VPBank strengthens partner connections to respond to Vietnam‘s economic growth
Vietnam’s economy is rapidly growing, with increasing foreign direct investment and adoption of digital services. The country’s youthful population, mobile-first mindset, and focus on dynamic start-up business is helping to promote a focus on preparing applications and platforms for this cultural evolution.
With 19 million customers, VPBank is one of Vietnam’s leading commercial banks. As part of its vision to become the country’s most consumer-friendly and technology-driven bank, VPBank aims to be one of Vietnam’s three most valuable banks by 2022. A key aspect achieving this vision is to expand its partner ecosystem using open banking application programming interfaces (APIs).
“Unlike other countries, Vietnam’s economy is not dominated by two or three large enterprises. We have a thriving SMB [small and medium business] sector, which means more partners and more connections to make,” said Augustine Wong, CIO, VPBank. “We need to integrate new partners faster and deliver new services for customers faster.”
By improving integration with a range of partners—from e-commerce platforms and online malls to classified advertisers and payments systems—VPBank can stay ahead of fintech startup competition and position itself as a modern market leader.
After initially creating a centralized partner integration hub to host an easy-to-use API catalog, VPBank faced technical limitations and pressure to improve time to market to keep pace with business demands. As a result, the bank decided to build a microservices-based IT architecture.
“To be able to onboard new partners in days, rather than months, while supporting key new products like e-wallets, we decided to become a fully digital bank, aligned with open banking standards,” said Luong Cong Thanh, Integration & Microservices Director, VPBank. “Building a secure yet flexible platform for API management was the first step on this journey.”