Vietnamese banking and financial services provider HD Bank has selected Thought Machine to upgrade its core banking technology.

The agreement is part of HD Bank’s transformation programme, which seeks to modernise the bank’s operations starting with core platforms and internal workflows.

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HD Bank plans to use Thought Machine’s core banking platform, Vault, for its transformation, which will allow the bank to migrate its existing systems and design new financial services and products.

HD Bank CEO Pham Quoc Thanh said: “We are on a mission to deploy modern technology in HD Bank as we reinvent our systems to deliver material value for our customers. There is a clear need in the Vietnamese market for financial services which are real-time, always-on and forever adapting to the customers’ needs.

“With Thought Machine, we intend to fill this gap and push digital banking innovation in unexpected ways. We are proud to be joining forces with Thought Machine as they have built a product that is transforming the industry.”

With VND374 trillion ($16.39bn) in assets, HD Bank caters to over ten million customers via 320 banking transaction offices and nearly 21,000 financial points of sales.

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Thought Machine APAC managing director Nick Wilde said: “HD Bank joins a rapidly expanding family of clients who can leverage the advanced capabilities and products available with Vault to redefine the future of banking. We are looking forward to working with HD Bank in their mission to significantly improve financial services in Vietnam.”

UK-based Thought Machine, which counts the likes of JPMorgan Chase, Lloyds Banking Group, Intesa Sanpaolo and Standard Chartered as its clients, was recently selected by Al Rajhi Bank Malaysia (ARBM) for its new digital bank.