Vietnam’s HD Bank selects Thought Machine for core banking platform upgrade
Vietnamese bank HD Bank has selected Thought Machine’s core banking platform, Vault, as part of its technology modernisation strategy.
HD Bank’s multi-year transformation will initially consist of upgrading its core platforms and internal workflows.
HD Bank says it wants to “reinvent the financial services ecosystem” in Vietnam and drive up financial inclusion across the Southeast Asian country.
Thought Machine says the bank has chosen to work with the vendor thanks to its “unique flexibility and control”.
Vault is a cloud-native platform that gives banks the ability to develop and build new financial services products in response to changing customer behaviours and expectations, the UK-based banking tech provider explains.
HD Bank CEO Pham Quoc Thanh says: “There is a clear need in the Vietnamese market for financial services which are real-time, always-on and forever adapting to the customers’ needs.
“With Thought Machine, we intend to fill this gap and push digital banking innovation in unexpected ways.”
Thought Machine has offices in London (HQ), New York, Singapore, Sydney and Melbourne, and has raised more than $340 million in funding to date, at a $1 billion valuation. It employs 500 people.
Among its recent signings is Intesa Sanpaolo, which is working with Thought Machine to launch a new digital bank in Italy (and is also an investor in the vendor).
Magyar Bankholding, Hungary’s second largest bank, and Al Rajhi Bank Malaysia (ARBM), a subsidiary of Saudi Arabia’s banking group Al Rajhi Bank, have selected Thought Machine to launch new digital banks in their respective domestic markets.