The Viet Nam International Bank (VIB) and HTP Viet Nam Corporation launched the "Basel II Standardised Solution" project. -- VNS File Photo

HA NOI (Biz Hub) — The Viet Nam International Bank (VIB) and HPT Viet Nam Corporation yesterday in Ha Noi launched the "Basel II Standardised Solution" project to comply with standards by end-2015.

VIB is one of 10 banks selected by the State Bank of Viet Nam to apply Basel II, a strict international regulation on management of market risks, credit and operation as well as capital safety.

The solution, named BlackIce ERA created by BlackIce Enterprise Risk Management Inc. and implemented by HPT, is an open solution with high flexibility which could integrate data from several sources while analysing reports according to the requirements of Basel II.

VIB could have an integrated data system and useful analysis serving its operations.

The bank has considered the application of Basel II to be an important and active step. The project is expected to help VIB have a risk management framework which is similar to international banks as well as reaching the regional level.

Speaking at the launch ceremony, Nguyen Viet Anh, deputy director of HPT Application Solution and Service Centre (HAS) said the project could create a breakthrough for VIB in risk management under Basel II's standards with a strong and effective technology foundation.

"We are committed to providing resources to ensure the project's success, thus retaining VIB's position as one of prestigious bank in Viet Nam," Anh said.

VIB has been one of leading banks in Viet Nam with total assets of around VND80 trillion after 19 years of operations. In 2010, the Commonwealth Bank of Australia (CBA), the No 1 retail bank in Australia, became its strategic shareholder. The co-operation has facilitated VIB to implement long-term plans successfully as well as improve its service quality.

Founded in 1995, HPT Viet Nam Corporation is currently a leading prestigious and highly customer-trusted IT product and service provider. Their scope of activities is nationwide with many well-known customers. HPT tirelessly and continuously enhances the quality in all spheres of a company's activities including business, customer service, and management activities.

BlackIce is an international technology and risk management advisory with more than 20 years of experiences in the finance and banking sector. — VNS