Futurex partners with Cake to launch cloud payment system

Futurex, a data security company, has partnered with Cake, Vietnam's largest digital bank, to implement the country's first fully cloud-based Card Management System.

Cake, which has over 5 million customers across Vietnam, is known for its digital banking services that include savings, loans, and AI-driven tools for secure transactions. Through this collaboration with Futurex, Cake has integrated a cryptographic platform that enhances security, scalability, and compliance in its payment ecosystem.

Mr. Hien Tu, Chief Technology Officer of Cake, remarked, "At Cake, we continuously seek innovative AI and banking technologies to enhance customer experiences while maintaining the highest standards of security. Futurex's cloud payment HSM solution has been instrumental to our cloud initiatives, enabling us to scale payment services efficiently, minimise capital expenditures, and deliver seamless service to our clients - solidifying our reputation as a leader in financial technology."

Futurex's payment solutions are implemented on a global scale, aiding Cake in adhering to regulatory standards while streamlining operations. This alignment reflects Cake's aspiration to employ advanced technologies to transform banking in Vietnam. Futurex supports a smooth transition to a secure digital environment through its hybrid cloud infrastructure.

Adam Cason, Vice President of Global Alliances at Futurex, stated, "With Cake's innovative vision and our cutting-edge cloud payment HSM technology, this collaboration signifies a breakthrough in secure financial transactions. We are proud to support Cake in achieving a fully digital and secure transaction environment for their customers and setting a benchmark for other financial institutions in the APAC region."

This milestone marks a significant step forward in the adoption of cloud-based security solutions within the financial sector in the Asia-Pacific region, facilitating the creation of payment systems that are scalable and cost-effective.

For over 40 years, Futurex has been an innovator in the encryption market, delivering uncompromising enterprise-grade data security solutions. Over 15,000 organisations worldwide utilise Futurex's hardware security modules, key management servers, and cloud HSM solutions. Futurex is headquartered outside of San Antonio, Texas, with regional offices worldwide and over a dozen data centers across five continents and delivers unmatched support for its clients' mission-critical data encryption and key management requirements.

Cake Digital Bank (Cake) launched in January 2021 in Vietnam. Cake is a digital-only bank that applies AI in the entire banking process with the orientation of "Next GenAI Bank". By the end of 2024, Cake Digital Bank serves more than 5 million customers and provides a full range of personal financial services of the banking sector, including: bank transfer, payment, savings, investment, consumer loans, BNPL, credit cards, etc. In Vietnam, Cake is the digital-only bank that meets the ISO/IEC 30107-3 standard for facial biometrics; Cake also meets the highest standard for payment card data security - PCI DSS 4.0 level 1.