Surecomp, BIDV to Improve Trade Finance in Vietnam

Surecomp announced that the Joint Stock Commercial Bank for Investment and Development of Vietnam, commonly known as BIDV, has “gone live with its DOKA-NG™ and allNETT™ solutions to fully digitize trade finance processing.”

Supported by local partner, CMC Technology and Solution (CMC TS) in Vietnam, Surecomp was selected by BIDV “to deliver its next generation trade finance platform as part of a broader digital transformation strategy.” Trade finance and bank guarantees being one of the bank’s most important service offerings, “the implementation will now enable BIDV to meet current and future demand.”

Hosted on their own servers in Hanoi, the solutions were “deployed and supported by Surecomp’s local teams in Asia.”

Through improved efficiency and faster response times, the newly digitized operation will help BIDV “maintain competitive edge and deliver an enhanced customer service.” This in turn will allow customers “to better manage their import and export activities.” Taking a pioneering approach to digital innovation, the flexibility of the solutions will also “allow the bank to amend and customize their trade finance instruments as their requirements evolve.”

Le Trung Thanh, Senior Executive Vice President, said:

“Thanks to a comprehensive collaboration between BIDV, Surecomp and CMC, we are delighted to be in live production with our new digital trade finance operation. Given its high priority, we believe in the value and competitive edge this digitalization path brings BIDV.” 

Ho Thanh Tung, CEO of CMC Corporation and CMC TS, said:

“We would like to express our congratulations to BIDV on successfully deploying this new trade finance platform. CMC Technology and Solution is proud to be BIDV’s technology partner in this project, together with Surecomp delivering a best-in-class solution. We will strive to provide BIDV with industry-leading services and solutions to support them in remaining at the industry forefront.”

Yaron Hupert, Surecomp’s SVP of Account Management, added:

“BIDV is Surecomp’s leading customer in Vietnam joining a stronghold of other home-grown Asian banks. We believe that our trade finance solutions will bring BIDV all the business benefits associated with a digital trade platform and will enable the bank to better serve its corporate customers. We are looking forward to a long and fruitful relationship with BIDV and are whole-heartedly committed to ensuring their success.”

Established in 1957, BIDV claim to be the bank “with the longest history of operation in Vietnam, with leading-the-industry total assets of more than 85 billions USD (June 2022).”

BIDV has “an extensive network of more than 1,000 domestic and foreign branches and transaction offices, establishing partnerships with 2,300 financial institutions worldwide.”

CMC TS claims it is “the leading Digital transformation services provider for public sector, banks, financial institutes and enterprises in Vietnam, especially in data services, IT system management, information security, and cloud computing solutions.”

CMC TS also “invests in researching and developing new technologies such as cloud, Big Data, AI, IoT.”

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