Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has partnered with Amazon Web Services (AWS) to build digital banking services for customers using artificial intelligence (AI) and machine learning (ML) capabilities.
It targets to enhance automation and speed up the development of banking applications on the cloud.
VPBank’s Standing Deputy CEO, Luu Thi Thao, said the collaboration will help the bank optimise costs without investing in on-premises infrastructure to scale digital banking solutions.
VPBank is one of the largest private banks in Vietnam with businesses ranging across retail, corporate, consumer finance and wealth management operations. The bank needed to modernise its infrastructure to meet rapidly changing consumer expectations and drive business growth.
By using AWS global infrastructure, the bank will build applications, and meet all standards for privacy and data security.
“We will improve our capacity for customer information security, ensuring the highest safety for domestic and international transactions,” she added.
Luu said the firm will leverage AWS SageMaker and AWS AI Services to drive new digital banking features such as chatbots.
The AWS teams are also working to expand VPBank’s talent base through recruitment events targeted at engineers and developers proficient in cloud skills.
It expects to bring a new level of technological capabilities by leveraging AWS Skills Guild to create a customised program for its staff.
Following on its success with many digital products and services such as VPBank NEO for retail customers and VPBank NEOBiz for businesses, the bank is currently focussing on accelerating investment in digitisation, thus enriching customer experience, Luu said.
The bank has recently sold a 15 percent stake to Japanese Sumitomo Mitsui Financial Group Inc. Following the investment, VPBank will become Vietnam's second-largest private lender by charter capital, with US$5.96 billion (S$ 7.90 billion).