Thursday, 30 March 2023

TNEX onboarded 500,000 retail and 15,000 SME customers digitally in 2021

5 min read

TNEX is connected with various industry players and ecosystems to promote financial inclusive initiatives with zero-transaction fees for both retail and SME customers

  • TNEX recorded 500,000 retail and 15,000 SME mobile banking customer sign-ups
  • The bank operates a fully open API platform
  • It connected with different ecosystems to provide seamless and secured transaction and services

Singapore, 24 March 2022 – TNEX was recognised as Best Digital-only Bank in Vietnam at The Asian Banker Vietnam Awards 2022.

The finalists for Best Digital-only Bank in Vietnam were TNEX and UBank. TNEX scored higher in big data and process and technology.

Digital Scope and Strategy: TNEX recorded 500,000 retail and 15,000 SME mobile banking customer sign-ups

TNEX is one of Vietnam’s first digital-only banks for retail consumers and micro-merchants. The bank recorded 500,000 retail and 15,000 SME mobile banking customer sign-ups a year since it was launched in 2020. It aims to enhance customer experience by offering behind-the-scenes banking services embedded in lifestyle functions on its app. Retail customers can track their mood with the use of emojis as a financial management feature to monitor and manage their money. Customers get daily updates on their spendings. For example, the bank will use a crying emoji if a customer is spending too much. Financial products are offered on the bank’s market place. The app enables users to chat with their friends, fund transfer, top-up funds, and pay monthly bills. TNEX has a separate app and banking system for small and medium-sized enterprises (SMEs). The app was designed to support SMEs with service packages such as free website creation, invoicing, cash management, product inventory, and campaign management. The bank guarantees lifetime zero-fee on transactions such as transfer, withdrawal, as well as annual fees and account management fees.

UBank offers 3.6% rate on Usuper spending account without requiring to open a separate term deposit or savings account. The bank offers unlimited cashback up to 1% for all spending on UBank Mastercard. It offers loans up to 6-month salary for payroll account customers.

Ecosystems: The bank operates a fully open API platform

TNEX partnered with Mambu, Amazon Web Services (AWS), TopeBox, TechX, and iConnect. The bank operates a fully open API platform. It built a compliant cloud solution with 168 data flows through its partnership with TechX and AWS. The TNEX banking app uses Mambu’s software-as-a-service cloud banking platform. Microservices and container orchestration using Amazon Elastic Container Service (Amazon ECS) were key to creating a scalable, logically isolated infrastructure in less than a year. 

UBank partnered with Backbase to leverage backbase-as-a-service, using its retail banking functionalities for the bank’s digital banking app. The bank rolled out 50 new features in just a month through its partnership with Backbase.

Process and Technology: It connected with different ecosystems to provide seamless and secured transaction and services

TNEX showed resilience against cyber threats through its containerisation which added benefit of application segregation. The bank designed AWS Landing Zone with multiple authentication layers and encryption of data at rest and in transit with the help of TechX and AWS solutions architects. It uses AWS Web Application Firewall with designated security groups and AWS Key Management Service to administer application keys. In addition to security, TNEX relies on its data team to monitor systems in real time. Data is at the core of the company’s business model, and data scientists use Amazon CloudWatch and Amazon GuardDuty to detect deviations that could indicate fraudulent activity. TNEX complies with Vietnam’s data sovereignty regulations. TechX was instrumental in helping the bank to assess and manage risk and implement compliance controls that would scale with the business.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. Visit the company website at

You may visit the Excellence in Retail Financial Services page at


To view the respective evaluation criteria, click here:


For further information, you may get in touch with:

Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

[email protected]

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