Digital Transformation: Thought Machine and HDBank to Enhance Financial Services and Banking Sector in Vietnam

On February 25, 2022, within the official visit of Vietnamese President Nguyen Xuan Phuc to Singapore, HDBank signed a cooperation agreement with Thought Machine group – a core banking solution provider.

In Vietnam, HDBank will be working with Thought Machine to “develop the latest version of the … core banking solution to replace the current core banking solution and develop a new standard for the modern core banking technology in future.”

HDBank and Thought Machine agree to “cooperating in developing and deploying technology solutions on the modern cloud platform Amazon Web Services (AWS) for the financial services [sector] in Vietnam.”

As mentioned in the announcement, Thought Machine will offer innovation systems for HDBank to assist HDBank in “accessing flexibly a modern technology platform and actively applying core banking technology using microservices architecture based on the cloud computing platform.”

From this platform, HDBank integrates “confidently and strongly with the world’s most modern digitalization trend, thereby, providing the best modern financial and banking products and services to all customers in the shortest of time and with the unique personalization.”

In May 2020, HDBank was the first Vietnamese bank participating in Contour, a global network established on the blockchain platform, “marking the dynamic step of the Vietnamese bank in its strong digital transformation.”

As a bank that is actively promoting to apply digitalization to business and operations, HDBank has “accelerated the implementation of key digitalization projects for many years which bringing exciting experiences and maximum convenience to customers.”

In the development strategy for the 2021 – 2025 period, HDBank continues to “expand its scale to increase the number of digital users and the level of digitalization, aiming to increase the rate of digital transactions to above 90% by 2025 and successfully becoming the Happy Digital Bank – a modern digital bank developing for the happinesses of each customers.”

Thought Machine claims to be the only major core banking service provider which is supporting Tier 1 banks: JPMorgan Chase, Lloyds Banking Group, Intesa Sanpaolo and Standard Charterd and many others.

Thought Machine is helping to improve the overall banking capacity of its clients. The firm has secured over $340 million in capital, at a billion dollar plus valuation, and maintains  head offices in London, with regional offices in New York, Singapore, and Sydney.

HDBank is one of the Vietnam’s leading commercial banks with the charter capital of VND 20,273 billion; the total assets reached over VND374,000 billion. After 32 years of operations, HDBank now has 320 banking transaction offices and around 21,000 financial points of sales across the country.

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