HDBank, Thought Machine deal to strengthen digitisation in Viet Nam banking sector

Tuesday, Mar 01, 2022 09:04

HDBank signed an agreement with Thought Machine, a core banking solutions provider to global tier one banks, on February 25. — Photo courtesy of HDBank

HDBank signed an agreement with Thought Machine, a core banking solutions provider to global tier one banks, on February 25 during the official visit of President Nguyen Xuan Phuc to Singapore.

In Viet Nam, HDBank will cooperate with Thought Machine to install the latest version of the latter’s world leading core banking system and build new standards for it.

HDBank and Thought Machine have been developing and deploying technology solutions for financial services in Viet Nam on the Amazon Web Services modern cloud platform.

Thought Machine will provide innovative systems to HDBank to enable it to access modern technology platforms and apply core banking technology using microservice architecture based on the cloud-based core system.

From this base, HDBank will embrace the global digitization trend with great confidence, providing the best financial and banking products and services to customers in the shortest possible time and with unique customization.

Two years ago, in May 2020, HDBank became the first Vietnamese bank to become a member of Contour, a global network established on a blockchain platform, marking the strong digital transformation of Vietnamese banks.

As a financial institution that has promoted digital transformation in businesses and operations, HDBank has accelerated the implementation of key digitization projects in the last few years, aiming to bring good experiences and comfort to customers.

Under its growth strategy for 2021 – 2025 HDBank has steadily expanded its scale to increase the number of digital clients and level of digitization, and aims to increase the rate of digital transactions to above 90 per cent by 2025 to successfully achieve its Happy Digital Bank objective of being a modern digital bank that works for the happiness of every client.

Thought Machine is the only core banking service provider to support world-class tier 1 banks.

JPMorgan Chase, Lloyds Banking Group, Intesa Sanpaolo, Standard Chartered and many other lenders around the world have chosen Thought Machine to help improve their banking capacity.

The company has raised more than $340m in funding at a billion dollar-plus valuation, and is headquartered in London with regional offices in New York, Singapore and Sydney.

HDBank is among Viet Nam’s leading commercial banks with a charter capital of VND20,273 billion and total assets of more than VND374,000 billion.

After 32 years of operations, it now has 320 branches and nearly 21,000 financial points of sale around the country, and serves millions of customers offering them a diverse range of products and services including outstanding digital solutions. — VNS

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