TNEX, Vietnam’s first all-digital bank to offer “free everyday banking for life” has just been awarded ‘Best New Digital Bank’ Vietnam by International Finance magazine, a premium business and finance magazine in the U.K.
“TNEX is the first youth bank or financial service provider for Millennial and Gen Z consumers. TNEX is the first “ecosystem bank.” The neobanking platform aims to help people improve the quality of their lives”, said Bryan Carroll, Founder and CEO at TNEX.
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.”
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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 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.
Home to 98 million people, 70% of whom are under the age of 35, Vietnam’s population is young, dynamic and quick to adopt innovative tech. The country’s Gen Z population is expected to grow to 15 million by 2025 – a substantial number of future tech-native banking customers who prefer to do everything on the go.
Also read: Executive interview with Bryan Carroll: What makes a digital banking superstar?
As a speedboat, TNEX is targeting a population of about 40 million by providing users with a vast ecosystem of merchants, alongside banking services and products. As the CEO at TNEX, Bryan Carroll and his team believe that banking is the means, not an end goal in itself and have designed their application accordingly – simplifying life by removing the need to use multiple apps. Driven by customer behavior, TNEX was built to support the end-user’s lifestyle, needs, wants and dreams.
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 coronavirus pandemic.