VPBank’s Übank digital banking app launched

The Übank digital banking app from VPBank has been officially launched and will become a leading all-in-one app that provides a full range of banking products and services, including lending services.

Given the mission of “Bank less. Get more.”, Übank will meet all the financial needs of customers remotely, with automated processes and simple digital procedures. Within just three minutes, customers can easily register for an Übank account and begin making money transfers with zero fees.

In particular, there is a feature for smart savings on the app, which is the best choice for customers who don’t have a bank savings account. The Übank app automatically allocates a customer’s current account balance into a one-month savings account with an interest rate of 3.6 per cent per annum. It also flexibly withdraws money from these accounts when customers make transactions. Therefore, customers can earn a profit on idle funds in their Übank account, to spend as they wish.

Übank also provides other benefits, such as unlimited cashback of 1 per cent for transactions made with an Übank debit Mastercard, and free accident insurance with up to VND100 million ($4,400) in benefits a year for Übank payroll account customers.

Übank will be the leading app in the market, allowing customers to take out a loan anytime, anywhere. The lending limit is up to ten-times a customer’s salary, procedures are simple, and approval and disbursement are prompt.

Mr. Marek Hovorka, Director of Übank, said its development strategy is to build a digital bank that provides a full range of financial services remotely, smartly generates profit, and acts as a back-up for customer needs. “Thus, customers can choose to use Übank as their main account, and to use just this single app to replace all types of traditional banking apps, e-wallets, and savings apps,” he added. “Übank’s products are made to meet the needs of all customer groups, especially low and middle-income customers, and those that do not have many choices in banking services or have not been well served by traditional banks.”

Given the diverse products on the app, Übank aims to flexibly and promptly respond to the financial needs of every customer group and invest strongly in becoming an optimal product that contributes to promoting digital banking transactions and the digitization strategy of Vietnam’s financial industry.

Übank information and benefits:

- High savings interest rate of 3.6 per cent per annum applied by default on a customer’s account balance, requiring no action for opening a savings book. The interest rate is 4 per cent for payroll account customers.

- Unlimited cashback of up to 1 per cent on every transaction made with the Übank debit Mastercard. The cashback is 1.2 per cent for payroll account customers.

- Chance to register and take out loans online of up to ten-times your salary.

- Chance to receive free insurance of up to VND100 million ($4,400) in benefits per year.

- No service fees.