VPBank pioneers next-gen digital core banking with OneConnect

VPBank pioneers next-gen digital core banking with OneConnect

VPBank has taken a major step in digital transformation by partnering with fintech leader OneConnect to develop Vietnam’s first next-generation digital core banking system.

The cooperation agreement, signed on September 5, will see VPBank implement a platform capable of handling up to one billion transactions per day. This marks the first such system in the Vietnamese banking industry, designed to deliver seamless, secure, and rapid financial services to millions of individual and corporate customers nationwide.

Under the agreement, OneConnect – a fintech company under Ping An Group – will work with VPBank and its wholly owned subsidiary GPBank to deploy the next-generation core banking system. The platform will streamline key operations such as account opening, savings deposits, lending, payment services, and customer information management, enhancing efficiency across both banks.

The system’s standout feature is its exceptional processing capacity, handling up to 10,000 transactions per second and 1 billion transactions per day with stability and security that meet international standards. This ensures customers can use online banking services anytime, anywhere with confidence, enjoying a seamless, safe, and convenient experience. The robust capacity also positions VPBank and GPBank to meet surging demand as customer numbers and digital transactions continue to grow rapidly.

Cooperating with OneConnect also helps VPBank and GPBank shorten the time to bring new digital products to the market. As a result, customers will soon have access to more modern services, such as streamlined account opening over the phone, online loans, and personal expense management tools. Small- and medium-sized enterprises will also benefit from convenient financial solutions that save time and costs.

Speaking at the signing ceremony, Nguyen Duc Vinh, CEO of VPBank said, "The implementation of the new generation digital banking system helps VPBank improve its competitiveness in the digital era while confirming its status in Vietnam's fintech sector. Mastering core technology means that VPBank can proactively innovate, build multi-functional and sustainable banking services and be ready to meet the increasing needs of customers."

GPBank’s adoption of the platform underscores the synergy within the VPBank ecosystem, helping maximise technology investment efficiency and expand customer service capacity. By mastering core banking technology, VPBank and GPBank are building a solid foundation for continuous innovation, sustainable growth, and enhanced customer experiences. This cooperation also marks the starting point for further strategic partnerships between VPBank and OneConnect in the years ahead.

"With OneConnect’s global fintech expertise and proven capacity to deliver large-scale digital banking systems, we believe this solution will enable VPBank to boost operational efficiency, serve millions of customers daily, and strengthen its position as one of Vietnam’s most innovative banks," said Dang Yang Chen, chairman of OneConnect.

VIR