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Digital Digest: The Latest Tech News - Temenos, Vietnam

Editorial Staff

10 July 2020

Temenos, Military Commercial Joint Stock Bank
has selected the firm’s Infinity Wealth to deliver digital wealth management services.

The bank will integrate Temenos Infinity Wealth, a digital banking product, with Temenos Transact core banking product to gain a single, end-to-end wealth management solution. The implementation will be supported by Temenos’ partner, Syncordis.

MB has been a Temenos client since 2010, when the bank deployed Temenos Transact to handle increasing transaction volumes. The bank was originally established in 1994 to provide credit to military enterprises. MB is now one of the top five commercial joint stock banks in Vietnam with chartered capital of over $730 million and $11 billion assets under management.

Citing figures from a New World Wealth report, Vietnam’s wealth market is predicted to grow by 200 per cent between 2018 and 2028. Some 20,000 people have investible assets worth more than $1 million and hold more than $210 billion in ordinary cash accounts. 

“We are delighted to extend our relationship with Temenos as we become the first major Vietnamese bank to offer wealth management services to our customers,” Le Xuan Vu, board of directors and director of retail banking division at MB, said. 

Martin Frick, MD, Asia-Pacific at Temenos, said: “Temenos currently supports 18 banks in Vietnam and more than 3,000 clients worldwide. We are excited to bring our rich experience of helping banks to achieve their goals in new territories and emerging market segments to this strategic partnership.”