Vietnam

Major Vietnamese Bank Selects Temenos for Digital Wealth Management

Temenos, the banking software company, today announced that Military Commercial Joint Stock Bank (MB) has selected Temenos Infinity Wealth to deliver digital wealth management services to Vietnamese private banking customers. The implementation will be supported by Temenos’ partner, Syncordis.

MB will integrate Temenos Infinity Wealth, an omnichannel digital banking product, with Temenos Transact core banking product to gain a single, end-to-end wealth management solution. Temenos’ cloud-native, API-first technology claims to allow MB to be first to market with differentiated services for mass affluent, High- and Ultra-High-Net-Worth individuals in Vietnam’s untapped investments market.

Temenos’ AI-powered technology will improve automation and centralise MB’s data and provide a 360-degree customer view so the bank can provide greater levels of personalisation.

Le Xuan Vu

Mr. Le Xuan Vu, Board of Directors and Director of Retail Banking Division, MB, commented:

“We are delighted to extend our relationship with Temenos as we become the first major Vietnamese bank to offer wealth management services to our customers. Temenos’ award winning wealth management product and global experience will allow us to pioneer dedicated products that bring real value to customers, from the affluent to the Ultra-High-Net-Worth.

Temenos Infinity Wealth addresses all our wealth management needs in a single, integrated solution. The new technology will support and advance our strategy to safeguard and grow customer wealth and allow us to transform user journeys through hyper-personalised, digital experiences.”

Martin Frick

Martin Frick, Managing Director – APAC, Temenos, said:

“We are excited to extend our relationship with MB as they endeavor to become the leading provider of private banking services in Vietnam. Vietnam’s wealth market is poised for remarkable disruption and growth. We look forward to working alongside MB as they disrupt private banking with transformational digital services and experiences.”

MB has been a customer of Temenos since 2010, when the bank deployed Temenos Transact to handle increasing transaction volumes and support its growth. They are now one of the top five commercial joint stock banks in Vietnam with chartered capital over USD $730 million and USD $11 billion assets under management.

Featured Image Credit: MB Bank