AWS provides cloud services for TNEX, aims 60M Vietnamese underserved in digital banking
Amazon Web Services (AWS) is selected to provide cloud service for TNEX, the first full-digital bank of Vietnam and a subsidiary of Vietnam’s Maritime Bank (MSB). This is an official statement from the bank as it is originally built based on AWS platform in ten months before launching last year.
According to the economy Southeast Asia 2020 report by Google, Temasek and Bain & Company, analysts estimate that Vietnam’s digital economy is worth $14 billion and to reach $43 billion by 2025. When Internet users in Vietnam account for nearly 70 per cent of the population and spend an average of 6 hours 30 minutes online every day, companies in Vietnam, mostly micro, small and medium enterprises (MSMEs), have still not been ready for technology adoption.
“Digitization is happening here,” Bryan Carroll, CEO of TNEX, said at W.Media’s 2021 SEA Digital Week last week, along with his concerns over the impediments of Vietnam’s digital transformation. “I think the big challenge is on the financial infrastructure underneath to support that.”
The CEO valued AWS as it helped the bank accelerate the delivery of innovative financial services products that meet the burgeoning demands of customers, as well as the tools and services needed for the company’s affiliate agents to expand their businesses in the digital age.
In Vietnam, as recorded in 2018 by Euromonitor, World Bank and Bain and Temasek, 69 per cent of the adult population do not have a bank account, the highest rate in Southeast Asia.
In only a few months of operation, TNEX has clocked 78,000 micro merchants joining its platform, Carroll informed.
“This is a huge opportunity because it’s a marketplace that already exists,” added Carroll.
Conor McNamara, ASEAN Regional Director of AWS commented that TNEX has been “setting a new standard for providing a banking ecosystem and innovative lifestyles, with proven security and optimised customer experience.”
Accordingly, TNEX will harness the diversity and depth of AWS cloud services, including machine learning, to better understand their customers in Vietnam, and develop personalised products and services at a large scale.
This move is among various collaborations announced between Vietnamese banks and international technology giants to improve digital operations. Last week, Sacombank also announced its partnership with IBM to transform its cybersecurity operations centre.