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Vietnam’s OCB Partners Backbase to Leapfrog Omnichannel Banking Modernization & Personalization

Top Private Vietnamese bank chooses Backbase Engagement Banking Platform for Retail Banking

HO CHI MINH, VIETNAM – Media OutReach – 21 July 2023 – Backbase, the global leader in Engagement Banking today announced that Orient Commercial Joint Stock Bank (OCB) has chosen Backbase to power its omnichannel banking modernization in a signing ceremony on 20 July 2023. OCB’s goal is to create a personalized digital banking system for each customer across all channels, by fully digitizing every customer journey and touchpoint to provide seamless services via mobile applications and computer platforms. This project implementation will be led by Backbase’s partner SmartOSC.

Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform
Cooperation agreement between OCB, Backbase and SmartOSC to accelerate, modernize and personalize omnichannel digital banking with Backbase Engagement Banking Platform

OCB is the top private bank in Vietnam and is Backbase’s fifth customer in Vietnam. In 2022, OCB expanded OCB OMNI to more than 200 products, services, and utilities. OCB OMNI users increased more than 1.7 times, while the number of transactions increased by more than 200% compared to 2021. OCB’s rate of deposit through digital channels also increased by 178% over the same period.

Mr. Nguyen Dinh Tung, CEO, OCB, said “As a pioneer bank of digital transformation in general and omnichannel banking in particular, our strategy is to create a unified customer lifecycle first in the retail banking line of business and swiftly expand to the business banking line of business. With the Backbase Engagement Banking Platform (EBP) based on three main factors including: a six-month go-live timeline, full control over building, owning, and customizing differentiated upstream and downstream requirements, and local support for implementation and future project needs. OCB expects to accelerate customer acquisition growth and double its retail banking monthly active users in the first year of the platform launch, and goal to grow to 10 million monthly active users in 5 years of the launch.”

OCB’s previous in-house attempt lacked scalability, speed to market, and failed to meet expectations, posing a threat to the bank’s position as a fast-growing and customer-centric institution. With the implementation of Backbase’s EBP, OCB now has the ability to adopt and build, aligning with its modern banking culture and customer-centric approach. he investment aligns with OCB’s business model and management values of low risk, efficiency, safety, and growth.

“Innovative banks with high digital maturity like OCB endeavor to take the driver’s seat to deliver their own unique omnichannel digital banking proposition. The beauty in adopting and building is that banks do not need to worry about the underlying business rules, orchestration of banking services, hygiene security and compliance requirements, and the essential micro services and journeys that are already proven to work across the lines of business and channels they want to re-architect. On day one, banks could start building on top of the platform to customize journeys and experience for specific consumer segments, products, and channels, which is the reason that go-live for such an extensive omnichannel platform can be within 6 months,” Riddhi Dutta, Regional Vice President, Asia, Backbase said.

SmartOSC will assist OCB in integrating the Engagement Banking Platform, also referred to as the Digital Banking Omnichannel Platform, into its existing records systems, while also addressing OCB’s initial localization requirements, by leveraging their extensive experience and market-leading solutions, Furthermore, SmartOSC will develop OCB’s Mobile Banking, Internet Banking, and Employee App.

“We are excited to collaborate with OCB and Backbase at this pivotal time in banking. Having the ability to quickly adapt to evolving customer needs is essential in today’s digital landscape. This is what makes this collaboration so important!” Mr. Le Mai Anh, Vice Chairman of SmartOSC said. “We are honored to work together to modernize omnichannel banking using the Engagement Banking Platform showcasing the best that innovation and customer-centricity have to offer. It is with great confidence that we deliver this project on time and support OCB’s mission of putting customer needs first by delivering high-quality products and services without disruption.”

The Backbase Engagement Banking Platform was recognized as a leader earlier this year by industry research analysts at Celent and Omdia.Hashtag: #Backbase #digitalbanking #engagementbanking #retailbanking #omnichannelbanking

The issuer is solely responsible for the content of this announcement.

Backbase

is on a mission to re-architect banking around the customer.

Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.

Industry analysts Gartner, Omdia, and IDC continuously recognize Backbase’s category leadership position. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform. In APAC, the customers we serve include ABBANK, BDO Unibank, Bank of the Philippine Islands, EastWest Bank, HDFC, IDFC First, JudoBank, Techcombank, TPBank, and UBank.

Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Singapore (APAC HQ), Atlanta (Americas HQ), and operations in Australia, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Latin America, and the UK.

Orient Commercial Joint Stock Bank (OCB)

was established on 10 June 1996. After more than 27 years of operation and development, OCB currently has more than 200 business units spread across all regions and key economic centers across the country.

