Cake by VPBank partners with MWG for international money receipt at 3,000 stores

Overview

Cake by VPBank (VPB) has partnered with Mobile World and Dien May Xanh (MWG) to launch Cake GlobalX, an international money receipt service available at over 3,000 retail locations across Vietnam. The service allows users to receive funds from abroad and withdraw cash directly at participating stores, targeting the growing demand for cross-border money transfers among Vietnamese families.

Key Facts

• Cake by VPBank and Dien May Xanh Investment Joint Stock Company announced the partnership on May 5, 2025, in Ho Chi Minh City.
• The service is available at over 3,000 retail locations, including 1,014 The Gioi Di Dong stores and 2,006 Dien May Xanh stores as of end-March 2025.
• Users can register for Cake GlobalX via the Cake app and withdraw cash at the stores, with support from store staff.
• Registration is free, requires no appointment, and takes only a few minutes with a phone and citizen ID.
• The service targets Vietnamese with overseas relatives, freelancers, international sellers, and cross-border e-commerce participants.
• Cake is the digital banking arm of VPBank (VPB), listed on HOSE.
• MWG closed at VND 81,000 on April 15, 2026, down 1.10%, with volume of 3,065,500 shares.

What Happened

On May 5, 2025, Cake by VPBank and Dien May Xanh Investment Joint Stock Company announced a partnership to deploy Cake GlobalX, an international money receipt service, across the nationwide network of The Gioi Di Dong and Dien May Xanh stores. The service enables users to receive money from abroad and withdraw cash on-site at over 3,000 retail locations.

According to the announcement, users can visit any participating store to receive staff assistance in registering for the service via the Cake app. Once funds are credited, customers can withdraw cash immediately at the store. The process is free and requires no prior appointment. Cake CEO Nguyen Huu Quang stated that the partnership aims to bring international money receipt services to millions of Vietnamese, including families with overseas relatives, freelancers, and cross-border e-commerce sellers.

Market Context

VPB shares closed flat at VND 27,000 on April 15, 2026, with volume of 9,495,800 shares on HOSE. MWG shares closed at VND 81,000, down 1.10%, with volume of 3,065,500 shares. The partnership reflects a growing trend of digital banks leveraging retail networks to expand financial access, particularly in the context of increasing cross-border economic activity and remittance flows to Vietnam.

Strategic Significance

For VPBank, the partnership extends Cake’s reach beyond digital channels, using MWG’s extensive physical footprint to acquire customers and drive usage of its international money transfer service. For MWG, it adds a financial service layer to its retail locations, potentially increasing foot traffic and customer loyalty. The collaboration aligns with the broader convergence of banking and retail, as financial services become more embedded in everyday commerce.

What to Watch

• User adoption and transaction volumes for Cake GlobalX in the first quarter post-launch.
• Any expansion of the service to other retail partners or additional financial products.
• Impact on MWG’s foot traffic and ancillary revenue from financial services.
• VPBank’s Q2 2025 earnings report for commentary on Cake’s customer acquisition costs and cross-sell metrics.
• Regulatory developments regarding cross-border money transfer services in Vietnam.