Vietnam based Digital Bank TNEX Is Ready to Officially Launch Services, Aims to Offer “Free Everyday Banking for Life”

Bryan Carroll, CEO at TNEX, which claims to be Vietnam’s first all-digital bank to offer “free everyday banking for life,” has confirmed that TNEX is now ready to officially launch its services.

Carroll revealed that the TNEX platform is now in its final testing phase.

He remarked:

“We are proud, exhausted and a touch emotional.. emptying oneself into a dream hurts.. but the results can be so amazing. From zero to a digital culture, a (customer experience) Cx to backoffice digital native SME Bank, Consumer Bank and lifestyle ecosystem all in just 9 months has not been easy. But Oh what a journey.”

Carroll added:

“Just 3 more weekends and a few late nights to go to let you see our dream..’how we believe banking should be’… We are about to deliver Vietnam’s FIRST Digital Only Bank..zero [physical] branches required.”

He also claims that TNEX is the first youth bank or financial service provider for Millennial and Gen Z consumers. He further notes that TNEX is the first “ecosystem bank.” The neobanking platform aims to help people improve the quality of their lives, Carroll noted.

He also mentioned that it’s the first “GameTech bank” of its kind in the world. It offers “pure engagement fun” and also serves as the “First Micro Merchant Bank, First Zero Touch Bank; First no strings attached FREE Everyday Bank for every person and business,” Carroll claims.

As noted on its official website, the bank claims to have a very quick registration process. It reportedly allows new users to complete a digital or e-KYC (Know Your Customer) process in minutes.

As stated on its website, the TNEX platform allows users to open a new bank account with a few simple verification steps right on their smartphone. There’s also no need to wait in long lines at physical branches and there’s also no complicated paperwork to complete, the digital bank’s management claims.

As covered recently, Vietnam based Timo Plus, a digital banking platform, is reportedly planning to “relaunch” its services as e-commerce activity in the country has really picked up (due to COVID).

Timo Plus also claims to be Vietnam’s very first digital bank. The company’s management stated on September 28, 2020 that they were relaunching their services with a new business partner.

The Timo digital banking platform had partnered with VPBank (about 5 years back), in order to offer its services. However, the bank has now decided to work with a new partner, the Viet Capital Bank.

Timo Plus is planning to provide standard financial services to consumers based in Vietnam. The digital bank said it will also offer online banking so that the country’s residents can purchase products via e-commerce websites.

Digital commerce or shopping online has really picked up in the Asian country (and globally) because many physical business locations were forced to shut down due to nationwide lockdowns (which are now being lifted or have already been lifted).

Nguyen Bao Hoang (Henry Nguyen), the General Director of Timo Plus, had stated that the digital banking sector in Vietnam is currently in its early stages, but there’s a lot of potential for growth.

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