Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) has officially launched the 'Next-Gen Data Analytics Platform' project, a strategic initiative to build and optimize a data analytics platform. This platform will empower the bank with advanced tools to enhance business operations, solve business challenges through data-driven insights, and transition towards a data-driven enterprise.
TechX will lead the effort by designing a comprehensive significant data architecture for the entire bank, establishing the infrastructure for this next-generation data analytics platform. The initiative includes the migration and modernization of data pipelines and the restructuring and enhancement of the data warehouse into a reusable model, which will significantly reduce data analysis time. By leveraging the robust capabilities of AWS and Databricks, the project also aims to develop new data-driven products that meet in-depth analytics requirements, support business decision-making, and enable next-generation AI/ML applications.
During the project's kick-off event, Ms. Luu Thi Thao, Standing Deputy CEO & Senior Managing Director, VPBank, emphasized: "The journey of implementing data analytics at VPBank has been challenging, beginning with modest steps and facing various technological limitations. The 'Next-Gen Data Analytics Platform on AWS' project marks a strategic advancement for VPBank, optimizing performance and enhancing human resource capabilities, creating a sustainable competitive edge. This will serve as the backbone for innovation in structuring and organizing information, providing a solid foundation for making precise, swift, and effective business decisions. Our collaboration with esteemed partners like AWS and TechX is not just a technological alliance but a shared vision and goal. We are confident that this synergy will help VPBank overcome current challenges and create sustainable value, positioning VPBank as a leading data-driven bank."
Mr. Johnson Wei Li Poh, Head of Enterprise Data and Analytics Division, VPBank, added, "This is a critical project to deploy a data analytics platform, unlocking the potential to develop both current MVPs and future core products of VPBank. This goes beyond merely establishing basic infrastructure; it aims at a comprehensive digital transformation, harnessing the power of data combined with analytics technology, AI/ML, and GenAI. This is a valuable opportunity and a leverage point for VPBank to build a solid foundation, strengthening and developing internal teams based on the established groundwork.".
Representing TechX, Mr. Nguyen Thai Thanh, Chief Data Officer, stated, "As a leading partner in Vietnam for deploying cloud infrastructure and data analytics services on AWS, TechX is proud to be a trusted partner in VPBank's strategic project. TechX is committed to providing the best talent to meet VPBank's regulatory and quality requirements while adhering to international standards. With a team of experienced experts in AWS cloud technology and the Finance-Banking industry, we are confident that this project will be a launchpad for VPBank's data-driven development strategy, enhancing TechX's capabilities and solidifying our market position in data analytics."
Mr. Eric Yeo, Country Manager, AWS Vietnam, shared, "Organizations today aspire to achieve higher business value through comprehensive digital transformation by leveraging data and applying analytics technology, artificial intelligence/machine learning, and generative AI. VPBank's deployment of the 'Next-Gen Data Analytics Platform' on AWS, implemented by our partner TechX, marks a significant step toward the bank's strategic vision of becoming a data-driven organization. This will empower the bank to make faster and more accurate decisions, creating a competitive advantage in the dynamic financial market. AWS is committed to supporting VPBank in this promising digital transformation journey and playing a pivotal role in shaping the future of Vietnam's banking industry."
Implementing the Next-Gen Data Analytics Platform Project is a significant milestone, marking VPBank's rapid progress to become a leading data governance and application bank. The project enhances technological capabilities, enabling VPBank to serve its customers more comprehensively and efficiently and reinforces the bank's position as an ideal destination for top talents.