IBM awards Certificate of Excellence from State Bank of Vietnam

February 25, 2011 | 16:58

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IBM Vietnam has become the first non-banking foreign firm to receive the Certificate of Excellence from the Governor of the State Bank of Vietnam (SBV) for its outstanding contributions to the country’ development of the banking industry.

Since its official inception in Vietnam in 1996 as a 100 per cent foreign-invested company, IBM has become an essential IT partner to over 60 per cent of banks in Vietnam, of which a large number of banks have established long-term strategic relationships with IBM and have cooperated with IBM in many critical projects. IBM’s IT market share among banks in Vietnam accounts for approximately 50 per cent.

IBM was the main IT provider of core banking infrastructure for the four largest banks in Vietnam, namely Vietcombank, Vietinbank, Agribank, and BIDV. Following the core banking success of these banks, most banks in Vietnam have installed and operated their core banking system, 60 per cent of whom also relied on IBM’s IT infrastructure.

IBM’s core banking platform enabled banks to standardise and integrate core processes, in order to lower costs, simplify systems, and ensure compliance with regulations set by the government and SBV.

In 2009, in the second phase of SBV’s Interbank Payment System, the IT Department of SBV selected IBM to implement and upgrade its systems, connecting 72 banks and 300 branches and processing over 40,000 transactions per day. This was one of the key projects in SBV’s plan to modernise banks in Vietnam, which brought about significant benefits to banks by connecting commercial banks and SBV’s branches.

By Trang Anh

vir.com.vn

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