HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core
Vietnamese commercial bank HD Bank has leveraged its existing relationship with core banking vendor Thought Machine to launch Vikki Digital Bank.
HD Bank launches Vikki Digital Bank in Vietnam
The new digital-only bank, which has been developed through a joint venture between HD Bank and Galaxy FinX Joint Stock Company, was first launched privately on 15 December last year.
This was followed by an official launch in Vietnam on 31 July, with the venture already claiming to process over $15 million in monthly transactions for more than 15,000 active users.
Its services at launch include current accounts and virtual debit cards supported by e-KYC verification, money transfer services and spend management features, as per a translation of the app spec.
These capabilities are currently powered by Thought Machine’s Vault Core, for which HD Bank previously signed through a deal struck in February 2022.
The cloud-native banking platform “provides unique flexibility and control in the design and build of new financial products by using smart contracts”, according to the vendor’s website.
When the bank first embraced the platform, HD Bank CEO Pham Quoc Thanh said a “clear need” had been identified in the market for financial services which are “real-time, always-on and forever adapting to the customers’ needs”.
“With Thought Machine, we intend to fill this gap and push digital banking innovation in unexpected ways.”
The bank also utilised the partnership to upgrade its core platforms and internal workflows, as part of a multi-year transformation strategy.
HD Bank was contacted by FinTech Futures regarding the launch of its latest venture.
