HD Bank, a Vietnamese bank, selected Thought Machine's core banking platform, Vault, as part of its technology modernization strategy.

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HD Bank expresses desire to increase financial inclusion in Vietnam

HD Bank's multi-year transformation will initially include upgrading its core platform and internal workflows.

HD Bank says it wants to "reshape the financial services ecosystem" in Vietnam and promote financial inclusion throughout the Southeast Asian country.

Thought Machine says the bank chose to work with the vendor because of its "unique flexibility and control.

The UK-based banking technology provider explains that Vault is a cloud-native platform that enables banks to develop and build new financial services products that are responsive to changing customer behavior and expectations.

Pham Quoc Thanh, CEO of HD Bank, said, "There is a clear need in the Vietnamese market for financial services that are real-time, always online and always responsive to customer needs.

"With Think Machine, we intend to fill this gap and drive digital banking innovation in unexpected ways."

With offices in London (headquarters), New York, Singapore, Sydney and Melbourne, Thought Machine has raised over $340 million in funding to date and is valued at $1 billion. It employs 500 people.

Recent signings include Intesa Sanpaolo, which is working with Thought Machine to launch a new digital bank in Italy (and is also an investor in the provider).

Magyar Bankholding, Hungary's second largest bank, and Al Rajhi Bank Malaysia (ARBM), a subsidiary of Saudi Arabian banking group Al Rajhi Bank, have selected Thought Machine to launch their new digital banks in their respective domestic markets.