VPBank Accelerates Business Account Opening with FPT’s Solution

A Pioneer in Vietnam’s Banking Sector 

Established in 1993, VPBank is one of Vietnam’s longest-standing joint-stock commercial banks. Over three decades, VPBank has played a vital role in mobilizing and allocating financial resources, providing modern banking services, and offering timely credit support to businesses for investment and expansion. 

As customer behavior continues to evolve with the rise of digital banking, VPBank has proactively adapted to these changes. By the end of 2022, its consolidated owner’s equity surpassed VND 103 trillion, with charter capital exceeding VND 67 trillion—the highest among Vietnamese banks. Alongside strong financial growth, VPBank has cemented its position as a leader in digital transformation, leveraging advanced technology to enhance security, operational efficiency, and market responsiveness. 

eKYB – A Breakthrough in Business Account Opening 

VPBank partnered with FPT eID to implement the eKYB solution, designed to streamline and accelerate the business account opening process. By integrating eKYC technology, powered by AI-driven fraud detection, VPBank can now authenticate business representatives with 99% accuracy. This innovation has significantly reduced onboarding time while optimizing internal processes and operational efficiency. 

Challenges 

VPBank faced significant hurdles in customer identity verification, particularly in meeting: 

To overcome these challenges, VPBank sought a reliable identity verification solution that seamlessly integrates with its existing banking systems, ensuring a swift and optimized business customer onboarding experience. 

The Solution: FPT eID 

After evaluating various market solutions, VPBank selected FPT eID, a cutting-edge identity verification system developed by FPT. This solution is designed with the latest biometric security technologies, ensuring robust data protection and superior user experience. 

With eKYB, VPBank now offers a highly efficient business onboarding experience with key advantages: 

Results 

Implementing FPT eID’s eKYB solution has delivered impressive outcomes for VPBank: 

By leveraging FPT eID’s advanced digital identity solutions, VPBank has redefined the business account opening experience, setting new industry standards for efficiency, security, and customer convenience.