Towards a joint venture of financial technology reaching regional level
Yusys Technologies is a leading Fintech group in China, continuously in the Top 50 Fintech global in the period 2021-2023, providing core, digitized, data and AI solutions for banks and financial institutions.
According to the memorandum of understanding (MOU), T&T Group and Yusys will study strategic cooperation opportunities in the field of financial technology, digital transformation and financial services in Vietnam and other key markets in Southeast Asia, with the goal of establishing a joint venture company specializing in financial technology as a legal entity to implement all cooperation initiatives.
The cooperation model is designed in the direction of combining the strengths of each party. Accordingly, T&T Group plans to support Yusys in accessing markets, customer networks, sharing deployment experiences and providing resources for implementation in Vietnam as well as Southeast Asia. T&T is also considering taking on the role of being in charge of operations in localities, market development and business operation coordination in Vietnam.
Yusys will study providing a full set of core technologies, standardized products, source code licensing, specialized solutions, research and development capabilities to support business expansion and digital transformation initiatives of T&T Group.
On this platform, the two sides expect strategic cooperation in key areas, first of all promoting comprehensive digital transformation for SHB Bank, upgrading distributed core banking, smart lending, Super App, Open Banking, enterprise data platform, AI, customer relationship management and risk management.
In addition, the cooperation also aims to empower digitization for 7 core areas of T&T Group, including financial services, real estate, renewable energy, aviation/logistics/ports, agriculture, manufacturing and sports - healthcare. The parties plan to build a unified digital platform, integrate data, analyze data and smart solutions.
In addition, the two sides aim to expand financial technology services throughout Southeast Asia. The joint venture is oriented to provide core banking, risk modeling, data management, digital banking and smart computing solutions in Vietnam, before expanding the ASEAN market. The goal is to become a leading financial technology company in Vietnam within 3 years, with annual revenue exceeding 200 million USD.
Expanding the financial ecosystem, building long-term capacity
A focus of cooperation is the development of financial services according to application scenarios, integrating consumer finance, supply chain finance, payment, asset management and cross-border financial services.
Further, the two sides aim to build a Vietnam-China fintech ecosystem, research AI, robot, Token Factory and cross-border payment services; and plan to establish the Vietnam-China Academy of Financial Technology Talents for recruitment, training and professional development. Yusys also plans to arrange experts, technical personnel, management and support training, knowledge transfer for local human resources.
Speaking at the working session, Founder and Chairman of T&T Group Do Quang Hien said that Vietnam-China technology cooperation is having many favorable conditions when innovation and digital transformation become important growth drivers of the two economies.
Vietnam is entering a new stage of development, identifying science and technology as a pillar to improve productivity, competitiveness and promote sustainable growth. This is also an opportunity for Chinese technology enterprises such as Yusys to expand cooperation and accompany Vietnamese enterprises.
In that context, T&T Group and Yusys agreed to build a comprehensive, long-term and sustainable strategic cooperation relationship, promote strengths and effectively exploit the ecosystem and value chain of both sides to develop digital financial solutions in Vietnam, gradually expanding to the region.
Mr. Do Quang Hien emphasized that cooperation needs to be based on respect, trust, and receptiveness, aiming to create long-term value for the two businesses and the two countries.
Mr. Hong Ve Dong, Founder, Chairman of the Board of Directors cum General Director of Yusys Technologies, affirmed his desire for deep and long-term cooperation with T&T Group, and assessed Vietnam as a market with great potential for digital transformation and fintech.
Yusys is ready to share experiences accompanying the Chinese banking system through the stages of informatization, digitization and AI application, as a foundation for the two sides to study new cooperation models in Vietnam and Southeast Asia.
The two sides agreed to cooperate in a substantive, effective, and mutually respectful direction, while complying with regulations on network security, data security and information security.
In the coming time, the two sides will build a specific roadmap, identify short-term, medium-term and long-term cooperation priorities to soon realize the set goals.
