The company will work with the Military Commercial Joint Stock Bank (MB) to bring wealth management services to Vietnamese private banking customers.
Temenos is extending its relationship with the bank, one of Vietnam's largest lenders, to enable a front-to-back, AI-powered wealth management solution, the Swiss banking software company announced in a statement.
The expanded partnership, which will integrate Temenos' omni-channel digital banking product with its core banking platform, will allow MB to be the first to market with differentiated services for mass affluent, high- and ultra-high-net-worth individuals in Vietnam’s untapped investments market, according to the announcement.
It is expected to improve automation and allow MB to optimize manual processes and deliver frictionless customer experiences, and provide a 360-degree customer view so the bank can provide greater levels of personalization, Temenos said.
Growing Market
Vietnam’s wealth market is «poised for remarkable disruption and growth,» Martin Frick, Temenos APAC managing director, said.
The announcement, which quoted cited a report by New World Wealth, said the country's wealth market is expected to grow by 200 percent between 2018 and 2028. There are an estimated 20,000 people with more than $1 million in investible assets, and more than $210 billion held in ordinary cash accounts.
MB's relationship with Temenos dates back to 2010, when it deployed Temenos Transact to handle increasing transaction volumes and support its growth. The bank was established in 1994 to provide credit to military enterprises. It now has chartered capital over $730 million and $11 billion in assets under management.
