Vietnam’s VPBank is turning to China’s OneConnect to power a digital core banking system capable of handling a billion transactions a day.
The new system will also be implemented at GPBank, which is wholly owned by VPBank.
It is designed to cover key functions such as account opening, savings deposits, lending, payments, and customer information management.
According to the companies, the platform can process up to 10,000 transactions per second and one billion transactions a day, a level of capacity they say is the first in Vietnam.
The system is intended to support both individual and corporate customers nationwide with faster and more stable services.
VPBank and GPBank said the partnership would allow them to introduce new digital banking products more quickly, such as mobile account opening, online loans, and personal expense management tools.
They added that small and medium enterprises could also benefit from more efficient financial solutions.
OneConnect said the agreement builds on its expansion in Southeast Asia, where it has already established operations in Singapore, the Philippines, Malaysia, and other markets.
By June 30, its overseas business covered 20 countries and regions, serving 214 clients.
Dang Yang Chen, Chairman of OneConnect said,
“With global experience in financial technology and the ability to deploy large-scale digital banking systems, OneConnect believes that the new solution will help VPBank improve operational efficiency, expand its ability to serve millions of customers every day and continue to affirm its brand as a leading innovative bank in Vietnam.”
Nguyen Duc Vinh, General Director of VPBank said,
“The implementation of the new generation digital banking system not only helps VPBank improve its competitiveness in the digital era, but also affirms its leading position in financial technology in Vietnam.
Mastering core technology means that VPBank can proactively innovate, build multi-functional and sustainable banking services and be ready to meet the increasing needs of customers.”
Featured image: Edited by Fintech News Singapore, based on image by smth.design via Freepik
