Temenos has been building out the big data capabilities for both Techcombank and Sacombank Dramatic advances in big data, cloud computing, and AI are transforming the customer experience, leading to a defining moment for the financial institutions who are quick to embrace them to be able to generate greater insights into what their clients want and deliver a wider range of tailored products more efficiently and cost-effectively. In developing economies like Vietnam, with a fast-growing, digitally savvy population and a financial services industry that is not beset by legacy systems, banks are especially well-positioned to apply these advances quicker than their more established international peers. The COVID-19 pandemic has galvanised the adoption rate of new technologies. Banks need to reimagine their channels boldly, anchored in an integrated vision for distribution. Knowing what your clients want – and rapidly tailoring products for them Across several industries, for instance in retail, the separation between the “factory” where products are made and the “shop floor” where they are consumed has been growing as supply chains, means of distribution, and marketing reach have all advanced dramatically. In turn, this has created economies of scale, meaning that suppliers can offer a wider variety of better products to their customers anytime, anywhere. Banks are no different in this respect. The most recent advances in computing power have generated the ability to add distribution networks and access new customers remotely, which is transforming these businesses. Techcombank is one of Temenos’ longest-standing clients in Vietnam. Temenos’ work with Techcombank has enabled it to build its physical branch network as well as its online offering – the more personalised and efficient customer service has also resulted in growth in profitability per customer. Banks, more than any other industry, are poised to …
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Philippine shares climb ahead of c.bank meeting; Malaysia muted before GDP data
Philippine shares rose on Wednesday on expectations its central bank would remain accommodative at a monetary policy meeting later this week, while Malaysian equities traded cautiously ahead of fourth-quarter GDP data. Regional stock markets traded in tight ranges ahead of the Lunar New Year holidays which start this week, while emerging Asian currencies were also range-bound. The Manila stock market index climbed as much as 1.3% to hit its highest level in nearly three weeks. Bangko Sentral ng Pilipinas (BSP) is expected to keep its benchmark interest rate steady at a record low on Thursday, brushing aside a projected uptick in inflation to support the country's pandemic-hit economy, a Reuters poll showed. BSP would likely look through a recent increase in inflation and maintain an easy monetary policy stance, Standard Chartered analysts wrote in a note. Annual inflation hit its highest level in two years in January. Further aiding sentiment, the government raised 221.2 billion pesos ($4.6 billion) at an auction of three-year retail treasury bonds on Tuesday, proceeds from which will fund the government's national budget. But analysts remained wary about the pace of economic recovery. "The economy remains quarters away from returning to pre-pandemic levels of GDP," said ING senior economist Nicholas Mapa. Malaysian stocks were up 0.1% ahead of release of fourth-quarter GDP data on Thursday. A Reuters poll showed that the economic slump is expected to have deepened as a result of sustained restrictions on movement and business to curb the spread of the coronavirus. "Worryingly, Q4 weakness is not merely backward-looking as spill-over impact from wider MCO (movement control orders) alongside (the) state of emergency declared darken growth prospects for Q1 2021 as well," Mizuho Bank analysts said. Trade was subdued before the Lunar New Year, with stock markets in Vietnam and Taiwan already closed for the holidays. China will enter a week-long …
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Mekong River at ‘worrying’ low level amid calls for more Chinese dam data
BANGKOK -- Water levels in the Mekong River have fallen to a “worrying level” in part due to outflow restrictions from Chinese hydropower dams upstream, the Mekong River Commission (MRC) said on Friday, calling on Beijing to share all of its water data. The vital waterway has turned blue along the Thai-Laos border, from its usual murky brown colour - signaling shallow water and low levels of nutrition-rich sediment - partially from outflow restrictions from the Jinghong dam in China’s Yunan province, the inter-governmental MRC said. Friday’s statement said low rainfall and dams on the Lower Mekong and tributaries also contributed to the drop in levels. “There have been sudden rises and falls in water levels immediately downstream of Jinghong and further down to Vientiane,” said Winai Wongpimool, director of the MRC Secretariat’s Technical Support Division. Such fluctuations affect fish migration, agriculture and transportation that nearly 70 million people rely on for their livelihoods and food security. “To help the Lower Mekong countries manage risks more effectively, we call on China and the Lower Mekong countries themselves to share their water release plans with us,” Winai said. The MRC said normal conditions may be restored if large volumes of water are released from Chinese dams’ reservoirs. China’s Ministry of Foreign Affairs did not reply to requests for comment on Friday, a public holiday. The U.S.-funded Mekong Dam Monitor, which uses satellite data to track water levels, also said it noticed daily fluctuations in water releases from China’s Jinghong Dam in February. China last year pledged to share data from it dams with MRC member countries Laos, Thailand, Cambodia and Vietnam. In January, Beijing notified neighbours that its dams were filling reservoirs and flow would be restored to “normal operation status” on Jan. 25. Outflow levels at Jinghong Dam were 785 cubic metres per second in early-January before rising to 1,400 cubic …
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