Vietnam Maritime Commercial Joint Stock Bank (MSB) announced today that it has been named Bank of the Year in Vietnam by The Banker @ Financial Times magazine.
MSB has undertaken the huge task of updating its internal core banking processes while still maintaining a functional and innovative bank, a development that has helped the lender win the Bank of the Year award this year.
With the goal of modernising its available products, the bank has invested $20m into updating its main IT infrastructure. This has involved replacing the SIBS core banking system, the transaction system at BDS counters, merchant financing operations, and the existing MSB Gateway payment channel. Temenos Transact R21, a core banking system, replaced the lot.
While MSB was overhauling its internal architecture, it was still implementing changes to its suite of products and services, with the real-time credit rating scoring system, CIC SBV, being used to predict customers income to make quick credit approval decisions. Tran Anh Tuan, Chairman of MSB, says: “In 2022, MSB celebrated a year of remarkable achievements driven by our strategic commitment to digital transformation. The significant investments in two key technology projects – the Digital Factory and the New Core Banking – yielded exceptional outcomes. Notably, the successful launch of fully digitised customer journeys marked a remarkable milestone.”
He continues: “Looking ahead to the period from 2023 to 2027, the digital channel remains the primary driver for MSB’s growth. With a bold vision, we aim for the digital channel to contribute a substantial 70% of the total net operating income for retail and small and medium-sized enterprise banking during this period.”
The Banker is an English-language monthly international financial affairs publication owned by The Financial Times Ltd. and edited in London, United Kingdom.
The Banker is the world’s premier banking and finance resource, read in over 120 countries and is the key source of data and analysis for the industry. It combines in-depth regional and country coverage with reports on global financial markets, regulation and policy, cash management and securities services, commodities and carbon finance, infrastructure and project finance, trading and technology, clearing and settlement, and management and governance issues.
The Banker is read most widely in banks, financial institutions, multilateral corporations, central banks, and finance ministries around the world. Approximately 60% of its readers are CEO/President and CFO/Treasurers of their organisations.
Featured photo: Tran Anh Tuan, Chairman of MSB and Chief Minister of Gibraltar, Fabian Picardo