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Ho Chi Minh City, Vietnam —November 14, 2018
With digital banking on the rise, one of the largest retail banks in Vietnam, Asia Commercial Bank (ACB), is well on its way to become a digital bank by deploying Oracle Enterprise Resource Planning (ERP) Cloud. ACB’s vision is to rethink the banking experience, and augment physical banking with quality digital experiences for customers. To fulfill this vision, ACB moved core business processes to the cloud, becoming the first Vietnamese bank to move to cloud ERP. With Oracle ERP Cloud, ACB can increase productivity, lower costs and improve controls.
“In our 25-year history, we’ve seen the birth of the Internet, the smartphone, blockchain and now AI. With a young population that is increasingly digitally connected, Vietnam’s financial services sector is faced with meeting the expectation of a more demanding ‘always-on’ customer base. This is a big challenge for banks, which work in an environment with an extremely long technology lifecycle. To deliver on the potential of digital banking in our region, we needed an agile cloud-based ERP system to streamline and scale processes such as finance, procurement, and project expense management. ACB prides itself on being an early adopter of innovation, paving the way for other finance organizations in the emerging economies of ASEAN.” said Mr Loc D. Nguyen, Chief Information Officer of ACB.
Oracle ERP Cloud has resulted in a significant return on investment, improvement in transparency, speed of service and optimization of cost. As a result of moving to Oracle ERP Cloud, ACB has accelerated month-end close and reporting cycles by 50 percent and reduced IT and support costs by 66 percent.
Ms. Nguyen Cam Linh, Head of Applications for Vietnam at Oracle remarked: “To build the finance function of the future, CFOs need to modernize business processes and capitalize on intelligent software to achieve speed, agility and accuracy. With intelligent cloud-based applications, CFOs can gather real-time data and use these insights to build key strategies for the business.”
With its suite of Oracle ERP solutions in place, ACB no longer has to manage upgrades and will always be on the latest version. This will help the organization reduce risk and keep pace with latest regulatory and compliance obligations.
ACB – Asia Commercial Bank was founded in 1993. As one of the largest consumer and corporate banks in Asia, we’re investing in the leading people, technologies and practices to improve the financial lives of our customers. The 11,000 team members at ACB are building the fintech company of the future, helping millions of clients with consumer and corporate commercial banking services, which include deposits, corporate and consumer lending, as well as trade financing.
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at www.oracle.com.
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