Officially running DG#1 for DIV

The information and communications system for the Deposit Insurance of Viet Nam (DIV) named DG#1

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17/10/2016

The information and communications system for the Deposit Insurance of Viet Nam (DIV) named DG#1 helps increase efficiency in the use of information and ensure safety and stability of 1,252 organizations participating in deposit insurance, including 92 commercial banks, co-op banks, 1,156 credit funds with 3 microfinance institutions.

The program was attended by many senior leaders in the banking sector.

The program was attended by Mr. Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam; Mr. Nguyen Toan Thang, General Secretary of the Việt Nam Banks' Association and Mr. Nguyen Quang Huy, DIV Chairman. Deputy General Director of FPT Do Cao Bao and FPT IS CEO Pham Minh Tuan took part in the event.

The project aims to provide the DIV with a centralized database for information management and collection which can connect to the SBV database; improve DIV business performance with advanced software solutions and equip a disaster recovery system, ensuring the continuity of DIV operations.

The system assists DIV in upgrading their main functions to the level of international standards. In particular, based on experience from deposit insurance systems in the world such as the US, Korea, Canada, Malaysia etc, the monitoring system for DIV was developed via some professions including information collection, risk analysis, organization ranking etc.

This is a key component of the World Bank's Financial Sector Modernization and Information Management System project (FSMIMS) in Viet Nam. It is believed to strengthen the DIV's effectiveness in executing the Law on Deposit Insurance and protect depositors, especially small ones, when data from credit institutions, financial markets and SBV operations is captured in one platform.

The system helps reduce reporting via a centralized information and communications platform. In addition, the support software enables depositors to access information and get answers to questions related to deposit insurance policies and organizations participating in deposit insurance.

According to DIV Chairman Nguyen Quang Huy, signing a long-term contract is as important as starting a marriage. He gave thanks to the project deployment team of FPT IS for trying their best to complete the project on time and thought that the “happy marriage” between the two sides would be lasted in the near future.

"This key component of the FSMIMS was completed on time. DIV’s profession and technology requirements were fully met. That proves FPT IS’ ability and commitment. The project’s success also made a significant contribution to hitting the overall goal of modernizing Vietnam's banking sector,” stated FPT IS CEO Pham Minh Tuan.

The project to implement an information and communications system for DIV was completed within 22 months from December 2014 to October 2016. This is a key component of the World Bank's Financial Sector Modernization and Information Management System project (FSMIMS) in Viet Nam.