State Bank of Vietnam (SVB), the country’s central bank, is live with new core banking system, Temenos’ T24. The bank has also implemented Oracle ERP (accounting and budgeting) and Tibco’s middleware.

The project – estimated to be worth $8.8 million – has been carried out by local integrator FPT Information System.

The work started in spring 2014, as part of a broader Financial Sector Modernisation and Information Management System (FSMIMS) programme, funded by the World Bank.

Its direct beneficiaries include 17 departments and agencies, 60+ branches of SVB and over 100 financial institutions.

It is understood that India-based Intellect Design Arena and SVB’s incumbent vendor at the time, South Korea-based Hyundai Information Technology, bid for the contract but lost out to FPT.