Sacombank picks Swiss firm Temenos to elevate digital banking

Switzerland-based banking software systems provider Temenos has been selected by Vietnamese lender Sacombank to power its digital banking for over 15 million retail and business customers.

“Vietnam is a strategic market for Temenos. More than 20 Vietnamese banks run on our core banking technology, and we see growing adoption and interest for our Temenos Infinity digital banking platform,” Craig Bennett, Temenos's managing director for Asia-Pacific, said in a release Wednesday.

Bennett signed a deal for this cooperation with Sacombank deputy CEO Bui Van Dung and Pham Dang, deputy CEO of Vietnamese IT firm HiPT, on Tuesday in Ho Chi Minh City, where Sacombank is headquartered.

The three-party partnership will also aim at delivering a seamless omnichannel experience to retail and business customers of Sacombank, one of Vietnam’s leading commercial banks.

The Sacombank deputy CEO said, “The omnichannel platform project is an unavoidable step to make a breakthrough in the digital business of Sacombank.”

Temenos Infinity has been selected by over 200 new customers, the Swiss firm said, adding that the digital banking platform would help Sacombank acquire, service, retain, and cross-sell to customers on multiple channels and devices.

The Vietnamese lender launched its digital transformation center last year and plans to introduce fully digital onboarding solutions in the coming time, as well as enhance the service experience for existing customers through digital channels.

Established in 1991, Sacombank was one of the first joint stock commercial banks formed in HCMC. In the first nine months of the year, the private bank reported pre-tax profits of VND4,440 billion ($186 million), fulfilling 84.1% of the year's target. Interest accounted for 60.6% of its total revenues.