Vietnam Worldwide Financial institution (VIB) has applied the most recent model of the Temenos Core Banking resolution, powered by Amazon Net Providers (AWS). This collaboration additionally consists of ITSS, a Swiss expertise and IT providers agency.

The improve to Temenos’ R23 Core Banking model represents a leap in the direction of modernising VIB’s digital infrastructure, using each AWS cloud and VIB’s personal non-public cloud.

This initiative is a part of VIB’s broader technique to boost its banking providers, specializing in cellular entry, cloud computing, and synthetic intelligence (AI) to enhance buyer expertise and operational effectivity.

The transfer is aligned with VIB’s “Cellular First, Cloud First, AI First” technique, aiming to leverage cloud expertise for scalable infrastructure, improve cellular banking providers with sturdy APIs for twenty-four/7 entry, and utilise AI for predictive analytics and personalised monetary options.

This transfer may also expedite VIB’s skill to improve, increase, and introduce new digital services and products to the market shortly and considerably save time.

With the intention of turning into essentially the most modern financial institution in Vietnam, VIB is implementing long-term digital methods, with digital banking witnessing vital development alongside excessive penetration and digital conversion charges.

From 2017 to 2023, digital transaction Compound Annual Development Fee (CARG) was 100%, with over 94% of retail transactions carried out by means of digital channels, serving tens of millions of energetic prospects each month.

Tran Nhat Minh

Tran Nhat Minh, Deputy CEO cum CIO of VIB stated,

“With the strategic positioning to grow to be a number one retail financial institution in Vietnam, VIB is at all times on the forefront of investing in expertise initiatives, digitalisation, and constructing a complicated and sturdy expertise platform.

 

This core banking modernisation undertaking on the cloud reaffirms VIB’s dedication to repeatedly enhance providers high quality and operational effectivity, whereas creating a robust basis to serve prospects in a outstanding digital period”.

Ramki Ramakrishnan

Ramki Ramakrishnan, Managing Director, APAC, Temenos stated,

“We’re delighted to welcome VIB as the primary financial institution in Vietnam to embrace Temenos core banking on the cloud, additional solidifying our market-leading place on this important market.

 

With VIB’s forefront place in cloud-powered banking, we’re excited to be working with them as their strategic companion to assist their future development.”