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VPBank: Regtech Compliance Transformation

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15 March 2022

Winner of Celent Model Risk Manager 2022 Award for Digital and Emerging Technologies

Abstract

With an emerging economy reliant on international, cross-border trade and transactions, Vietnamese banks must operate in line with global industry best practices and comply with multi-jurisdictional regulatory guidance. They must improve their products; digitalize services such as account opening, payments, and transfers; and achieve regulatory compliance in line with global standards.

Vietnam Propsperity Bank (VPBank) is one of the first joint-stock commercial banks in Vietnam. In this project, VPBank replaced its rudimentary filtering system with Oracle’s Financial Crime and Compliance Management (FCCM) product suite with the goal of implementing risk models that are developed based on global regulatory guidelines and are consistent with the directives and guidance of multi-jurisdictional compliance requirements. This initiative resulted in better compliance, improved efficiency and effectiveness, and enhanced customer experience.

Click on the video link below to watch a conversation between Ms. Thuy Mai Thu, Head of AML and E&S Department at VP Bank, and Arin Ray, Senior Analyst with Celent's Risk practice; Celent Risk research members can download the PDF of a detailed case study.