Temenos (SIX: TEMN), the banking software company, today announced that Military Commercial Joint Stock Bank (MB) has selected Temenos Infinity Wealth to deliver digital wealth management services to Vietnamese private banking customers.
MB will integrate Temenos Infinity Wealth, the leading omnichannel digital banking product, with Temenos Transact core banking product to gain a single, end-to-end wealth management solution. Temenos’ cloud-native, API-first technology will allow MB to be first to market with differentiated services for mass affluent, High- and Ultra-High-Net-Worth individuals in Vietnam’s untapped investments market. The implementation will be supported by Temenos’ partner, Syncordis.
Temenos Infinity Wealth delivers the broadest functionality from back-office processing to front-office portfolio management. Temenos’ AI-powered technology will improve automation and allow MB to optimize manual processes and deliver frictionless customer experiences. Temenos Infinity Wealth will also centralize MB’s data and provide a 360-degree customer view so the bank can provide greater levels of personalization.
MB has been a customer of Temenos since 2010, when the bank deployed Temenos Transact to handle increasing transaction volumes and support its growth. 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 over USD $730 million and USD $11 billion assets under management.
According to a report by New World Wealth, Vietnam’s wealth market is predicted to grow by 200% between 2018 and 2028. It is believed that its 20,000 people have investible assets in excess of USD $1 Million and hold more than USD $210 billion in ordinary cash accounts. Temenos’ API-first technology and broad banking functionality will allow MB to capitalize on this considerable market opportunity and be first to market with customized products and consolidated digital services for investments. Temenos’ cloud-native, cloud-agnostic architecture will also support MB to achieve operational excellence while maintaining market leading cost-income ratios to support sustainable growth.
Mr. Le Xuan Vu, Board of Directors and Director of Retail Banking Division, MB, commented: “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. Temenos’ award winning wealth management product and global experience will allow us to pioneer dedicated products that bring real value to customers, from the affluent to the Ultra-High-Net-Worth. Temenos Infinity Wealth addresses all our wealth management needs in a single, integrated solution. The new technology will support and advance our strategy to safeguard and grow customer wealth and allow us to transform user journeys through hyper-personalized, digital experiences.”
Martin Frick, Managing Director - APAC, Temenos, said: “We are excited to extend our relationship with MB as they endeavor to become the leading provider of private banking services in Vietnam. Vietnam’s wealth market is poised for remarkable disruption and growth. We look forward to working alongside MB as they disrupt private banking with transformational digital services and experiences. 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.”
Minh Duc Le, Regional Services Director Asia-Pacific, Syncordis, added: “We are delighted to have been selected as the implementation partner for this prestigious tender to help MB establish itself as the market leader in private banking in Vietnam. We are excited to accompany MB on this journey and support the roll out of key wealth management functionalities. With MB’s customer-focused ambitions, we are confident that this holistic, targeted solution will set a new standard in servicing private banking customers and disrupt the domestic banking landscape.”