Cheese Launches Digital Banking Platform for Asian-American Communities
On March 10, 2021, Cheese launched a first-of-its-kind digital banking platform designed specifically for Asian-American and immigrant communities in the US. The platform provides FDIC-insured deposit accounts through a partnership with Coastal Community Bank, zero-fee accounts, instant virtual and physical debit Mastercard cards with no credit history requirements, and 0.3% APY on deposits. Customers receive cashback rewards of up to 10% at over 10,000 merchants, along with early direct deposit for paychecks.
The platform features seamless mobile wallet integration, 256-bit encryption, multi-factor authentication, and referral bonuses. A distinguishing feature is the 'Giveback Fund,' where sign-ups and purchases contribute to Asian nonprofits, with a total donation pledge of $100,000 in 2021. Cheese exemplifies the embedded finance trend, offering comprehensive banking services—accounts, cards, and payments—through a non-bank mobile-first interface powered by a bank partner.
- Demonstrates growing demand for community-focused neobanks leveraging BaaS infrastructure from sponsor banks
- Highlights embedded finance enabling niche consumer segments underserved by traditional banking