FPT establishes partnership with Shinhan bank in ICT, finance

Local technology corporation FPT on October 4 signed a memorandum of understanding (MoU) on strategic cooperation in digital banking with Shinhan, the Republic of Korea’s largest bank, at Shinhan’s headquarters in Seoul.

Representatives of FPT and Shinhan bank reveal an agreement on digital banking solutions on October 4 in Seoul, the Republic of Korea. 
Under the MoU, the two parties will jointly develop and execute information technology solutions in the finance sector, such as digital banking and fintech.

Drawing on years of experience in the finance sector, Shinhan will share with FPT its database and in-depth knowledge of advanced digital banking systems and competitive financial services in the Republic of Korea.

As for the Vietnamese tech firm, it is in charge of providing its partner bank with digital transformation solutions and hi-tech engineers to upgrade the bank system and develop foundational technology for upcoming services, based on the tech firm’s technology experience gleaned over the past 30 years.

Lee Tae Kyung, global business development director at Shinhan bank, noted that under the agreement, Shinhan expected to become one of the best recognized digital banks in the world.

Meanwhile, addressing the signing ceremony, FPT’s Chairman of the Board of Directors Truong Gia Binh stated that the agreement was among the crucial steps by FPT on the path to becoming a global group specializing in the provision of digital transformation services.

The local tech group currently supplies a range of digital transformation solutions based on the latest technology, like artificial intelligence, business intelligence, and blockchain for 200 companies in the fields of finance, car manufacturing, logistics and ecommerce, including Airbus, Siemens, UPS and NTT Data.

The tech firm reportedly won the deal with Shinhan after the establishment of its representative office in South Korea in 2016, seeking to expand its business network to include giant groups in the East Asian country operating in smart factory, automobile technology and multimedia entertainment.

The revenue from overseas markets of FPT currently accounts for 39% of the group’s total earnings. The firm aims to raise its foreign revenue to 50% by 2020 and become one of the largest corporations in the world to offer digital transformation services.

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