BIDC accepts Core Banking upgrade project implemented by FPT IS
FPT Information System Corporation (FPT IS) and Bank for Investment and Development of Cambodia (BIDC) have recently conducted acceptance test of a project of Core Banking T24 system.
The project on “Upgrading infrastructure and software version of Core Banking T24 system” consists of 2 phases including hardware supply and software upgrade, helping to upgrade the Core T24 system from R09 to R18 for BIDC.
This is the first time for BIDC to upgrade the system after 10 years of converting Core Banking. Therefore, successful upgrade of the system means a lot to BIDC, meanwhile, affirms FPT IS’ capacity of deployment. This is a stepping stone for FPT IS to carry on and move further in upgrading and converting Core Banking for banks in the future. This also opens up opportunities for cooperation with many companies and other banks in Cambodia.
FPT IS and BIDC sign the minutes of acceptance.
On behalf of BIDC, CEO Lam Van Hai affirms that the completion of the project of overall Core Banking system upgrade marks an important milestone of development in BIDC’s digitalization strategy, thereby delivering many new products and utilities for customers.
“With the orientation of expanding retail activities and becoming a digital bank, we believe the new Core Banking system will be a decent accelerator, pushing BIDC closer to such strategic goals. Digital solutions such as online account opening, online loans, international payment, etc. will be focused by BIDC in the coming time. Therefore, we look forward to continuing support from FPT IS for the next important projects”, emphasized Mr. Hai.
Mr. Lam Van Hai, CEO of BIDC, affirms the new Core Banking system makes an important contribution to the company’s business strategy.
The project of overall system upgrade helps the Core Banking operate in a smoother and more stable way, overcoming limitations caused by the old version, enhancing security and taking advantage of the new T24 software. COB time has been optimized and shortened, all Core Banking functions have been upgraded, and business processes have also been optimized with the new GAP system, providing a quick and convenient experience for customers. Core Banking T24 system with advanced IT architectures and high system scalability will help BIDC easily integrate digital banking products and services, such as online account opening using electronic identification solutions (eKYC), online loans, etc.
Mr. Duong Dung Trieu, Chairman of FPT IS, highly appreciates the vision and strategy of BIDC in the project of Core Banking T24 system upgrade. Mr. Trieu says, the advantages of being tech-savvy and highly experienced in implementing key projects in Cambodia, such as Financial Management Information System (FMIS) for the General Department of National Treasury – the Royal Government of Cambodia, Interconnect Billing System for Telecom Cambodia, etc. have allowed FPT IS to successfully implement Core Banking for BIDC.
“The project came into implementation during the period when the Covid-19 epidemic broke out strongly in Vietnam and Cambodia. However, with the spirit of determination and companion to ensure project schedule, FPT IS project team ensured smooth and uninterrupted communication from Vietnam, moreover, was also ready to travel to and work directly at BIDC headquarter (Cambodia) for months. With deep understanding of the business, close coordination and determination of synergy to overcome difficulties between the two sides, FPT IS and BIDC have delivered the cooperation to success”, said Mr. Trieu.
Mr. Duong Dung Trieu – Chairman of FPT IS – emphasizes that close cooperation between the two sides is the foundation for successful cooperation.
With outstanding features of the new Core Banking system, BIDC will be able to deliver to the market advanced and digital products, enhancing competitiveness and optimizing experience for end users. Currently, BIDC is considered one of the most effective digital transformation banks in Cambodia. The new Core Banking system will contribute to maintaining BIDC’s position among banks with advanced IT platforms, pioneering to transform it into a leading digital bank in Cambodia.
FPT IS is a technology firm with years of experience in the field of Banking – Finance. During 28 years of operation, FPT IS has deployed a large number of core and total solutions, including self-developed solutions as well as those integrated with leading technology firms’ products in the world. FPT IS’ solutions have been deployed in more than 300 domestic and international banks and financial institutions. In Vietnam, FPT IS has deployed Core Banking projects for the State Bank of Vietnam, Vietcombank, LaoVietBank, etc. Currently, FPT IS continues to invest and develop multiple key digital solutions, accompanying the Banking – Finance industry in the digital transformation strategy.
