Indovina Bank chooses i-flex's FLEXCUBE as core-banking platform To leverage world's best selling banking solution* for growth and expansion

Ho Chi Minh City, Vietnam, August 16, 2005: Indovina Bank ltd, Vietnam today announced that it has selected i-flex solution’s FLEXCUBE as the core banking solution for its banking operations. Indovina Bank, a joint venture between Industrial and Commercial Bank of Vietnam (ICBV) and Cathay United Bank (CUB), Taiwan; will implement FLEXCUBE across all its branches in Vietnam.

i-flex® solutions (Reuters: IFLX.BO & IFLX.NS) is a global provider of IT solutions to the global financial services industry and its flagship product, FLEXCUBE, is the world’s largest selling banking solution*.

FLEXCUBE will provide the bank the capability to launch modern banking services such as ATMs, Telephone Banking and Internet Banking. FLEXCUBE will serve as a single application integrating the various operations of the bank and enabling the bank to launch new products and services faster.

This win further strengthens i-flex’s presence in the Vietnamese market; it already has Eastern Asia Commercial Bank, Vietnam as a customer for FLEXCUBE. FPT Software Solutions, Vietnam’s leading technology company and i-flex’s corporate business partner in Vietnam, which was part of the selection process, will be leading the system integration and localization efforts in the implementation.

Speaking on their selection of FLEXCUBE, Mr. Jan Yei Fong, General Director, Indovina Bank and representative of foreign partner Cathay United Bank, said, "We were looking for a new generation banking solution which was highly functional, adaptable and scalable. FLEXCUBE has all 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."

Speaking on the selection of FLEXCUBE, Mr. Phan Dao Vu, First Deputy General Director, Indovina Bank, said, "The selection of a core banking solution 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 needed a solution which provides the flexibility and scalability to address different business segments and grow rapidly. In FLEXCUBE we found a proven solution that will help us meet these requirements, and provide the platform for growth. We were impressed with i-flex’s financial services expertise and its commitment to Vietnam."

Expressing i-flex’s delight at the second win in Vietnam after Eastern Asia Commercial Bank, Mr. Kishore Kapoor, CEO, i-flex solutions pte ltd, said, "Vietnam is a market of the future, the financial services industry here is buoyant and is looking at adopting contemporary technologies for growth and competitiveness. Indovina Bank has impressive growth plans and we believe that FLEXCUBE will provide the right technology platform for it to excel in its business, with clear competitive advantage and higher service levels. This win further strengthens our commitment to increase our presence in Vietnam"

Speaking on the win, Mr. Bui Cong Nguyen, Sales Director, FPT Software Solutions, 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 Indovina Bank."

Indovina’s FLEXCUBE implementation which will be spread across Retail and Corporate Banking functions and will provide the platform for the rapid customer acquisition programme and will support its initiative to increase delivery and customer service capabilities.

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