Vietnamese Digital Bank Timo and OpenWay Bag Award for Software Payments

Vietnamese digital bank Timo and OpenWay, a digital banking and payment software platform, received the Vietnam Technology Excellence Award for Software Payments for its digital banking platform.

The award programme recognises major breakthroughs and innovative ways that technology is used or developed in the Vietnamese market.

In 2019, the bank partnered with Viet Capital Bank and OpenWay, the provider of digital payments software platform Way4, to enable it to offer innovative services through the Timo app.

This includes smart financial management tools, payments, savings and investments, lending, social spending, instalments, cards, and campaigns with third-party vendors, available on multiple digital platforms.

The Way4 platform from OpenWay was launched in AWS in just 4 months, providing external systems with a full set of APIs.

The platform allows 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. This enabled Timo to launch a quick, digital customer onboarding process.

Henry Nguyen, the newly promoted Executive Chairman of Timo, said that the company is deeply committed to the mission of setting the benchmark for modern banking in Vietnam while bringing greater financial inclusion and accessibility.