Back to all announcements

VIETNAM INTERNATIONAL BANK SET FOR EXPANSION BY IMPLEMENTING SYMBOLS

Bank modernizes its banking information system through System Access’ flagship Core Banking solution

Singapore, 8 June 2006 – System Access, a leading global financial services software provider, today announces that the company has successfully implemented SYMBOLS universal banking system at Vietnam International Bank. Vietnam International Bank is one of the largest private joint stock banks in Vietnam and the fastest growing financial institution with branches throughout Vietnam.

SYMBOLS from System Access was deployed in less than ten (10) months, to provide more flexibility, scalability and functionality that was required by the bank in managing its growth in the next ten years in Vietnam. Critical to winning this key account was System Access’ proven track record in delivering projects on time and on budget. System Access has more than 60 leading financial institutions on its customer list.

The bank’s main focus was to broaden its customer base and launch new products and services beyond the current set. Reiterating these goals, Mr. Trinh Van Tuan, VIBank’s Chairman, explains, “ Our bank has set out a plan to expand the current branch network of 34 branches, grow total assets, grow the number of customers, and widen range of products and services. This plan will ensure VIB Bank attains a balanced portfolio of assets to strengthen the banks financial stability, a diversified sources of income as it achieves its growth targets”.

“After evaluating several alternatives, we realised that System Access’ SYMBOLS system offered the rich functionality and flexibility to manage our current needs and also to support our continued growth”, he added.

Stringent Selection Criteria

The final selection of System Access’ SYMBOLS was based on stringent criteria including robust technical specifications, operational compatibility, technical scalability and most importantly, service standards and management support to ensure successful delivery.

Explained Leslie Loh, System Access – Chairman and Chief Executive Officer, “Our track record with financial institutions in Europe and Asia was a major advantage in securing this customer. VIB Bank was very particular and precise about achieving its go-to-market timeline”.

VIBank’s Chief Executive Officer, Mr. Le Dinh Long wanted a quick time to market and “big bang” approach where all 34 VIB Bank branches “go-live” simultaneously to take advantage of the growing market in Vietnam. With these objectives in mind, System Access recommended its “Bank in a box” implementation approach, which VIB Bank agreed to. The implementation approach proved highly successful as Catherine Hart, Senior Vice President, System Access explains “Though localization of SYMBOLS software was necessary, System Access worked closely with VIB Bank to tap the rich international business processes already built into the software and by re-engineering these business processes the need for customizations was reduced”.

New System to Streamline Information Flow

The new system will enable VIB Bank to streamline information across the bank, from the front office where the customer facing tellers require real-time data and information, to the back office where transactions must be processed efficiently with minimal human intervention. SYMBOLS will enable the incorporation of all thirty-four branches within the information network.