Vietinbank Prepares for the Future of Vietnamese and International Banking with New Core Banking System from FIS
JACKSONVILLE, Fla. & HANOI, Vietnam--(BUSINESS WIRE)-- FIS™ (NYS: FIS) , the world's largest provider of banking and payments technology, today 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."
Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank) (HOSE: CTG) is a Vietnamese joint stock commercial bank that provides financial and banking products and services of unmatched quality. Having undergone nearly 25 years of operation, Vietinbank has made great strides and strengthened its domestic and international presence with over 155 branches; 3 non-profit making units; 1000 transaction offices; and 03 foreign branches (located in Frankfurt, Berlin, and Vientiane). Vietinbank anticipates that by 2013, it will open new branches in Myanmar, Czech Republic, Poland and England. Vietinbank is headquartered in Hanoi, Vietnam. With invaluable contributions from nearly 19000 staff members, Vietinbank has now become the country's best performing bank with regard to credit quality and financial performance. Of particular significance is that Vietinbank is the only Vietnamese enterprise to be ranked among the Top 2000 enterprises in the world by Forbes Magazine in April 2012. For more information, please visit www.vietinbank.vn.
FIS (NYS: FIS) is the world's largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor's 500® Index. For more information about FIS, visit www.fisglobal.com.
Kim Snider, +1 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, +1 904.438.6282
Senior Vice President
FIS Investor Relations
KEYWORDS: United States Viet Nam Asia Pacific North America Florida
The article Vietinbank Prepares for the Future of Vietnamese and International Banking with New Core Banking System from FIS originally appeared on Fool.com.
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