments and international money transfers. Its partner ecosystem covers retail, telecommunications, transportation, insurance and digital services.

Cake uses AI and data science to analyze customer needs and behavior, and tailor services to individual users. Its digital-only infrastructure is designed to support such personalization as its customer base expands beyond 7.6 million.

Cake said it became the first fully digital bank in Vietnam to announce profitability, reaching the milestone after 3.5 years of operation. Its average revenue per user (ARPU) reached US$25 in 2025 and is projected to increase to US$44 in 2026, reflecting the bank’s ability to turn the customer experience into tangible business value.

Nguyen Huu Quang, CEO of Cake Digital Bank, represented the bank at the Euromoney Awards for Excellence ceremony in Singapore on Sept. 10.

“The ‘Vietnam’s Best Digital Bank 2026’ award from Euromoney marks a new stage in Cake’s development,” Quang said. “Through digital financial services, Cake is not only making financial services faster and more accessible to people but has also successfully built a scalable, fully digital bank capable of delivering personalization at scale and generating tangible business results. This provides a foundation for Cake to further develop its Next Gen AI Bank model in Vietnam and across the region,” Quang added.

Established as a fully digital banking model in 2021, Cake is now focusing on customer engagement and financial performance alongside customer growth. Euromoney highlighted its transition to a digital banking model operating at scale and generating profits.

The Euromoney Awards for Excellence has recognized banks and financial institutions worldwide for more than 30 years. Its evaluation system covers more than 700 banks across over 125 countries and territories.

This year, Euromoney recognized leading banks globally and across the region, including Santander, Revolut, HSBC, DBS and Maybank.

PV