System part of package within ongoing WB banking sector project.
The State Bank of Vietnam (SBV) and IBM Vietnam signed a contract regarding the ST9 package on September 18 for consulting, designing and implementing a new central data system for the central bank. The package is part of the SBV’s “Financial Sector Modernization and Information Management System” (FSMIMS) project funded by the World Bank (WB) with total capital of $71.83 million.
The objective of the project is to assist the SBV, the Credit Information Center, and Deposit Insurance of Vietnam to improve the delivery of their main functions in accordance with relevant international standards, through developing a centralized and integrated system of advanced business processes and modern information technology architecture, strengthening their institutional capacity in carrying out operations.
IBM Vietnam was selected via an international auction for the contract, valued at $700,000, to be conducted over the course of 15 months from September 2015 to December 2016.