Temenos Infinity Wealth selected by Military Commercial Joint Stock Bank

By Edil Corneille

Banking software company Temenos announced today that its Temenos Infinity Wealth solution has been selected by Military Commercial Joint Stock Bank (MB), to deliver digital wealth management services to Vietnamese private banking customers. MB will integrate the omnichannel digital banking solution with the Temenos Transact core banking product to gain a single, end-to-end wealth management solution.

Le Xuan Vu, Board of Directors and Director of Retail Banking Division, MB enthused, “We are delighted to extend our relationship with Temenos as we become the first major Vietnamese bank to offer wealth management services to our customers. Temenos’ award winning wealth management product and global experience will allow us to pioneer dedicated products that bring real value to customers, from the affluent to the Ultra-High-Net-Worth…”

The cloud-native, API-first technology will allow MB to be first to market with differentiated services for mass affluent, High- and Ultra-High-Net-Worth individuals in Vietnam’s untapped investments market.

Martin Frick, Managing Director – APAC, Temenos enunciated, “…We look forward to working alongside MB as they disrupt private banking with transformational digital services and experiences. Temenos currently supports 18 banks in Vietnam and more than 3,000 clients worldwide. We are excited to bring our rich experience of helping banks to achieve their goals in new territories and emerging market segments to this strategic partnership.”

The implementation will be supported by Temenos’ partner – Syncordis.

Minh Duc Le, Regional Services Director Asia-Pacific, Syncordis encapsulated, “…With MB’s customer-focused ambitions, we are confident that this holistic, targeted solution will set a new standard in servicing private banking customers and disrupt the domestic banking landscape.”

The AI-powered Temenos Infinity Wealth solution delivers the broadest functionality from back-office processing to front-office portfolio management. It will improve automation and allow MB to optimise manual processes and deliver frictionless customer experiences. Temenos Infinity Wealth will also centralise MB’s data and provide a 360-degree customer view so the bank can provide greater levels of personalization.

MB has been a customer of Temenos since 2010 when the bank deployed Temenos Transact to handle increasing transaction volumes and support its growth. The bank was originally established in 1994 to provide credit to military enterprises. The Vietnamese commercial joint stock bank has chartered capital of over USD $730 million and USD $11 billion assets under management.