Vietnam's digital bank Timo has built and launched its cloud-native core banking platform on Amazon Web Services (AWS) to acquire new customers and improve business capabilities.
The bank targets to support all digital banking services and include 5 million new customers over the next three years.
It currently helps users to make over 2 million monthly financial transactions through mobile devices, including transfer, manage, and save options.
Timo’s chief technology officer Alan Barker said AWS has helped them implement the entire banking platform in the cloud in less than six months.
"We could deliver new digital financial services faster in a secured and compliant manner,” he added.
Established in 2015, Timo was the first digital bank platform in Vietnam set out to deliver personalised mobile banking services to the Vietnamese population, of which 69 percent are unbanked.
The bank has focused to build an agile, scalable, and secure environment to run its core financial applications including banking, payments, and mobile app on the cloud.
With EC2 and EKS (Elastic Kubernetes Service), Barker said, they could "easily" scale workloads on demand.
"We rely on scalability to support our expectations to achieve a tenfold increase in transactions by 2025," he added.
To develop new financial solutions that help customers thrive, the bank has built a data lake using S3 and AWS Glue, a serverless data integration service.
This stores the firm’s structured and unstructured data on customer demographics and financial behaviour.
Timo supports customised financial services with customer data stored in the lake. With a fully managed service Amazon SageMaker to build, train, and deploy machine learning models, the firm gives savings recommendations and partner discounts to customers based on their spending.
As part of upskilling to effectively use the latest cloud technology, the partners have trained 60 cloud and IT team members in architecting, developing, security, big data, artificial intelligence (AI), and machine learning on AWS.
The bank recently won the Vietnam Technology Excellence Award for Software Payments for launching a modern API-based digital banking platform partnering with digital payment platform developer OpenWay.
The platform allowed the management of both fully digital card issuing and payment lifecycle, playing a key role as a back-office system for Timo’s end users.