FPT collaborates with Oracle to drive regional financial risk management

This expanded collaboration aims to provide world-class financial risk management and compliance offerings, addressing critical challenges in the financial and banking sectors.

FPT and Oracle will deploy the OFSAA system to support banks and financial institutions in anti-money laundering, asset and liability management, liquidity risk management, internal capital transfers, multidimensional profit allocation, and compliance with International Financial Reporting Standards (IFRS) in Japan, Hong Kong, Malaysia, Indonesia, Thailand, and Vietnam.

Dao Hong Giang, executive vice president and head of the finance and banking division at FPT IS, and Mark Atherton, global head of financial services analytical and compliance solutions at Oracle

Through this collaboration, Oracle will provide products and services and work closely with FPT's team of tech experts to execute the projects in the near future. FPT IS, a member company of FPT Corporation, will bring its extensive expertise in addressing banking industry challenges and collaborate to implement the OFSAA offerings for clients.

Currently, according to the Asia-Pacific Group on Money Laundering's assessment, markets in the region face numerous gaps in anti-money laundering and counter-terrorism financing, significantly impacting economies worldwide, with up to 5 per cent of global GDP (around $2 trillion) being laundered annually. In Vietnam alone, the Basel Committee’s Anti-Money Laundering evaluation places the money laundering risk level at a relatively high 7.08/10, ranking it third among regional countries.

Implementing the OFSAA is a crucial foundation that enables financial institutions to measure and meet internal risks and financial management requirements, as well as comply with global banking regulations. These include the Basel Accords, which set standards for bank supervision to protect the global financial system, International Financial Reporting Standards, and the Financial Action Task Force's recommendations and standards for anti-money laundering. This system helps banks achieve transparent profit targets, risk management, and compliance, reduce management and operational costs, and gain deeper insights into customer behaviour.

“We have a longstanding relationship with FPT and our commitment to expand our collaboration to deliver our OFSAA products to the Asia-Pacific market is in response to the immense development and growth here,” said Mark Atherton, global head of financial services analytical and compliance solutions at Oracle. “Our OFSAA family of products perform the processing, categorising, and selection of data and information needed to analyse, understand, and report on specific performance, risk, compliance, and customer insight issues. Vietnam is an example of a developing market that brings forth unique use cases that can help address these challenges.

​​​​​​FPT IS, a member company of FPT Corporation, partners with Oracle to implement the OFSAA offerings for six major markets

Tran Dang Hoa, chairman of FPT IS, emphasised, "We are honoured to be the first Vietnamese tech company to partner with Oracle in deploying OFSAA across Asia-Pacific. FPT brings over 30 years of comprehensive experience in the finance and banking sector, addressing numerous challenges and building foundational systems. In risk, finance, and compliance, FPT has implemented nearly 30 projects for banks in Vietnam. Deploying the OFSAA system will be critical in empowering FPT to support banks in achieving global financial compliance standards".

"This collaboration lays the groundwork for FPT to further expand its collaboration with Oracle, aiming to become a top technology partner for international clients. FPT continues to develop and expand its 'Made by FPT' ecosystem of products and services for the finance and banking sector, ready to integrate and expand alongside global systems to meet each customer’s unique needs, elevate management standards, and drive business growth," Hoa said.

In 2018, FPT completed a risk management database framework project for a large bank in Vietnam, establishing a solid foundation for the bank to effectively undertake business, risk management, and Basel II compliance projects.

In 2021, FPT partnered with PwC and Oracle to provide OFSAA software licences for MB Bank, jointly implementing a system to comply with Basel II capital adequacy standards. From 2021 to 2024, FPT and Oracle collaborated to deploy OFSAA financial crime and compliance management. Projects at MB Bank, Techcombank, Asia Commercial joint-stock bank, and The Orient Commercial joint-stock bank have successively gone live, either partially or fully. In 2024, the project at MB, jointly implemented by FPT with Deloitte and Oracle, successfully completed all modules for anti-money laundering and fraud risk management, enhancing MB’s capabilities in financial crime prevention.

OFSAA include modules for integrated risk management, performance management, customer insight, and compliance management which allow financial institutions to measure risk-adjusted performance, cultivate a risk management culture, lower compliance costs, and gain deeper customer behaviour insights. Key applications within OFSAA include enterprise risk management, governance, risk, and compliance, enterprise performance management, and customer insight tools specifically designed for financial services.

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