Already one of the leading commercial banks in Vietnam, Military Commercial Joint Stock Bank (MB) is now pursuing a new objective: to become the first major bank in the country to offer wealth management services. Experts believe the Vietnamese high-net-worth (HNW) sector will grow by 200 percent by 2028, with 20,000 citizens set to be worth in excess of US$1M. To capitalize on this untapped market, MB will work with Temenos partner Syncordis to integrate Temenos Wealth Front Office with its existing Temenos Transact core banking platform to form a single, unified digital wealth management system. The solution will provide automated back-office processing and front-office portfolio management capabilities, and help MB seize first mover advantage by developing innovative services for HNW and ultra-high-net-worth clients.
“Temenos Wealth Front Office addresses all our wealth management needs in a single, integrated solution. The new technology will support and advance our strategy to safeguard and grow customer wealth and allow us to transform user journeys through hyper-personalized, digital experiences.”Mr Le Xuan Vu, Board of Directors and Director of Retail Banking Division, MB