IBS Journal November 2015
IBS Journal November 2015
Vietnam-based PVcomBank in enterprise-wide IT overhaul
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Vietnam Public Joint Stock Commercial Bank (PVcomBank) is undergoing a major front-to-back office software overhaul, with Temenos and Misys providing their solutions.
Digital banking At the front-end, the bank is implementing Misys’ Fusionbanking Essence, an om- ni-channel solution. It will support online/ mobile banking and personal finance management capabilities at the bank. Quoc Khanh Nguyen, deputy CEO at
PVcomBank says that there is a drive to improve the quality of the customers’ dig- ital banking experience and also to gain a better understanding of their financial needs. ‘And we need to be able to do that cost-effectively so that we remain compet- itive,’ he adds. He explains that in addition to Misys
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ticking all the boxes in terms of functional- ity, tools, user-friendliness and open archi- tecture, the bank’s team ‘was impressed with the vendor’s vision and commitment to this business and towards PVcomBank’. A local technology firm, Tecapro, is the
systems integrator for this project. Misys’ Fusionbanking Essence digital
offering originates from a Hungarian devel- oper, IND. IND was acquired by Misys in early 2014.
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At the core At the back office, PVcomBank is deploying Temenos’ T24 core banking system, the contract with Temenos was signed in Q3 last year. The need to modernise the core solu-
tion stems from the challenges of working on two legacy core platforms – PVcomBank came into being in 2013 as a result of a merger of two banks, Western Commercial Joint Stock Bank and Petrovietnam Finance Joint Stock Corporation. Petrovietnam came with Oracle FSS’s
Flexcube core system, whilst Western Com- mercial had the Microbank core product developed by a domestic vendor Serenco. Temenos offers its own digital banking
platform, Temenos Connect (which stems from an acquisition of UK-based Edge IPK, purchased in 2012).
16 However, it would seem that
PVCombank shunned the Temenos Connect offering in favour of a rival solu- tion from Misys.
PVcomBank: a brief file PVcomBank has total assets of VND 100 trillion ($4.5 billion) and charter capital of VND 9 trillion ($404 million). It has a domestic network of around
100 branches. Its key activities are retail, corporate
and investment banking. The bank is majority-owned by a
Vietnamese oil and gas group, Petroviet- nam (52%). Amongst its other sharehold- ers is Morgan Stanley, with a 6.7% stake. Petrovietnam is planning to divest its holding in the bank this year. The deci- sion comes following the introduction of a new national policy to restructure state-owned enterprises and withdraw their investment capital from non-core businesses.
Tanya Andreasyan © IBS Intelligence 2015
www.ibsintelligence.com Hanoi © Nam-ho Park, Flickr
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