Vietnam – The Vietnam Maritime Commercial Joint Stock Bank (MSB) has tapped cloud banking platform Temenos to modernise its core banking system. Through the partnership, MSB’s multiple homegrown and legacy systems will be replaced with Temenos’ open platform for composable banking.
Through Temenos core banking solutions for retail and corporate banking, including analytics, payments and data lake capabilities, MSB can bring innovative new products to market much faster at a significantly lower cost. It can also leverage the power of big data to deliver hyper-personalised customer experiences. This will provide the bank a competitive edge to keep pace with the current and future banking needs of Vietnam’s largely young and increasingly affluent population.
Nguyen Hoang Linh, CEO of MSB, said, “MSB aims to become a universal bank for the digital 4.0 era on a par with the best and biggest international banks. Revamping our technology infrastructure with Temenos’ open platform will accelerate digitization and increase automation.”
He added, “Such efforts will help to significantly reduce costs, improve customer experience and heighten the bank’s competitive advantage. This transformation with Temenos is already well underway, helping MSB meet ever-changing retail and corporate customer demands in a highly competitive market.”
Meanwhile, David Becker, managing director for APAC at Temenos, commented, “MSB has an ambitious five-year digital roadmap, transforming the bank for the open, digital era. We are proud to support and partner with the bank on this journey. Temenos has proven technology and local expertise in Vietnam with more than 20 banking clients across retail, corporate and wealth sectors. With our deep regional expertise and open platform architecture, MSB is well-positioned to capture the opportunities brought about by Vietnam’s digital banking boom.”
Temenos has been previously tapped by local bank Saigon-Hanoi Bank in order to accelerate the bank’s digital transformation.