Vietnam International Bank (VIB) will team up with Amazon Web Services (AWS) and ITSS, a technology solutions and IT services company from Switzerland, to implement Temenos core banking solution on cloud.

This follows a cooperation agreement inked between these companies in HCM City on February 22. Under the agreement, VIB will implement the latest core banking version R23 from Temenos on the AWS cloud and VIB’s private cloud platforms, marking it as the first bank to deploy the Temenos core banking system on a cloud computing platform in Việt Nam.

Trần Nhất Minh, Deputy CEO cum CIO of VIB, said: “With the strategic positioning to become a leading retail bank in Việt Nam, VIB is always at the forefront of investing in technology initiatives, digitalisation, and building an advanced and robust technology platform.

“The banking industry in Việt Nam is undergoing significant transformation, driven by increase in customer demand for digital experiences and the constant advancement of technology. Particularly, the migration of core banking systems to the cloud has emerged as a game-changing factor, promising flexibility, innovation and enhanced customer experiences.”

“This core banking modernisation project on the cloud reaffirms VIB’s commitment to continuously improve services quality and operational efficiency, while creating a strong foundation to serve customers in a prominent digital era,” he said.

For his part, Eric Yeo, Vietnam Country Manager, AWS, said the cloud revolution provides capabilities to optimise operation, improve security, reduce operation cost for technology infrastructure and minimise downtime during peak traffic. This technology platform will help VIB meet and exceed the rapid business growth in future.

In its strategic transformation phase (2017-26), VIB is witnessing impressive growth, positioning it as one of the leading retail banks in Việt Nam.

To date, VIB is among the most retail oriented banks in the country with retail loan proportion of over 85 per cent loan portfolio. Over the past seven years, the bank achieved compounded growth in credit portfolio at 32 per cent due to strategic business changes and successful penetration and expansion in the individual customer segment.

With the aim of becoming the most innovative bank in Việt Nam, VIB has been implementing long-term digital strategies, with digital banking witnessing significant growth alongside high penetration and digital conversion rates.

From 2017 to 2023, the compound annual growth rate of digital transactions was 100 per cent, with over 94 per cent of retail transactions conducted through digital channels, serving millions of active customers every month.

Vietnam News

The original article can be read HERE.