VIB Upgrades Core Banking System with Temenos, Leverages AWS Cloud

by Fintech News Vietnam February 26, 2024

Vietnam International Bank (VIB) has implemented the latest version of the Temenos Core Banking solution, powered by Amazon Web Services (AWS). This collaboration also includes ITSS, a Swiss technology and IT services firm.

The upgrade to Temenos’ R23 Core Banking version represents a leap towards modernising VIB’s digital infrastructure, employing both AWS cloud and VIB’s own private cloud.

This initiative is part of VIB’s broader strategy to enhance its banking services, focusing on mobile access, cloud computing, and artificial intelligence (AI) to improve customer experience and operational efficiency.

The move is aligned with VIB’s “Mobile First, Cloud First, AI First” strategy, aiming to leverage cloud technology for scalable infrastructure, enhance mobile banking services with robust APIs for 24/7 access, and utilise AI for predictive analytics and personalised financial solutions.

This move will also expedite VIB’s ability to upgrade, expand, and introduce new digital products and services to the market quickly and significantly save time.

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

From 2017 to 2023, digital transaction Compound Annual Growth Rate (CARG) was 100%, with over 94% of retail transactions conducted through digital channels, serving millions of active customers every month.

Tran Nhat Minh

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

“With the strategic positioning to become a leading retail bank in Vietnam, VIB is always at the forefront of investing in technology initiatives, digitalisation, and building an advanced and robust technology platform.

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”.

Ramki Ramakrishnan

Ramki Ramakrishnan, Managing Director, APAC, Temenos said,

“We are delighted to welcome VIB as the first bank in Vietnam to embrace Temenos core banking on the cloud, further solidifying our market-leading position in this vital market.

With VIB’s forefront position in cloud-powered banking, we are excited to be working with them as their strategic partner to support their future growth.”