TNEX was recognized as Best Digital-only Bank in Vietnam at The Asian Banker Vietnam Awards 2022.It has also received overwhelmingly positive reviews on the app store. TNEX regularly rolls out features to further enrich its customers’ lives, such as the “happiness meter” that brings an emotional aspect to the app.
TNEX is connected with various industry players and ecosystems to promote financial inclusive initiatives with zero-transaction fees for both retail and SME customers.
According to the The Asian Banker, the finalists for Best Digital-only Bank in Vietnam were TNEX and UBank. TNEX scored higher in big data and process and technology.
As one of Vietnam’s first digital-only banks for retail consumers and micro-merchants, TNEX bank acquired 500,000 retail and 15,000 SME mobile banking customer sign-ups a year since it was launched in 2020, the Asian Banker reported.
TNEX 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.
“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”. Bryan Carroll, Chief Executive Officer and Cofounder, TNEX told reporter.
“The TNEX banking app uses Mambu’s software-as-a-service cloud banking platform. Micro-services and container orchestration using Amazon Elastic Container Service (Amazon ECS) were key to creating a scalable, logically isolated infrastructure in less than a year”, Bryan Carroll added.
TNEX showed resilience against cyber threats through its containerization 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, according to the Asian Banker.