FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, have announced that it entered into an agreement with Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) of Vietnam to deliver a full core banking replacement that will support the bank’s fast-growing consumer, corporate and international businesses.
Vietinbank is one of the largest and most established commercial banks in Vietnam with assets greater than 520 trillion Vietnamese dong (US$25 billion), accounting for more than 20 percent of the country’s banking assets. It is listed on the Ho Chi Minh Stock Exchange (HOSE) with the government as a majority shareholder. Vietinbank has the second-largest branch network in Vietnam, featuring more than 1,000 branch and sub-branch locations and over 1,700 ATMs in 63 provinces and cities throughout the country. This new relationship highlights the importance of Asia in FIS’ international growth strategy.
N. Brian Birt, General Manager, Financial Solutions for ASEAN, FIS Asia said, “Vietnam is strategically very important to FIS, and we are delighted to be helping Vietinbank through its core system replacement. We are already providing banking and payments solutions to a number of major financial institutions in this market and recently established a permanent office in Hanoi that will enable us to develop our position as the premier banking and payments technology provider in Vietnam. Our relationship with Vietinbank is a significant step forward, and demonstrates our dedication to helping advance the Vietnamese banking market.”
Following years of achieving exceptional growth, Vietinbank realized that to maintain its market-leading position in one of Asia’s most dynamic and fast-growing emerging markets the bank needs to upgrade its core banking technology infrastructure. Vietinbank selected FIS for its sophisticated and flexible core banking platform with FIS Profile as the main core banking engine, utilizing FIS TouchPoint® and Xpress® to deliver a comprehensive front-end integration for the bank’s branch, ATM and online services.
“FIS’ comprehensive and integrated core banking platform will provide Vietinbank with the scalability to meet our growth plans and the flexibility to meet the changing needs of our dynamic customer base,” said Mr Pham Huy Hung, Chairman of Vietinbank. “We selected FIS after a very thorough and detailed RFP process. We were impressed with FIS’ deep understanding of the challenges we face, and their commitment to the future success of Vietinbank.”