Financial Sector Modernization and Information Management System

closed

The objectives of the Financial Sector Modernization and Information Management System Project is to assist the State Bank of Vietnam (SBV), the Credit Information Center (CIC), and the Deposit Insurance of Vietnam(DIV) to improve the delivery of their main functions in accordance with relevant international standards for the banking sector, through: (a) developing a centralized and integrated system of advanced business processes and a modern information technology architecture; and (b) strengthening their institutional capacity in carrying out their operations. There are three components to the project. The first component is the functional strengthening and business re-engineering. This component will provide the SBV to develop a policy and institutional framework as well as capabilities for information management and informed decision making. The second component is the Information and Communications Technology (ICT) platform development. This component will provide the SBV to design and build a centralized ICT platform based on international Information Technology (IT) standards to support SBV's evolving role as a central bank, taking account of relevant international practices and all critical Vietnamese realities. If successfully implemented, the component will deliver a centralized data warehouse and a centralized core banking system which will capture data from credit institutions, financial markets and central banking operations, and then process and feed them to user groups. User groups will be equipped with business development/data interrogation tools to turn data into information in the form of customized and standard reports to support policy and supervision functions, as well as to meet the central bank's disclosure obligations. Centralized information flows through automated processes are also expected to fundamentally change the business model of SBV's accounting and internal audit function. Finally, the third component is the project implementation management. This component will provide the DIV to manage the implementation of the DIV part of the project, to ensure Bank guidelines for procurement and financial management are complied with, contract implementations are on schedule and there is good communication between the management and the project task teams regarding project implementation.