The Vietnam International Commercial Joint Stock Bank (VIB) is embarking on a cloud migration journey to modernize and upgrade its IT infrastructure, reflecting the transformative landscape of the banking industry in Vietnam. VIB has chosen to implement the latest version of Temenos core banking, R23, on both Amazon Web Services (AWS) cloud and its private cloud platform. The move is seen as a pivotal factor, creating a robust foundation to meet the evolving demands of customers for digital experiences and technological advancements.

Trần Nhất Minh, Deputy CEO and CIO of VIB, emphasized the significant transformation occurring in the banking industry, driven by increased customer demand for digital experiences. The migration to the cloud is expected to enhance security, streamline operations, reduce tech infrastructure costs, and minimize downtime during peak traffic. VIB has been leveraging the cloud since 2021 and has been actively developing a cloud-native mobile banking application called MyVIB.

This cloud initiative aligns with VIB’s broader strategy, focusing on mobile access, cloud computing, and artificial intelligence (AI) to enhance banking services, improve customer experience, and boost operational efficiency. The deployment on AWS ensures automatic and rapid scalability, providing seamless service delivery to users and facilitating a “mobile-first” approach. VIB plans to leverage AI and machine learning for predictive analytics and suitable financial solutions.

The implementation of Temenos Core Banking is expected to enhance input data quality through automated system controls. The cloud deployment, with robust APIs, operational performance, and flexibility, aligns with VIB’s growth plans, accommodating future increases in customers, products, and transactions through digital banking channels. VIB aims to use the new system to support expansion plans and quickly introduce new digital products and services to the market.