VPBank, Amazon Web Services partner up on digitalization drive

VPBank and global tech giant Amazon Web Services (AWS) signed a digital transformation deal on Tuesday to elevate customer experience.

The Vietnamese lender will use AWS SageMaker and AWS AI Services to enhance its analytics capabilities and accelerate the development of banking-financial applications, enhance automation of banking tasks, and drive new digital banking features such as chatbots and digital banking solutions to improve customer services.

The cooperation will also help Hanoi-based VPBank optimize costs without heavy investments in on-premises infrastructure to enlarge its digital banking services.

VPBank will develop a workforce proficient in cloud skills in order to continue building new and innovative digital banking products, while offering a streamlined digital banking experience. AWS will also work together with VPBank to support recruitment events targeted at engineers and developers to strengthen VPBank's digital workforce.

Technological capability is one of the strengths that has helped VPBank become a market leader, and is a lever for the bank to continue improving its performance indicators, according to the bank. At the end of 2022, on a single basis, VPBank’s return on assets (ROA) reached 3.7% for the first time, a record high in the local banking system.

Last month, AWS and Vietnamese telecom giant MobiFone signed a deal at the Mobile World Congress 2023 in which the global tech giant agreed to provide consultation for MobiFone employees and customers, train staff, and cooperate to deliver digitalization and cloud services to businesses.

VPBank topped Vietnam's banking system in terms of charter capital after expanding by 50% to VND67.434 trillion ($2.83 billion) at the end of 2022.