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TPBank's Nguyen: "Technology is only one-third of the answer"
TPBank CEO Nguyen Hung shares how the bank’s digital transformation is being anchored not just on technology, but also right mindset of its staff and process.

September 11, 2020 | Foo Boon Ping
  • TPBank’s goal is to build a win-win partnership with neobanks and fintechs, instead of treating them as rivals
  • TPBank investing in new and critical platforms such as AI, big data, biometrics and Open API
  • The bank is undertaking POC (proof of concept) projects in its digital transformation initiative to plot ideas on reasonable scales and minimise financial loss and other risks

Tien Phong Commercial Joint Stock Bank, popularly known as TPBank, has been in the thick of digital transformation for years now as it aspires to be the leading digital bank in Vietnam. Although a relatively new financial institution – having been founded just in May 2008 – TPBank’s digital banking services and products are becoming more and more diversified and friendly to customers.

TPBank prides itself as inheriting strength from strategic shareholders, including DOJI Gold & Gems Group, FPT Group, Vietnam National Reinsurance Corporation (Vinare), SBI Ven Holding Pte. Ltd (Singapore), IFC International Finance Company (under World Bank) and PYN Elite Fund.

In July 2012, the bank appointed Nguyen Hung as CEO. Nguyen, who was re-appointed CEO in September 2020, has 30years of experience inthe banking andfinance sector, including more than 20 years of senior management.

Nguyen discusses in this instalment of the Reinvention Series TPBank’s investment in emerging digital platforms to drive better results in key areas such as risk management, human resources management and marketing. He also emphasises the need to invest in people through education and training to make sure they have the right mindset as they balance innovation with development.

 

The following is the edited transcript of the interview:

Foo Boon Ping (FBP) : What does “reinvention” mean to you personally?

Nguyen Hung (NH) : “Rein...

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