Temenos open platform for composable banking will accelerate MSB’s digital transformation and scalability
Temenos (SIX: TEMN) today announced that Vietnam Maritime Commercial Joint Stock Bank (MSB) has selected Temenos to modernize its core banking system. MSB is one of the largest commercial banks in Vietnam, with nearly 3.1 million retail and 64,300 corporate customers. Replacing multiple homegrown and legacy systems with Temenos open platform for composable banking will transform MSB into an agile, future-ready bank.
With Temenos core banking solutions for Retail and Corporate banking, including Analytics, Payments and Data Lake capabilities, MSB can bring innovative new products to market much faster at a significantly lower cost. It can also leverage the power of big data to deliver hyper-personalized customer experiences. This will provide the bank a competitive edge to keep pace with the current and future banking needs of Vietnam’s largely young and increasingly affluent population.
Digital banking has developed rapidly in Vietnam, with a thriving fintech industry and high e-commerce adoption. According to a recent McKinsey report, Vietnam has seen a higher increase in active digital bank users than other markets in APAC, and a large majority of 73% of Vietnamese consumers are multi-channel banking users.
Mr. Nguyen Hoang Linh, CEO of MSB, said: “MSB aims to become a universal bank for the digital 4.0 era on a par with the best and biggest international banks. Revamping our technology infrastructure with Temenos open platform will accelerate digitization and increase automation. Such efforts will help to significantly reduce costs, improve customer experience and heighten the bank’s competitive advantage. This transformation with Temenos is already well underway, helping MSB meet ever-changing retail and corporate customer demands in a highly competitive market.”
David Becker, Managing Director, Asia Pacific, Temenos, said: “MSB has an ambitious five-year digital roadmap, transforming the bank for the open, digital era. We are proud to support and partner with the bank on this journey.
Temenos has proven technology and local expertise in Vietnam with more than 20 banking clients across retail, corporate and wealth sectors. With our deep regional expertise and open platform architecture, MSB is well- positioned to capture the opportunities brought about by Vietnam’s digital banking boom.”
Disruptive technology is transforming banking in Vietnam. Temenos recently published a white paper that discusses how big data and cloud computing is revolutionizing Vietnam’s banking sector. Read more here.