GENEVA, Switzerland, 29th March 2010: Temenos (SIX: TEMN), the market leading provider of integrated core banking systems, today announces that Sacombank, Vietnam’s sixth largest retail bank, has gone live on TEMENOS T24 (T24). Sacombank now fully operates its entire banking operations to support over two million customers on T24.
T24 was deployed in over 250 branches in just over one year, with the project completed ahead of schedule. This included launching new operations in Lao and Cambodia in less than four months.
Sacombank is one of the most profitable banks in Vietnam which generated a return on capital of over 25% and increased its pre-tax profit by 96% last year. A T24 user since 2004, Sacombank used the system to support several areas of its business including general ledger, customer information system, deposit and credit products and services. It extended its partnership with Temenos in 2008 to extend its use of T24 to its entire operations in support of its ambitious growth objectives.
“Rolling out T24 to all branches allows us to begin our expansion beyond Vietnam and enter new markets,including the US, the EU and Australia. It also allows us to address key issues such as delivering country-specific offerings and ensuring we’re compliant with changing regulation. T24 now provides us with three things; complete multi channel support, helping offer customers a greater choice of non-stop services via increased channels, including internet banking; and improved risk management processes - integrated loan origination with flexible credit control and approvals mechanisms provide us with the flexibility to remain compliant with changing regulation; with full support for Basel II and IFRS (International Financial Reporting Standards)’, comments Mr.Dang Van Thanh, Chairman of Sacombank.
T24 replaced Smartbank, the bank’s previous system which had been in place for over a decade.
Andreas Andreades, CEO, Temenos, comments: “This successful and rapid deployment illustrates how large scale retail banks like Sacombank are achieving growth and boosting profitability through sustained investment in advanced, packaged core banking software. As a global system, T24 will allow Sacombank to simplify its infrastructure and automate a number of processes for a substantially lower cost of ownership, and to develop new products at a significant pace to remain a step ahead of its competitors. We look forward to building on our relationship with Sacombank and observing their success as they rapidly expand.’
About Sacombank
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) founded in 1991 is now a leading bank in Vietnam. As a pioneering private sector commercial bank, it has deployed cutting edge technology and superior service delivery to build competitiveness and to meet banking needs of corporate and retail customers. Sacombank charter capital stands at USD 376 million and total assets of USD 5,553 million. This has enabled the Bank to increase its presence in the market. It has considerable clout in reaching out to customers through an operational network of more than 320 branches and sub-branches across 45/63 cities and provinces of Vietnam, 01 Representative Office in China and one branch each in Laos and Cambodia.
Sacombank’s mission is to be a regional bank of first customer choice. Its objective is to build sound customer franchises across distinct business lines and become the preferred provider of banking services to its target segments. Over the years, Sacombank has made landmark strides in this journey. The Bank was named "Best Bank in Vietnam 2008" awarded by the international organizations that are Global Finance and FinanceAsia, “Best Foreign Exchange Provider” 2009 and 2010 awarded by the Global Finance, “Best Retail Bank Vietnam 2010” by The Asian Banker Hong Kong.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 57 offices worldwide, Temenos serves over 1000 customers in more than 125 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.
Sacombank is one of the most profitable banks in Vietnam which generated a return on capital of over 25% and increased its pre-tax profit by 96% last year. A T24 user since 2004, Sacombank used the system to support several areas of its business including general ledger, customer information system, deposit and credit products and services. It extended its partnership with Temenos in 2008 to extend its use of T24 to its entire operations in support of its ambitious growth objectives.
“Rolling out T24 to all branches allows us to begin our expansion beyond Vietnam and enter new markets,including the US, the EU and Australia. It also allows us to address key issues such as delivering country-specific offerings and ensuring we’re compliant with changing regulation. T24 now provides us with three things; complete multi channel support, helping offer customers a greater choice of non-stop services via increased channels, including internet banking; and improved risk management processes - integrated loan origination with flexible credit control and approvals mechanisms provide us with the flexibility to remain compliant with changing regulation; with full support for Basel II and IFRS (International Financial Reporting Standards)’, comments Mr.Dang Van Thanh, Chairman of Sacombank.
T24 replaced Smartbank, the bank’s previous system which had been in place for over a decade.
Andreas Andreades, CEO, Temenos, comments: “This successful and rapid deployment illustrates how large scale retail banks like Sacombank are achieving growth and boosting profitability through sustained investment in advanced, packaged core banking software. As a global system, T24 will allow Sacombank to simplify its infrastructure and automate a number of processes for a substantially lower cost of ownership, and to develop new products at a significant pace to remain a step ahead of its competitors. We look forward to building on our relationship with Sacombank and observing their success as they rapidly expand.’
About Sacombank
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) founded in 1991 is now a leading bank in Vietnam. As a pioneering private sector commercial bank, it has deployed cutting edge technology and superior service delivery to build competitiveness and to meet banking needs of corporate and retail customers. Sacombank charter capital stands at USD 376 million and total assets of USD 5,553 million. This has enabled the Bank to increase its presence in the market. It has considerable clout in reaching out to customers through an operational network of more than 320 branches and sub-branches across 45/63 cities and provinces of Vietnam, 01 Representative Office in China and one branch each in Laos and Cambodia.
Sacombank’s mission is to be a regional bank of first customer choice. Its objective is to build sound customer franchises across distinct business lines and become the preferred provider of banking services to its target segments. Over the years, Sacombank has made landmark strides in this journey. The Bank was named "Best Bank in Vietnam 2008" awarded by the international organizations that are Global Finance and FinanceAsia, “Best Foreign Exchange Provider” 2009 and 2010 awarded by the Global Finance, “Best Retail Bank Vietnam 2010” by The Asian Banker Hong Kong.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 57 offices worldwide, Temenos serves over 1000 customers in more than 125 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos is top of the IBS Sales League Table 2009, winner every year since its launch of the Best Core Banking Product in Banking Technology magazine’s Readers’ Choice Awards and ranks 26th in the American Banker top 100 FinTech companies Temenos customers are proven to be more profitable than their peers: data from The Banker – top 1000 banks shows that Temenos’ customers enjoy a 54% higher return on assets, a 62% higher return on capital and a cost/income ratio that is 7.2 points lower than non-Temenos customers.