SG3.1 goes live successfully – a great achievement for the State Bank of Vietnam
“SG3.1 goes live successfully – a great achievement for the State Bank of Vietnam”, said Mr. Nguyen Kim Anh, the Deputy Governor of the State Bank of Vietnam (SBV) during the launch announcement of Core banking, Accounting, Budgeting applications and System integration (SG3.1) which took place on the 11th of July 2017.
SG3.1 is an important component of the Financial Sector Modernization and Information Management System Project (FSMIMS) funded by the World Bank.
The successful implementation of SG3.1, gives SBV a modern and complete information system which actively assists the management of monetary policy and internal resources. The application of advanced technology enables SBV to remove any remaining limitations and brings innovation to work methods and processes. This is also a significant event for FPT IS, as this success demonstrates that FPT IS has completed one of the biggest ever national finance projects in Vietnam.
According to Mr. Nguyen Kim Anh, the SG 3.1 contract had a complicated implementation scope. SBV is the first unit in Vietnam to simultaneously implement the 2 components, Core Banking and Enterprise Resources Planning (ERP). Many commercial banks avoid this because of the complexity of business and heavy implementation workload.
Representatives of the State Bank of Vietnam, FPT and the World Bank inaugurate the operation of the system
"Our businesses were standardized and services are now provided across the whole SBV system, including 17 departments, 63 provincial branches and over 100 credit institutions located all over the country”, Mr. Kim Anh emphasized.
At the ceremony, FPT’s Chief Executive Officer (CEO) – Mr. Bui Quang Ngoc said that “This has been one of the most complicated projects implementations in the history of FPT. All interbank transactions go through this system, so if any error appears during the deployment process, the national economy and social security activities will be significantly affected. There were very demanding requirements on our project teams."
Mr. Sebastian Eckardt, the World Bank's Acting Country Director in Vietnam announced that due to the results that the project had achieved, the World Bank would upgrade the Project Management rating of SBV to Highly Satisfactory level.
After 30 months of deployment, the system officially went live punctually on the 31st of December 2016. This was only possible due the entire team, including: the strong commitment and belief in the success of the project by SBV leadership; the determination, enthusiasm and creativity during the implementation by directly involved staff; the close and responsible cooperation among business, technical and project management units; the close monitoring and active support of the World Bank; and finally the effort and strong commitment of FPT IS. Over the 6 months that the system has been in operation, it has performed stably and has satisfied the requirements of users in terms of business process as well as the information availability for management. This success once again affirms FPT IS’s leading information technology capability in Vietnam and the region.
Remarkable numbers from SG3.1 contract
SBV’s 17 departments, 63 provincial branches, over 100 credit institutions across the country use the Core Banking system and the ERP system, which are integrated on a modern ESB operating in accordance with international standards
2,976 trainees are participating in 130 days of training from the North to the South
374,822 working hours over 2.5 years
2,293 functions and 666 reports
2,400 approved documents with 120,000 pages
240 errors detected and fixed during testing
3,206 change requests created during testing