Vietnam International Bank to Upgrade Cloud Core Banking System

March 2024

Vietnam International Bank (VIB) has teamed up with Amazon Web Services (AWS) and Switzerland-based technology solutions provider ITSS to deploy the latest version of the Temenos core banking system, R23, on both AWS cloud and VIB’s private cloud platform. The collaboration signifies VIB’s pioneering move as the first bank in Vietnam to adopt the Temenos core banking system on a cloud computing platform.

Vietnam’s banking industry has been witnessing an increasing customer demand for digital experiences and continuous technological advancements, in which the transition of core banking systems to the cloud is perceived as a transformative factor for financial institutions. Hence, VIB’s core banking modernization project with Temenos, AWS, and ITSS will establish a robust foundation to serve customers in the digital age.

According to AWS, the latest technology platform will enable VIB to integrate several services into its current system, which can support and enhance security, streamline operations, reduce associated technology infrastructure costs, and minimize downtime during peak traffic periods

VIB joins a growing number of Asian enterprises leveraging AWS and Temenos solutions to modernize their IT infrastructures. AWS has secured agreements with UnionBank in the Philippines and Japan’s Mitsubishi UFJ Financial Group (MUFG), while Temenos has recently been selected by Cebuana Lhuillier Bank and Vietnam’s LPBank.

(Source: Fintech Futures)

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