The agreement that DIV and FPT IS signed forms part of the World Bank's Financial Sector Modernisation and Information Management System project in Viet Nam. — Photo chungta

HA NOI (Biz Hub) — The Deposit Insurance of Viet Nam (DIV) and FPT Information System Company Ltd. (FPT IS) yesterday agreed to install a new information and communications system to tighten security for depositors.

The agreement that DIV and FPT IS signed forms part of the World Bank's Financial Sector Modernisation and Information Management System project in Viet Nam.

The project assists the State Bank of Viet Nam (SBV), Credit Information Centre and DIV in upgrading their main functions to the level of international standards.

The agreement, called DG#1, aims to design for the DIV a centralised information and communications platform connecting to the SBV database. In addition, FPT IS will develop software programmes for daily activities and a backup centre to ensure data security and continuous operations for DIV.

DG#1 will be fully implemented 22 months from December. Authorities believe its success will strengthen the DIV's effectiveness in executing the Law on Deposit Insurance and protect depositors, especially small ones, when data from credit institutions, financial markets and SBV operations is captured in one platform.

As this centralised core banking system is completed, information will be used to support policy and supervision functions, as well as meet SBV disclosure obligations.

DIV Chairman Nguyen Van Thanh expects the system to transform DIV into an effective arm of the SBV in dealing with financial turmoil.

According to Le Manh Hung, director of the SBV information technology department, DG#1 is the World Bank project's last bidding component. — VNS