RiskTech Forum

VietinBank and Fidelity Sign Core Banking Solution Implementation Contract

Posted: 12 October 2012  |  Source: VietinBank

VietinBank and Fidelity officially signed the contract for the tender package “Procurement and Implementation of CoreBanking Software Solution at Vietinbank”.

Among the attendees were Mr. Le Manh Hung – IT Department Director, State Bank; Mr. Raja Gopalakrishnan – Director of FIS Asia; Mr. Nathan Brian Birt – General Manager of Financial Solutions Group for South East Asia, Japan, and Korea, President of FIS Vietnam; Mr. Pham Huy Hung, Chairman of Vietinbank, Mr. Nguyen Van Thang, CEO of Vietinbank; …

Replacement of Core Banking system – a major breakthrough
Vietinbank’s decision to replace its Core Banking systems is one of critical importance made to ensure the fulfillment of 2015 strategies, which include continual equitization, modernization, standardization, operational expansion, diversification, and financial strengthening. Of the 19 IT projects currently undertaken by Vietinbank, the Core Banking Replacement Project is regarded as the most pivotal.

The new Core Banking solution will provide Vietinbank with extra competitive advantage and flexibility. In particular, it will assist Vietinbank in expanding its global presence. The solution is also expected to reduce time to market, supply specialized products and services, and perform real-time processing on multiple channels and in numerous currencies. In light of Vietinbank’s growth, the system is such that it will allow enormous amounts of transactions to be processed, simplify operations, and minimize operating costs, all the while maintaining stability.

The most comprehensive and nimble world-class banking system in Asia
With the support of PwC and law firm Gide Loyrette Nouel, Vietinbank selected Fidelity as its Core Banking Software Solution provider.

Fidelity is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Fidelity will help Vietinbank deliver the best banking products and services to customers.

At the ceremony, Mr. Nguyen Van Thang, Mr. Raja Gopalakrishnan, and Mr. Brian Birt officially signed the contract for the tender package “Procurement and Implementation of Core Banking Software Solution at Vietinbank”.

Chairman Pham Huy Hung stated: Vietinbank has chosen a Core Banking Solution that is both comprehensive and fully integrated, which will allow us to expand our operations and cater to the ever changing needs of our customers. This agreement will generate new opportunities for both Vietinbank and Fidelity and allow our two sides to take advantage of each other’s advantages and strengths to grow together.

Asked to share his point of view, Mr. Nathan Brian Birt said: “Months of hard work and diligence and most important creativity and passion”. He asserted that upon completion of implementation, Vietinbank will have at its disposal the best banking system in all of Asia, bar none.