Specifically, BIDV and FIS are collaborating to exchange, integrate, and build an Import-Export Digital Ecosystem based on the TradeFlat platform developed by FIS, ensuring it aligns with BIDV's business processes and the practical needs of customers in international trade.

In this collaboration, BIDV will provide strategic direction for product development within the ecosystem on the TradeFlat platform. BIDV will also offer core banking products to facilitate the development of related products within the ecosystem, and expand connections with partners and customers participating in the digital ecosystem.

FIS, leveraging its mastery of the TradeFlat platform and its experience in accompanying BIDV through numerous key IT and digital transformation projects over the past three decades, will enhance and optimize the technology system for all participants in the import-export supply chain.

Cooperation Ceremony for Building a Digital Ecosystem for Import-Export Corporate Customers between BIDV and FIS

According to the Import-Export Department (Ministry of Industry and Trade), in the first nine months of 2024, Vietnam's total import-export value reached nearly USD 578.47 billion, an increase of 16.3% compared to the same period last year. Despite the market's opportunities and potential, challenges remain for businesses and organizations involved in import-export payment transactions.

Specifically, a business participating in import-export activities must connect with numerous partners, including banks, shipping lines, insurance companies, customs, seaports, and warehouses. However, these entities currently operate independently or have only isolated connections, lacking an integrated ecosystem. This results in time-consuming, costly, and fragmented transaction flows.

To address this, the Import-Export Digital Ecosystem project, a collaboration between BIDV and FIS, is considered a pioneering step in creating a completely new operational model for Vietnamese businesses' import-export activities on a digital platform. For the first time in Vietnam, a digital platform integrating diverse services from banks, shipping lines, customs, insurance, to logistics is developed on a single system. This enables parties to connect information, interact quickly, seamlessly, and in real-time throughout transaction flows, reducing overlaps and replacing traditional paper-based procedures.

As the bank with the largest total assets in Vietnam, reaching VND 2.3 million billion and serving nearly 500,000 corporate customers, including over 12,000 import-export businesses, BIDV is committed to accompanying businesses in their development and international integration. Recognizing the crucial role of technology and digital transformation, BIDV has identified this as one of the three key pillars of its operational strategy, aiming to become a leading financial institution in Southeast Asia with the best digital platform in Vietnam by 2030. In import-export activities, BIDV aims to provide businesses with solutions that facilitate international trade operations through digital technology, recognizing the necessity of building a comprehensive import-export ecosystem.

BIDV chose FIS as its partner based on several criteria: Firstly, FIS has extensive experience accompanying the banking sector in building its core systems. Secondly, FIS has been a key partner in BIDV's major IT and digital transformation projects for many years. Lastly, FIS is a pioneer in applying new technologies in the market, developing the "Make in Vietnam" digital platform – TradeFlat, Vietnam's first digital financial ecosystem that comprehensively addresses trade finance issues in the import-export sector. The TradeFlat platform will create a closed-loop technology ecosystem, enabling parties to interact quickly, seamlessly, and in real-time, reducing overlaps and replacing traditional paper-based procedures, thereby providing the best customer experience, affirmed Mr. Le Ngoc Lam, CEO of BIDV.

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Mr. Le Ngoc Lam, CEO of BIDV, speaking at the event

TradeFlat is the first online L/C platform in Vietnam, enabling unified and end-to-end L/C transaction processing. In addition to efficient L/C processing, TradeFlat also addresses the overall trade finance solution for businesses in Vietnam. Since its inception, TradeFlat has been collaborating with international trade platforms to promote cross-border trade, such as TradeWaltz (Japan), TradeWindow (New Zealand), and China-Asean Information Harbor (China).

Mr. Tran Dang Hoa, Chairman of FIS, expressed: "We are proud to partner with BIDV in pioneering the creation of an import-export digital ecosystem in Vietnam. This is a milestone in the digital transformation journey of BIDV in particular and the banking sector in general, leveraging technology to create a competitive advantage. With the shared goal of leveraging technology to address the import-export needs of Vietnamese businesses, FIS is committed to integrating and upgrading the TradeFlat platform into a comprehensive digital ecosystem for import-export activities, facilitating trade flows to meet domestic and international standards. This aligns with FIS's mission to drive technology to create 'The Next,' pioneering new and breakthrough operational methods for Vietnam and the world."

Mr. Tran Dang Hoa, Chairman of FIS, speaking at the event

Previously, FIS and BIDV have had a strong and extensive collaboration, implementing numerous key projects in areas such as Switching, Cards, ATMs, Servers, Security, ERP, and most recently, the transformation and integration of Card systems and related applications with the Core Banking Profile System.

The event also included a cooperation agreement signing ceremony between BIDV and Vinafco JSC for warehouse management collaboration. With a vision to become a pioneering bank in providing comprehensive solutions for import-export businesses, partnering with two reputable organizations in technology and logistics marks a significant step towards BIDV's goal of completing its import-export ecosystem, fully meeting the needs of corporate customers.

By FIS MC