After five years of establishment and development, Timo, the digital banking platform which was awarded Best Digital Bank in Vietnam 2019 by AsiaMoney, has decided to join forces with a new banking partner — Viet Capital Bank — in order to deliver more rapid innovation and a better experience to customers.

The new app is called Timo Plus, which is an improved version of Timo that will continue to be one of the innovative digital banking platforms in Vietnam when it launches in September.

Timo's mission is to provide a smart financial management platform with a focus on the best user experience.

With the intuitive and user-friendly interface of Timo Plus, users can conveniently send and receive payments, manage savings and investments, borrow money and create financial plans.

To accomplish this mission, Timo has striven to find a suitable, long-term partner who brings not only the core banking systems but also shares our vision of creating the best digital banking platform for the increasingly sophisticated customer base in Vietnam.

Thus, after rigorous study and due diligence, Timo and Viet Capital Bank decided to form this strategic partnership.

With this partnership, the new digital banking application, Timo Plus, will continue to have all the best features of the current Timo app and will continue to innovate on Viet Capital Bank's core banking platform and technology.

The user experience and benefits of customers are always Timo’s main focus, and it will continue to put customers first in the new Timo Plus app.

Timo’s existing customers will have the option to seamlessly migrate to the Timo Plus application with the new banking partner, Viet Capital Bank, in the coming weeks.

The transition is expected to be completed on September 8, 2020. After this date, Timo customers will no longer have use of the current app.

Those who have not already migrated to the new Timo Plus app will have the option of maintaining their account with VPBank or shut down their account.

Putting customers first has always been Timo’s focus irrespective of banking partner.

During the transition, customers can visit the website www.timo.vn for more information, email care@timo.vn or call 1800 6788 during working hours. Timo is ready to serve and support customers as usual.

About Timo’s digital banking platform

Established in 2015, after five years of building and developing, together with receiving the support of customers, Timo as a digital banking platform has brought customers outstanding products and services in the Vietnam banking market.

Timo provides its customers with a comprehensive set of tools to support their financial needs with essential banking services.

Timo’s hybrid ‘Hangout’ brick-and-mortar concept, combined with the simple and user-friendly application, brings modern banking services to the public in the most innovative way.

Timo Spend Account enables spending and tracking of money with a fully functional account and debit card for transferring money, paying bills, topping up credit to any mobile phone number, and access to ATM withdrawals nationwide — all for free.

Timo members have the ability to send money to other Timo members using just their email address.

Smart Savings options like Goal Save enable built-in financial planning for short- or long-term goals with the option of recurring contributions towards their goal from their Spend Account.

Term Deposits also encourages digital savings using competitive interest rates and intelligence to help customers break down the Term Deposit into smaller units for maximizing interest earned even in case of early redemption.

Lending products like Fast Cash or overdraft can be applied for and credited to the customer’s accounts in under 30 minutes, while applying for a Credit Card is aimed at minimizing hassle.

Customers can also purchase insurance, flight tickets and invest in mutual funds through partners’s products available right in the Timo app.

About Viet Capital Bank

Viet Capital Bank was established in 1992. Over 27 years of development, with the business strategy of becoming a modern and multi-functional bank, Viet Capital Bank has taken great strides in the transformation of the banking sector in Vietnam through a focus on technology and customer care, especially for SMEs and individual clients.

In digital banking, Viet Capital Bank is recognized as agile and quick to adopt digital transformation initiatives such as being the first to implement eKYC with TrueID technology from VNG.

Viet Capital Bank has also been a pioneer 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 six months of this year 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 three times and over five times, respectively, as compared to last year.