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The award is part of Euromoney’s Group Level Banking Awards, which assess banks 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,” using cloud and artificial intelligence (AI) as core components from the outset rather than adapting legacy banking systems. The shift highlights how technology and AI in digital banking need to create tangible value for both customers and business performance.

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

AI and data science are used to analyze customer needs and behaviors, and tailor services to individuals, with a digital-only infrastructure designed to support personalization as the customer base grows beyond 7.6 million.

Cake said it became the first fully digital bank in Vietnam to announce profitability after 3.5 years of operation. Its average revenue per user (ARPU) reached US$25 in 2025 and is projected to rise to US$44 in 2026.

Cake serves more than 7.6 million customers. Photo by Nhung Nguyen

Nguyen Huu Quang, CEO of Cake Digital Bank, represented the company at the awards ceremony.

“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.”

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 includes 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. The 2026 awards ceremony was held in Singapore on Sept. 10.