Military Commercial Joint Stock Bank (MB) has chosen Temenos Infinity Wealth to deliver digital wealth management services to its private banking customers. MB, one of the top five banks in Vietnam in terms of assets size, will integrate Temenos Infinity Wealth with Temenos Transact core banking product to gain a single, end-to-end wealth management solution.
Switzerland-based enterprise software multinational Temenos AG offers cloud-native, cloud-agnostic, API-first digital banking, core banking, payments, fund management, and wealth management software products. Over 3,000 firms across the globe, including 41 of the world’s top 50 banks use its products.
With the help of Temenos’s API technology, MB will become the first bank to offer differentiated services for mass affluent, high and ultra-high net worth individuals in Vietnam, a still largely untapped market. Infinity Wealth will provide a range of solutions from back-office processing to front-office portfolio management and will allow MB to improve automation and optimize manual processes in order to deliver frictionless customer experiences. Temenos Infinity Wealth will also improve customer experience by centralizing MB’s data and providing a 360-degree customer view so the bank can provide greater levels of personalization to each customer.
Vietnam’s wealth market is expected to grow by as much as 200% from 2018 to 2028, while it is believed that 20,000 people have investible assets more than USD 1 Million and hold more than USD 210 billion in ordinary cash accounts, thus making it a prime opportunity for wealth management services.
(Source: FinExtra; Temenos)