Temenos strengthens presence in Vietnam with new office and recent signings
23 May 2006
GENEVA, Switzerland - 23 May, 2006, TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that it has opened an office in Hanoi, reinforcing its presence in Vietnam and across Indochina. This move underlines TEMENOS’ commitment to the Vietnamese market and its role as a major technology vendor to banks and other financial institutions in the region. Already the company has developed a strong local client-base, with South East Asia Bank, Military Bank and Vietnam Bank for Private Enterprises all recently selecting TEMENOS T24™ to replace their numerous legacy systems.
All three banks required a system that could allow them to improve customer service and reduce operating costs. TEMENOS™, the company’s modular core banking system, will enable the banks to carry out centralised real-time processing, reduce the time to market for new products, and more easily obtain customer information across all product and services.
Andrew Nguyen, country manager TEMENOS, says: “A key selling point for TEMENOS T24™ in Vietnam is that we can deliver it pre-configured for the Vietnamese banking environment. This means we can reduce the implementation time and allow the banks to develop faster go-to-market strategies, with the technology in place and a number of key clients in Hanoi and Ho Chi Minh City, we now want to focus on building a solid infrastructure to support this market.”
Nguyen, a banking veteran with experience in both US and Vietnamese banking, will manage the office, which is based in the Vietnam Bank of Investment and Development Tower. Nguyen joined TEMENOS last year having previously held the position of managing director of a bank training initiative in the region by the International Finance Corporation and the Mekong Private Sector Development Facility.
TEMENOS’ first client in Indochina was Techcombank, the third largest joint-stock commercial bank in Vietnam. Techcombank implemented TEMENOS GLOBUS, the company’s original core banking system, in January 2003. In December 2005, the bank successfully completed an upgrade to TEMENOS T24™ in a record eight-week project.
Andreas Andreades, CEO, TEMENOS adds: “Increasingly, we’re seeing more tier 1 banks initiating core system replacement projects. But the emerging markets have been ahead of the game for some time. Regional banks often don’t have complex legacy systems, so they’ve had fewer obstacles to overcome when implementing modern technology. With this new office, we can better support one such market as the local banks continue to equip themselves to fend off competition from the global players.”
In 2005, TEMENOS achieved US$91 million in Initial Licence Fees (ILF) signings, an increase of 47% compared to 2004 with an average deal size of US$ 2.7 million. TEMENOS continues to attract global tier 1 and regional banks as a result of its superior products, TEMENOS T24™ and TEMENOS™ COREBANKING.
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About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 590 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). For more information please visit www.temenos.com
For more information, contact:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Ben Robinson
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Email: brobinson@temenos.com
Bianca Morgan
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: bmorgan@temenos.com
Chris Patmore
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3596
Email: chris.patmore@metia.com