The State Bank of Viet Nam (SBV) and FPT Information Systems (FPT IS) launched their corebanking, accounting, budgeting application and system integration on Tuesday in Ha Noi.

The package is a part of a SG3.1 contract under the Financial Sector Modernisation and Information Management System project (FSMIMS) funded by the World Bank.

The SG3.1 contract aims to develop a centralised accounting system to handle automatic SBV operations, ensuring accurate and timely data exploitation.

The contract also has a large implementation scale and direct beneficiaries covering 17 departments and agencies, 63 SBV branches and 100 credit intuitions.

SBV’s corebanking, accounting, budgeting applications and system integration applies advanced technology worldwide such as core banking of Temenos, enterprise resource planning (ERP) of Oracle financials and enterprise Services Bus (ESB) of TIBCO.

SBV chose FPT to implement the SG3.1 contract in May 2014, and the system was officially implemented on December 31 last year.

“After two years and a half of implementation, the system was successfully implemented, which is an important development of SBV,” said Nguyen Kim Anh, deputy governor of SBV, at the event.

All current SBV accounting and financing activities nationwide which are implemented on different systems will be replaced by the only system SG3.1.

In addition to changes in business processes, the SG3.1 system is also considered a big technological leap for SBV, he added. — VNS