VPBank on April 4 announced the signing of agreements with Amazon Web Services, selecting it as its preferred cloud provider to build digital banking experiences for its customers.
VPBank will use AWS SageMaker and AWS AI Services to enhance its analytics capabilities and accelerate the development of banking-financial applications, enhance automation of banking tasks, and drive new digital banking features such as chatbots and digital banking solutions to improve customer service.
|VPBank and AWS signed agreements on April 4 |
The collaboration will also help VPBank optimise costs without having to invest in on-premises infrastructure to scale its digital banking services, while building banking and financial applications with the highest standards for privacy and data security, and developing a workforce proficient in cloud skills, so the bank can continue building innovative products.
“Vietnam’s financial services industry has rapidly embraced digital technology to drive financial inclusion, deliver personalised customer experiences and maximise the advantages AWS cloud technology can offer for operational excellence, security and cost optimisation.” said Conor McNamara, managing director, ASEAN, AWS.
“We are proud to work with VPBank to enable the bank’s ambitious infrastructure modernisation objectives to meet and exceed the rapidly changing consumer behaviours and expectations, and drive business growth.”
Technological capability is one of the strengths that help VPBank lead the market, and is a lever for the bank to continue improving its performance indicators. At the end of 2022, VPBank’s return on assets reached 3.7 per cent for the first time, a record high in the local banking system. Along with that, VPBank once again affirmed its leading operational efficiency stance across the industry, with a cost-to-income ratio of 19.3 per cent.
Digital transformation is now an inevitable trend in Vietnam. The manufacturing, banking, and e-commerce sectors have recently been making leaps and bounds in applying digital technology to go faster, smarter and greener.
| ||VPBank freshly inks syndicated loan worth $500 million |
With fresh international financing sources secured, VPBank has once again affirmed its reputation in the loan syndication market and strengthened its lending capacity to finance local small- and medium-sized enterprises, women-owned businesses and many social projects to enhance the overall infrastructure and improve the quality of life for Vietnamese citizens.
| ||VPBank announces SMBC as foreign strategic investor |
VPBank announced today that it has entered into an agreement with Japan’s Sumitomo Mitsui Banking Corporation (SMBC), a subsidiary of Sumitomo Mitsui Financial Group, Inc. (SMFG), to issue a 15 per cent equity stake through a private placement, officially welcoming SMBC as a foreign strategic investor of the bank.
| ||Tech advancement to boost bank prospects |
Only banks with a knack for technology may be willing to shift towards sustainable development in an efficient manner, industry leaders say.
| ||Greener, faster, smarter digital plans |
Various experts have explained how Vietnam can be smarter, greener, and more efficient in its digital overhaul, with an eye towards sustainability.