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FPT partners with Shinhan Bank in digital transformation

Released at: 17:15, 04/10/2018

FPT partners with Shinhan Bank in digital transformation

Photo: FPT

Two to use each other's assets and capabilities to contribute to digitally transforming the banking and finance industry.

by Minh Do

Vietnam’s leading technology corporation FPT and Shinhan Bank signed a memorandum of understanding (MoU) on digital banking in Seoul on October 4, with the aim of leveraging each other’s assets and capabilities to contribute to digitally transforming the banking and finance industry.

Both sides will join forces to develop and deliver information technology (IT) solutions such as digital banking and fintech. With proven intensive experience in the financial sector, Shinhan Bank will equip FPT with a wide range of in-depth knowledge and data regarding advanced digital banking systems and competitive financial services in South Korea.

The leading technology corporation in Vietnam with 30 years of experience, FPT will provide Shinhan Bank with comprehensive digital transformation solutions and a large pool of competent IT experts to improve the banking system and develop technological foundations for new services.

“FPT has proven their outstanding technological capability and experience by strategic cooperation with both domestic and foreign enterprises in various sectors, including e-commerce, banking and finance, and digital payments,” said Mr. Lee Tae Kyung, Shinhan Bank Global Business Development Director.

“This agreement is among the most critical steps in the journey of becoming a leading digital transformation corporation in the world,” said FPT Chairman Truong Gia Binh. “With the experience of providing digital transformation services to the world’s top corporations, FPT is more than ready to utilize our technological capability and resources to accompany Shinhan Bank on the journey of becoming a leading digital bank globally.”

Joining forces, FPT and Shinhan Bank expect to leverage the banking system in Industry 4.0 with digital transformation solutions, benefiting not only the two companies but also their customers worldwide.

FPT currently provides digital transformation solutions based on technology platforms such as artificial intelligence, corporate intelligence, and blockchain, etc., to 200 companies in finance, automotive, logistics, e-commerce, and aerospace and aviation, such as Airbus, Siemens, UPS, RWE, ORT, NXP, NTT Dara, and DIR. With resources from more than 20 years of experience in financial and banking services, it is able to provide support and implementation in various core banking systems, such as payments, eBanking, loans, and risk management.

FPT established a South Korea office in n 2016 to explore, develop, and expand opportunities to approach large South Korean firms in technology strategy sectors concerning smart factories, automotive, consumer electronics, and multimedia entertainment.

With growth of 300 per cent per year, South Korea is becoming a strategic market for FPT. In a meeting earlier this year, leading South Korean corporations such as SK Holding, LG, Samsung, and Lotte expressed interest in and proposed cooperation with FPT in digital transformation.

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