VCBR and FPT collaborate to implement a new core technology system for remittances

In the context where remittances continue to be an essential economic resource, contributing significantly to growth and social welfare, accounting for 3.36% of Vietnam’s GDP in 2024, Vietcombank Remittance Company (VCBR) and FPT Corporation have officially joined hands to implement a new core technology platform – FPT.RCORE – aiming to comprehensively upgrade and digitize VCBR’s remittance operations.

VCBR and FPT collaborate to implement a new core technology system for remittances

This collaboration not only contributes to modernizing the technology infrastructure, optimizing operational efficiency, and enhancing VCBR’s service quality but also opens up vast potential for scaling operations, aligning with the digital finance trend, and moving toward sustainable development in the digital era. This effort is not only aimed at improving internal capabilities and contributing to the overall development of Vietnam’s economy but also represents a strategic move to realize the Government’s key policies, most notably, advancing national digital transformation as outlined in Resolution No. 57-NQ/TW.

According to the State Bank of Vietnam, Region 2 Branch (Ho Chi Minh City), remittances to Vietnam in 2024 reached USD 16 billion. Although this figure showed no growth compared to 2023, Vietnam remains among the top 10 remittance-receiving countries worldwide. Remittances not only drive consumption but also help improve living standards for millions of Vietnamese families, especially in remote and rural areas where financial services remain limited. However, to maintain and sustainably develop the remittance stream, the application of modern technology in remittance management and disbursement is a decisive factor.

Vietcombank – a pioneer in remittance receipt and disbursement activities in Vietnam – has consistently led in remittance volume, reaching approximately USD 4.04 billion in 2024 alone, accounting for more than 25% of total remittances to Vietnam. In 2024, VCBR was honored for the third consecutive time with the “Best Remittance Company in Vietnam” award by Asian Banking & Finance (ABF).

However, according to VCBR representatives, the current core system only meets about 50% of technological and operational demands, while revealing several limitations in terms of scalability, new feature integration, and keeping pace with development. This highlights the urgent need to invest in a modern, flexible, and sustainable core technology platform.

As a long-standing partner of Vietcombank in particular and financial–banking institutions in general, FPT has a deep understanding of VCBR’s operational challenges and development direction. Based on this, the two sides agreed to implement a completely new core system – FPT.RCORE – to comprehensively upgrade operations, from internal processes to customer and partner connections.

The FPT.RCORE core technology solution is designed to build a comprehensive system tailored to remittance operations, integrating key functionalities such as partner and customer management, transaction processing across multiple channels, including bank transfers, e-wallets, over-the-counter payments, home deliveries, and mobile application support for home-based payment agents. The system not only meets regulatory compliance requirements but also optimizes processes and enhances reporting management efficiency.

Developed on advanced technologies such as Microsoft’s Cloud and .NET, FPT.RCORE ensures near real-time transaction processing, enabling remittance recipients to access funds promptly. This system also significantly reduces operating costs thanks to automation processes, creating a competitive advantage in service pricing. Equally important, FPT.RCORE enhances data security, enabling VCBR to effectively monitor suspicious transactions while ensuring strict compliance with anti-money laundering regulations.

In addition, the new system will support a mobile application for home-based payment agents – a workforce that plays a crucial role in bringing VCBR’s services to people in remote areas. This not only expands service coverage but also improves user experience, increasing customer satisfaction and loyalty.

The standout feature of the project lies not only in its scale and comprehensive functionalities but also in the implementation approach: FPT and VCBR will co-develop the solution, centering on VCBR’s practical operations, combined with FPT’s technological capabilities. Over the next 9 months, both sides will closely collaborate to develop, test, and officially launch the system.

Mr. Lê Hoàng Tùng, Vietcombank speaks at the event

At the signing ceremony, Mr. Lê Hoàng Tùng – Deputy CEO of Vietcombank and Chairman of the Members’ Council of Vietcombank Remittance Company – shared: “VCBR identifies digital transformation as a key strategy to expand operations, improve service quality, and increase competitiveness. We believe that with FPT’s partnership – an experienced player in banking and financial technology – the FPT.RCORE project will provide a solid foundation for VCBR’s breakthrough development in the coming phase.”

Mr. Đào Hồng Giang , FPT speaks at the event

From FPT, Mr. Đào Hồng Giang – EVP & Director of Banking and Finance Sector of FPT IS, FPT Corporation – stated: “VCBR is a highly specialized unit in remittance operations, and this project marks the first Core Remittance product developed by FPT’s team – paving the way for diversifying our technology solutions tailored to industry sectors, especially in banking and finance… We are committed to mobilizing the best resources and applying cutting-edge technologies to successfully implement the FPT.RCORE system while laying the groundwork for a sustainable partnership between FPT and VCBR in particular, and Vietcombank in general.”

This project also marks the next step in the long-term cooperation journey between FPT and the Vietcombank system, following several important initiatives such as the Core Banking system for Vietcombank, IT and ATM maintenance services, and comprehensive human resource management system (HRM) projects.

In the context of the rapidly growing digital economy, modernizing the technology infrastructure for remittance companies like VCBR not only brings business benefits but also contributes positively to enhancing the capabilities of Vietnam’s financial–banking sector in the new era.