Tinh Van Group provides Core Banking solution for CMF
2011-12-28 00:50:14
On December 24, 2011 in Hanoi, Vietnam Coal and Mineral Finance One Member Limited Liability Company (CMF) officially signed a contract to equip a Core Banking software system with the Tinh Van – Tinhvan Consulting Joint Venture (Tinh Van Group).
Under this contract, Tinh Van Group will provide, install, and deploy the CoreBanking software system to meet CMF's requirements, along with training services for technology transfer and data migration from the old system to the new one. In addition, Tinh Van Group will also provide IT infrastructure equipment (including servers, network devices, firewalls, etc.) to ensure the Core Banking software system operates effectively, stably, safely, and securely, meeting CMF's development and expansion needs.
Overview of the signing ceremony for the Core Banking software system contract
With advantages in modern technology, international-standard banking operations with many outstanding features, along with the reputation and global implementation experience of subcontractor Polaris Software Lab Ltd – a leading Indian banking solution provider – Tinh Van Group surpassed major contractors and won the contract to provide the Core Banking solution for CMF. The Intellect Universal Banking core banking solution by Polaris Software Lab Ltd is built on a modern technology platform, customer-centric, and meets all operations of a financial company such as Customer Management, Deposits, Loans, Guarantees, Fixed Asset Management, Portfolio Management, etc.
Speaking at the contract signing ceremony, Mr. Tran Van Hoi, Director of CMF, highlighted the particularly important role of the Core Banking system in the strategy of each credit institution in corporate governance. This software has been and is being invested in by many banks and credit institutions to achieve business goals and develop services in the current integration process. He also clearly stated CMF's determination to invest in and deploy the Core Banking system to be transferred in the project, aiming to build and develop CMF into a strong financial institution, gradually integrating with the global economy.
Representing the contractor, Mr. Nguyen Huy Cuong, Chairman of the Board of Directors of Tinh Van Enterprise Management Consulting Joint Stock Company (Tinhvan Consulting), committed to dedicating the highest efforts to implement this project together with subcontractor Polaris. With the experience of Tinh Van Group and subcontractor Polaris in deploying large systems, Mr. Cuong is confident that the project will be implemented successfully and on schedule.
By winning the Core Banking project for CMF, Tinhvan Consulting, a member unit of Tinhvan Group, has affirmed its correct direction since its establishment. This contract will create momentum for Tinhvan Consulting to further promote the provision and deployment of advanced software solutions worldwide for enterprises in Vietnam, contributing to the modernization of these companies' operations and enhancing their competitiveness in the challenging market economy.
It is known that a few days earlier, Tinhvan Consulting signed a contract to deploy an Enterprise Resource Planning (ERP) solution for Saigon Tobacco One Member Limited Liability Company with the Microsoft Dynamics solution.
Vietnam Coal and Mineral Finance One Member Limited Liability Company (CMF): is a credit institution established under Decision No. 02/GP-NHNN dated January 30, 2007, by the Governor of the State Bank of Vietnam, wholly owned by Vietnam Coal and Mineral Industries Group (VINACOMIN). Since its establishment, the company has affirmed its position in the system of financial and credit institutions in Vietnam. The company's business operations have consistently generated higher profits year after year, with all targets growing year on year and exceeding the Group's plans. Despite rapid and strong growth in all areas, the company's financial indicators have always been maintained. Financial indicators assessing the safety and stability of credit institutions, such as capital adequacy ratio, fixed asset investment ratio, non-performing loan ratio, etc., have always been maintained at optimal levels. Notably, the company's capital adequacy ratio has always been above 35%, and during the 2008 liquidity difficulties faced by many credit institutions, the company always ensured its payment capacity.
Polaris Software Lab Ltd. is a world-leading Indian financial technology company with a comprehensive portfolio of products, intelligent modern services, and consulting. The company specializes in providing the latest solutions for Core Banking, Corporate Banking, Asset Management, and Insurance. To date, Polaris has been chosen as a partner by 9 of the top 10 global banks and 7 of the top 10 insurance companies worldwide. Relationships, Expertise, Technology, Intellectual Property, and Global Operations are the criteria that bring Polaris closer to customers around the world. Extensive relationships from developed markets such as the US and Europe to emerging markets like Vietnam and Chile have made a significant difference for Polaris, making it a leading expert in providing financial technology solutions today. Polaris currently has 38 representative offices in 30 countries with over 12,000 solution affiliates. Vietnam Coal and Mineral Finance One Member Limited Liability Company (CMF): is a credit institution established under Decision No. 02/GP-NHNN dated January 30, 2007, by the Governor of the State Bank of Vietnam, wholly owned by Vietnam Coal and Mineral Industries Group (VINACOMIN). Since its establishment, the company has affirmed its position in the system of financial and credit institutions in Vietnam. The company's business operations have consistently generated higher profits year after year, with all targets growing year on year and exceeding the Group's plans. Despite rapid and strong growth in all areas, the company's financial indicators have always been maintained. Financial indicators assessing the safety and stability of credit institutions, such as capital adequacy ratio, fixed asset investment ratio, non-performing loan ratio, etc., have always been maintained at optimal levels. Notably, the company's capital adequacy ratio has always been above 35%, and during the 2008 liquidity difficulties faced by many credit institutions, the company always ensured its payment capacity.