Vietnam does not yet have a fully independent, standalone digital-only bank licensed the way some markets do (e.g., a Revolut/N26 equivalent chartered locally); instead, digital banking in Vietnam is dominated by app-based sub-brands of licensed banks (Timo, powered by Ban Viet Bank/VPBank in earlier iterations; Cake by VPBank; Liobank by OCB; Ubank by VPBank) plus e-wallets (MoMo, ZaloPay, VNPay) that layer payments on top of linked bank accounts. These digital banks generally still require in-person or video-KYC onboarding, and full functionality (loans, larger transfers) may still route back to the parent bank.
So-called 'digital banks' in Vietnam are digital front-ends of licensed traditional banks, not independently chartered neobanks — this matters for deposit insurance coverage and for understanding whose customer service/branch network stands behind the app if something goes wrong.
Key Facts
Cake (by VPBank) and Liobank (by OCB) are the most prominent digital-first banking apps, both offering fully remote e-KYC onboarding via video call and ID scan for many nationalities, including some foreigners with a valid visa/TRC.
Timo, one of the earliest Vietnamese digital banking brands, similarly operates under a licensed bank partner and offers app-based account opening.
E-wallets — MoMo, ZaloPay, VNPay, ShopeePay — are ubiquitous for QR-code payments, bill splitting, and merchant payments, and are typically easier for foreigners to set up than a full bank account, but they must be linked to an underlying Vietnamese bank account or card to fund transfers.
Deposit insurance in Vietnam (via the Deposit Insurance of Vietnam, DIV) covers deposits up to VND 125,000,000 per depositor per institution — the same protection applies whether you bank through the digital app or the parent bank's traditional channel, since they are the same legal entity.
Remote/foreigner e-KYC onboarding for digital banks is improving but not universal — some apps still require an in-country phone number and, for full account tiers, an eventual in-person verification.
Steps
Check current e-KYC eligibility for foreigners — Digital bank onboarding rules for foreign passport holders change frequently — check the specific app's current onboarding flow (Cake, Liobank, Timo) to see whether your visa type and passport are accepted for remote signup.
Set up an e-wallet for daily payments — MoMo or ZaloPay are the fastest way to start paying via QR code at shops, restaurants, and utility bill portals, and are commonly easier to open than a full bank account for very new arrivals.
Link the e-wallet to a funded bank account — E-wallets need an underlying VND bank account or card to top up and withdraw — open the traditional or digital-bank account first, then link it.
Confirm deposit insurance coverage — Understand that DIV coverage (currently VND 125,000,000 per depositor per licensed institution) applies to the parent bank, not per app-brand, if you use multiple digital sub-brands of the same underlying bank.
Costs
Deposit insurance coverage cap (DIV): VND 125,000,000 per depositor per licensed institution
E-wallet setup: Usually free; transaction fees vary by merchant/transfer type
Timelines
Digital bank e-KYC account opening: Often same-day if eligible, 10-30 minutes video verification
Required Documents
Passport (and visa/TRC for foreigners, where accepted)
Vietnamese phone number
Selfie/video verification for e-KYC
Common Mistakes
Assuming a Vietnamese 'digital bank' is an independently licensed neobank rather than a sub-brand of a traditional licensed bank — this affects who you contact for disputes.
Relying solely on an e-wallet (MoMo/ZaloPay) without a properly opened underlying bank account, which limits larger transfers and salary deposits.
Not checking current foreigner eligibility for remote e-KYC onboarding before assuming you can skip an in-person branch visit entirely.