VPBank, TechX, AWS, Databricks collaborate to launch Next Generation of Data Analytics Platform

The platform helps empower VPBank with advanced tools to enhance business operations, solve business challenges through data-driven insights, and transition towards a data-driven enterprise.

It will empower the bank with advanced tools to enhance business operations, solve business challenges through data-driven insights, and transition towards a data-driven enterprise.

TechX will lead the effort by designing a comprehensive, significant data architecture for the entire bank and establishing the infrastructure for this next generation data analytics platform.

The initiative includes the migration and modernization of data pipelines and the restructuring and enhancement of the data warehouse into a reusable model, which will significantly reduce data analysis time.

By leveraging the robust capabilities of AWS and Databricks, the project also aims to develop new data-driven products that meet in-depth analytics requirements, support business decision-making, and enable next generation AI/ML applications.

Representatives from VPBank, TechX, AWS, and Databricks at the project kick-off ceremony. Photo courtesy of VPBank

During the project's kick-off event, Luu Thi Thao, Standing Deputy Chief Executive Officer and Senior Managing Director of VPBank, said that the journey of implementing data analytics at VPBank has been challenging, beginning with modest steps and facing various technological limitations.

The "Next Generation of Data Analytics Platform" on AWS project marks a strategic advancement for VPBank, optimizing performance and enhancing human resource capabilities, creating a sustainable competitive edge.

Accordingly, this will serve as the backbone for innovation in structuring and organizing information, providing a solid foundation for making precise, swift, and effective business decisions.

The collaboration between VPBank and AWS and TechX is not just a technological alliance but a shared vision and goal.

"We are confident that this synergy will help VPBank overcome current challenges and create sustainable value, positioning it as a leading data-driven bank," Thao said.

Johnson Wei Li Poh, Chief Data Officer of VPBank, also added that this is a critical project to deploy a data analytics platform, unlocking the potential to develop both current MVPs and future core products of VPBank.

This goes beyond merely establishing basic infrastructure; it aims at a comprehensive digital transformation, harnessing the power of data combined with analytics technology, AI/ML, and GenAI.

"This is a valuable opportunity and a leverage point for VPBank to build a solid foundation, strengthening and developing internal teams based on the established groundwork," Johson added.

Nguyen Thai Thanh, Chief Data Officer of TechX, speaking at the event. Photo courtesy of VPBank

Representing TechX, Nguyen Thai Thanh, Chief Data Officer, said that the company is committed to providing the best talent to meet VPBank's regulatory and quality requirements while adhering to international standards.

"With a team of experienced experts in AWS cloud technology and the finance-banking industry, we are confident that this project will be a launchpad for VPBank's data-driven development strategy, enhancing TechX's capabilities and solidifying our market position in data analytics."

On the other hand, Eric Yeo, Country Manager of AWS Vietnam, said that organizations today aspire to achieve higher business value through comprehensive digital transformation by leveraging data and applying analytics technology, artificial intelligence or machine learning, and generative AI.

VPBank's deployment of the "Next Generation of Data Analytics Platform" on AWS, implemented by TechX, marks a significant step toward the bank's strategic vision of becoming a data-driven organization.

"This will empower the bank to make faster and more accurate decisions, creating a competitive advantage in the dynamic financial market. AWS is committed to supporting VPBank in this promising digital transformation journey and playing a pivotal role in shaping the future of Vietnam's banking industry," Yeo added.