Banks in Vietnam Bank on Oracle® FLEXCUBE to Support Growth and Effectively Transform Their Businesses
Hanoi, Vietnam – July 16, 2010
Oracle Financial Services Software today announced that a growing number of banks in Vietnam are turning to Oracle FLEXCUBE Core Banking.
More than 15 customers in Vietnam, including banks such as Dong A Bank, Habu Bank, Ocean Bank, Nam A Bank, Vietnam Russia Bank and Tien Phong Bank, have selected Oracle FLEXCUBE to transform the way they do business and to help achieve operational excellence.
With Oracle FLEXCUBE, these banks will benefit from the industry’s most advanced and flexible platform for transforming core banking processes, as well as comprehensive localization of the product for Vietnamese banking requirements.
As a result, these banks have achieved faster implementation timeframes, standardized according to common business needs of Vietnamese banks, and are now in position to leapfrog into the next generation of banking technology to maximize the country’s rapidly growing economy and banking sector.
Vietnam Asia Commercial Bank
Vietnam Asia Commercial (VietA) Bank, a rapidly growing mid-sized Bank based out of Ho Chi Minh City with 15 main branches and 47 sub-branches, is migrating from a local solution to Oracle FLEXCUBE to cover all of its operations.
VietA Bank operates as a ‘Universal Bank’, offering a range of retail, corporate, trade and treasury products to its customers.
VietA Bank has grown at a CAGR of 100% in the last three years and has set additional ambitious targets to strengthen and expand its operations, plan for continued growth of its branch network, and acquire customers through differentiated, diversified products and services.
“With technology as one of the pillars of our growth strategy, we required a solution that could provide us the functionality and architecture to rapidly add new products and customers and help us grow profitability,” said Vo Van Khang, Vice President, Vietnam Asia Commercial Bank, “Oracle FLEXCUBE provided a solution that has the right combination of scalability and functionality, matched with a superior technology architecture, to meet our current and future needs. Additionally, Oracle Financial Services’ global and local success in core banking implementation also assured us that we have selected the right platform in Oracle FLEXCUBE.”
“As a next generation banking solution, Oracle FLEXCUBE has enabled us to rapidly ramp up operations and extend our business in terms of customers, products and branches. Since the implementation in 2008, we have increased our branches to 57 from 42, and have launched 20 new products. We have also launched comprehensive Internet Banking services on Oracle FLEXCUBE. Oracle FLEXCUBE has effectively supported our transformation process,” said, Mr. Nguyen Xuan Son, General Director, Ocean Bank.
“Oracle FLEXCUBE empowered Tien Phong Bank, to enter the market, with a strong competitive advantage of being a customer centric and technology savvy bank. The all-round customer view, fast product launch capability and scalable architecture provided by Oracle FLEXCUBE is helping us in build up our customer base by providing differentiated services and fast response timelines,” said Ngo Quoc Tien, Head of Software Department, Tien Phong Bank.
“By replacing our legacy system with Oracle FLEXCUBE, we now have core banking platform which provides us agility, scalability and flexibility to address a fast growing market with innovative products in the shortest period of time. The centralization of transaction processing has resulted in significant cost savings and better operational view,” said Ms Nguyen Thi Kim Oanh, Vice General Director, Habu Bank.
“Vietnam is becoming a model for other countries that are seeking to expand their banking services,” said, A Srinivasan, Vice President, Sales, Asia Pacific and Chief Executive Officer, Oracle Financial Services Software Pte Ltd,. “Banks around the world choose Oracle FLEXCUBE for its ability to help them migrate to a new platform with significant functionality, in shortest possible timeframe, coupled with strong customer support. We have also sought to address the evolving requirements of Vietnam banking practices and regulations by delivering a highly localized Oracle FLEXCUBE solution for Vietnam banks that is receiving great response from this market.”
Oracle Financial Services Software Limited (referred to as "Oracle Financial Services Software") (Reuters: ORCL.BO & ORCL.NS) is a majority owned subsidiary of Oracle. For more information, visit www.oracle.com/financialservices.
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