Mumbai, December 7, 2005: At an event held by i-flex® solutions and FPT Software Solutions at Ho Chi Minh city, Vietnam to discuss Core Banking Strategies and Best Practices, i-flex solutions (Reuters: IFLX.BO and IFLX.NS), a leading provider of IT solutions to the global financial services industry announced that two more banks in Vietnam, Cathay United Bank and Indovina Bank, who had chosen the FLEXCUBE® suite as their core banking system, have now commenced banking operations using FLEXCUBE. i-flex's existing customers in Vietnam include Eastern Asia Commercial Bank and Citigroup Vietnam.
Cathay United Bank began its operations rolling out FLEXCUBE at its Chulai Branch, which was formally inaugurated on November 18, 2005, while Indovina Bank went live on FLEXCUBE at its branch at Dong Nai on November 15, 2005.
Citigroup Vietnam cut over to FLEXCUBE as part of Citigroup's global roll-out of FLEXCUBE as its corporate banking solution. Local banking major Eastern Asia Commercial Bank has rolled out FLEXCUBE in 15 of its 40 plus branches, and the conversion of the remaining branches is underway.
FLEXCUBE's ability to enable banks to respond quickly to market changes, adapt to local, regional and global banking standards and substantially lower total costs of ownership were the leading reasons why these banks chose it as their core banking solution.
Speaking on the occasion, Mr. Tranh Phuong Binh, President, Eastern Asia Commercial Bank said, "Eastern Asia Commercial Bank was the first local customer for FLEXCUBE in Vietnam. After initial integration issues between international banking practices and Vietnamese banking practices, FLEXCUBE is now 'live' in the head office and across more than 18 branches. We are on track to complete the entire rollout to all our branches by the first quarter of 2006. With the new generation functionality and architecture of FLEXCUBE, we are able to launch new products and services quickly and, thereby, respond faster to the local market changes.
"With the experience of implementation and partnership with EAB, FLEXCUBE is now highly adapted to Vietnamese requirements, and can be rolled out more quickly and seamlessly at Vietnamese Banks", Mr. Binh added.
Speaking on the sidelines of the conference, Mr. Jan Yei Fong, General Manager, Indovina Bank said "The selection of a core banking solution by Indovina Bank has a direct relation to the growth plans of a bank, we plan to rapidly expand our business, serve customers in multiple segments and raise service to world-class levels. To achieve this we need a solution which provides us the flexibility and scalability to address different business segments and grow rapidly. In FLEXCUBE we found a solution that will help us meet these requirements, and provide the platform for growth."
On FLEXCUBE's deployment at Cathay United Bank, Mr. Jan Yei Fong, added "We were looking for a new generation banking solution which was highly functional, adaptable and scalable. FLEXCUBE has these attributes and is well proven in the global banking industry. We expect to derive significant benefits from FLEXCUBE in terms of our channel delivery, customer centricity and total cost of ownership."
"Banking is a global business, and Vietnamese banks want the best technology platform to help them grow for the future," said Mr. Ho Thanh Tung, General Director, Oracle Indochina. "i-flex's banking customers in Vietnam are responding to i-flex as a Tier 1 software partner, tightly integrated with Oracle's technology, offering them the most comprehensive banking solution to help modernize their systems and lower their maintenance costs." Mr. Tung added that banking is a strategic industry for Oracle, with 9 out of the world's top 10 banks already running Oracle ERP applications.
Speaking on FLEXCUBE's success in Vietnam, Kishore Kapoor, CEO, i-flex solutions pte ltd, said, "Though FLEXCUBE is internationally acclaimed and deployed at leading banks the world over, it has been locally adapted to Vietnamese banking requirements as demonstrated by the success of the four local roll-outs at East Asia Commercial Bank, Citibank, Cathay United Bank and Indovina Bank. FLEXCUBE is certainly emerging as a platform of choice for banks looking at changing their legacy systems to a new generation core-banking platform for increased efficiency and higher service levels at reduced operating costs."
FPT Software Solutions, Vietnam's leading technology company and i-flex's corporate business partner in Vietnam, will be a part of the marketing process and will be leading the system integration and localization efforts in the implementation.
Speaking on the sideline of the discussion, Mr. Hoang Minh Chau, Vice Chairman of The Corporation for Financing and Promoting Technology said: " We are happy to be associated with this win for FLEXCUBE. As a product FLEXCUBE can provide the advantage that banks in a competitive market like Vietnam need - high functionality, proven implementation methodology and scalability. We look forward to a successful implementation of FLEXCUBE at other banks in Vietnam".