HD Bank, a banking and financial services provider in Vietnam, has announced a strategic collaboration with Thought Machine, the UK-headquartered core banking technology company.

HD Bank is embarking on a multi-year strategy to develop and deploy modern technology as part of a transformation programme, starting with their core platforms and internal workflows. As part of this strategy, HD Bank intends to implement Thought Machine’s core banking platform Vault as it sets out to reinvent the financial services ecosystem in Vietnam, and accelerate financial inclusion across the country.

HD Bank is collaborating with the world’s most forward-looking financial technology companies, such as Thought Machine, so it can innovate faster, and more efficiently. Thought Machine has been selected for collaboration due to its unique flexibility and control which will enable the bank to both migrate existing systems and design highly innovative financial products and services at scale.

Pham Quoc Thanh, CEO, HD Bank, 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.”

Nick Wilde, Managing Director, Thought Machine APAC, said: “Our clients are unlocking incredible gains in innovation and efficiency as they combine advanced technology with clear vision. 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.”

Thought Machine has become the de facto option for large-scale banks undertaking core transformation. JPMorgan Chase, Lloyds Banking Group, Intesa Sanpaolo and Standard Chartered, among others around the world, have all selected Thought Machine to power their bank into the future. The company has raised more than $340m in funding, at a billion-dollar plus valuation, and has headquarters in London, with regional offices in Singapore, New York, and Sydney