Portraits of the technology “brains” behind Vietnam’s digital-only banks (Part 1)

His approach centres on four main pillars: identifying and understanding key customers, mastering core technology, broadening financial inclusion, and nurturing talent. He maintains that customer-centric thinking, sustained investment in AI, and building a comprehensive digital financial ecosystem form the foundation of Cake’s success. For Mr Quang, continuous technological investment, particularly in artificial intelligence, remains essential for long-term growth and service efficiency. Notably, the “Next Gen AI Bank” initiative, launched in 2023, forms part of the company’s wider ambition to establish Southeast Asia’s leading advanced digital banking platform within five years.

Under Mr Quang’s leadership, Cake has seen a string of notable milestones. The digital-only bank has developed more than 60 AI models and is among a select few in Vietnam to have built its own Large Language Model (LLM), a significant move away from reliance on platforms such as OpenAI or AWS. This step has not only distinguished Cake in a crowded marketplace but has also unlocked new opportunities for strategic partnerships.

Most recently, Cake earned double recognition from The Asian Banker Global, being named among the “Top 100 leading digital banks in the world in 2025” and “Best digital bank in Vietnam in 2025”. “These recent awards reflect the fruit of a long-term investment strategy,” Mr Quang shared. “We will continue to harness technology and AI to make finance more accessible, working towards our vision of becoming Southeast Asia’s foremost digital bank within the next three to five years.”

Timo has led the way as Vietnam’s pioneering digital bank since 2015, supported and co-developed by Vietnam Joint Stock Commercial Bank for Industry and Trade (BVBank). A pivotal chapter began in September 2022, when Mr Henry Nguyen Bao Hoang passed the reins of leadership to Jonas Eichhorst, a moment marking a new phase in Timo’s evolution.

Graduating in Business Computing from Nordakademie University of Applied Sciences in Germany, Jonas Eichhorst has held a broad range of board and leadership roles, nurturing and investing in technology ventures across countries including Singapore, Vietnam, India and Pakistan. Over the past 15 years, he has served as a senior advisor to a number of mid- to large-scale startups spanning diverse sectors. In addition to shaping strategy at a high level, he plays a unifying role across teams, fostering a culture that supports efficient, goal-oriented execution. His work is grounded in long-term strategic thinking, with a firm focus on technological innovation.

Before assuming the role of CEO, Jonas Eichhorst had already been instrumental in Timo’s journey, having joined the bank in 2020 as CFO. His contributions during this period helped shape both vision and growth. Guided by the distinctive philosophy known internally as “Tomi-ism”, he and his team are reimagining Timo not merely as a digital-only bank, but as a financial companion that empowers users to build wealth and enjoy a fuller life. He sees customer value creation and stakeholder harmony as essential to sustainable progress.

In March, Timo was recognised by Best Start Up Asia as one of the 101 top banking enterprises in Southeast Asia, a nod to its consistent efforts in driving innovation and delivering community impact.

Read more: Portraits of the minds behind Vietnamese quartet of tech unicorns

TNEX, a promising digital bank developed under MSB’s umbrella, has rapidly gained ground in Vietnam’s banking scene, particularly for its appeal among Gen Z users. Since its launch in December 2020, TNEX has seen extraordinary momentum, surpassing one million users within a year. For three consecutive years (2022 to 2024), it was honoured with the “Best Digital Bank in Vietnam” award by The Asian Banker.

Now, as 2025 begins, TNEX welcomes a new chapter with Mr Nguyen The Minh officially taking over as CEO of TNEX and TNEX Finance, succeeding Fred Lim, who currently serves as Vice President. With 26 years of experience in finance and banking, and having held key leadership roles at esteemed institutions including HSBC Vietnam and Calyon Vietnam, Mr The Minh is expected to guide TNEX through a new phase of innovation.

Prior to becoming CEO, he spent a decade at MSB, playing a central role in the bank’s development, particularly its digital transformation efforts for business clients. Since January 2019, he has served as Deputy General Director of MSB and General Director of Corporate Banking. Under his leadership, MSB pioneered digital lending for corporate clients via the M.Power solution, which attracted more than 21,000 businesses to engage with the bank’s offerings, ultimately disbursing credit to nearly 8,000 clients. During his tenure, MSB recorded strong growth: total net revenue rose by 215%, profit after provision increased by 493%, demand deposits climbed by 147%, and the number of business customers grew by 123%.

With a well-established record and broad experience, Mr The Minh is poised to take TNEX forward. His focus includes building forward-looking consumer finance solutions that respond to diverse individual needs while also aligning with the bank’s broader strategies for business growth in the period ahead.

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