Intellect Design Arena bags major transformative deal from VPBank; stock plunges ~1%

12 Apr 2022 , 12:27 PM

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited today announced that it has signed a major deal with Hanoi-headquartered VPBank to digitize and streamline its transaction banking offerings. For Intellect, this deal is the tenth key digital banking transformation deal let alone in Vietnam.

This digital transformation deal will uplift VPBank’s digitization efforts of its transaction banking function which in turn will enhance the country’s digital economy which is aligned with the “Vietnam National Digital Transformation Roadmap 2025”. This will bring the bank closer to its target of being the most customer-friendly bank through technology in 2022 with disruptive iGTB’s products and services for its corporate, commercial, and SME clients.

According to VPBank CEO, Mr. Nguyen Duc Vinh, “VPBank has always been a leading player in selecting the most up-to-date technology to power accelerated digital transformation. Strengthening our IT Infrastructure to enable and automate digital strategy is the main factor in improving productivity by 20-30% so that we stay ahead of the competition. Therefore, harnessing disruptive digital IT initiatives is currently a major priority for us.”

iGTB Cash Cloud is the world’s first fully-integrated & cloud-ready, Integrated Cash and Trade digital transaction banking platform is a high-performance, patent-pending solution. iGTB is designed to deliver growth, create simplicity in corporate onboarding powered by expertise-backed user journeys, and create a foundation for business & service expansion, with replicable & robust operational processing and deployment certainty.

Intellect Design Arena is currently trading at Rs938.80 down by Rs11.55 or 1.22% from its previous closing of Rs950.35 on the BSE. The scrip has touched intraday high and low of Rs960 and Rs928.80 respectively.