Vietnam International Bank taps AWS and Temenos for cloud core banking upgrade
Vietnam International Bank (VIB) has partnered with Amazon Web Services (AWS) and Switzerland-based tech solutions firm ITSS to implement the latest Temenos core banking version, R23, on both the AWS cloud and VIB’s private cloud platform.
VIB taps Temenos to revamp its core banking system
The deal will see the bank become the first in Vietnam to adopt the Temenos core banking system on a cloud computing platform.
“The banking industry in Vietnam is undergoing significant transformation,” says Trần Nhất Minh, VIB’s deputy CEO and CIO, stating the landscape is evolving due to an increase in “customer demand for digital experiences and the constant advancement of technology”.
He adds that the migration of core banking systems to the cloud “has emerged as a game-changing factor” for financial institutions, and that VIB’s core banking modernisation project with Temenos, AWS and ITSS creates “a strong foundation to serve customers in a prominent digital era”.
AWS’ Vietnam country manager, Eric Yeo, claims that the technology platform will enable the retail bank to bolster security, enhance operations, decrease associated tech infrastructure operational costs, and “minimise downtime during peak traffic“.
VIB joins a long list of Asian enterprises to implement AWS and Temenos solutions to revamp their IT infrastructures. AWS has secured agreements with UnionBank in the Philippines and Japan’s Mitsubishi UFJ Financial Group (MUFG), while Temenos has recently been tapped by Cebuana Lhuillier Bank and Vietnam’s LPBank.