OCB was recognized by the State Bank as one of the first three banks to complete risk management items according to the Basel II international standards by the end of 2018. Moody’s Investors Service, one of the three most prestigious credit rating agencies in the world, increased Counterparty Risk Assessment (CRA) and Counterparty Risk Rating (CRR) to Ba3 in July 2019. This is the highest-ranking level in Vietnam today.

OCB has gradually risen to the top of the group of private banks in Vietnam according to three criteria: growth rate, safety and efficiency. Not only operational efficiency and profit, OCB always actively controls costs, synchronously implements cost-optimizing solutions to improve business efficiency, this is the Bank’s direction throughout.

SmartOSC

With 18 years in operation, is an industry-leading digital transformation agency of 1000+ experts across countries including Vietnam, Australia, Singapore, Japan, Thailand, Indonesia, Korea, the US and the UK. Deep experience across most enterprise platforms and technology stacks has made SmartOSC a trusted partner for leading brands and financial institutions worldwide.

SmartOSC Fintech provides top-tier solutions and caters to tailor-made requirements for banks and financial institutions worldwide by leveraging the latest technologies. This capability means banks can reduce operating costs, save implementation time and ensure security with SmartOSC Fintech suite.

Being recognized as a leading customer-centric eCommerce partner at The Global Economics Awards 2023, SmartOSC is able to represent its commitment to helping clients to succeed in an ever-changing world.

Vientiane Residents Voice Concerns Over Factory Emissions, Noise Pollution

Factory emissions

The rapid urban development of Vientiane Capital is facing challenges as emboldened residents complain of emissions from nearby factories affecting their quality of life.

United States and Norway Provide Over USD 20.8 Million to Increase UXO Clearance in Southern Laos

UXO clearance in Laos (Photo: NPA)

The Government of the United States of America and the Government of Norway have continued their long-term commitments to supporting the unexploded ordnance (UXO) sector in Laos, with a combined total of over USD 20.8 million committed to the Norwegian People’s Aid (NPA) to support survey and clearance operations in four southern provinces of Laos.

High-Level Taskforce Established to Tackle Economic Challenges in Laos

Patuxay amid Vientiane night sky

The Politburo of the Lao People’s Revolutionary Party Central Committee has formed a high-level taskforce to address the pressing economic and financial issues affecting Laos.

Laos Sees Trade Deficit of USD 126 Million in June

Laos reported its highest trade deficit in June since January 2023. (Photo: Jclao)

Laos’ imports and exports totaled over USD 1 billion in June; exports were valued at USD 458 million, while imports were approximately USD 584 million, resulting in a trade deficit of USD 126 million.

Provincial Authorities Step In to Avert Healthcare Crisis in Laos

Dengue patients sleep in makeshift beds at Vientiane's Mahosot hospital during an outbreak in 2019.
Dengue patients sleep in makeshift beds at Vientiane's Mahosot hospital during an outbreak in 2019.

Provincial health departments in Laos have urgently intervened to countermand regulations issued by struggling provincial hospitals mandating patients bring their own medicines due to depleted stocks. 

Thailand Sees Widespread Protests in Support of Snubbed PM Candidate

Thailand's Silpakorn University students at Sanam Chan Palace Campus in Nakhon Pathom province staged a protest against junta-appointed senators and the Election Commission on Thursday afternoon. Photo Credit: Khaosod English

Although Pita Limjaroenrat and his progressive Move Forward Party won in Thailand’s May general elections, the parliament voted to deny his second bid to become the country’s Prime Minister, leading to protests in Bangkok.

Local Delights Made Convenient with 7-Eleven’s New & Exclusive “Dabao Flavours of Singapore” Menu

SINGAPORE – Media OutReach – 21 July 2023 – Get ready to satisfy your cravings Singapore-style, with utmost convenience, only at 7-Eleven, Singapore’s favourite convenience store! 7-Eleven is launching an all-new and exclusive menu showcasing 11 local Singaporean brands to bring our city’s most iconic dishes closer to you. Embark on a gastronomic journey and grab a taste of Singapore on the go at your nearest 7-Eleven!

Introducing the “Dabao Flavours of Singapore” menu in an exclusive collaboration featuring ten uniquely Singaporean delights! Whether it’s the fiery Ayam Belado with Nasi Kuning from Rumah Makan Minang or the aromatic Yuan Yuan Claypot Rice – there’s no need to go on a cross-country food hunt to enjoy your favourite local must-eats – now you can simply “dabao” and go, anytime, anywhere!

11 Beloved Singaporean Brands: Local Flavours Made Convenient

Let’s take a closer look at the mouth-watering menu of Singaporean flavours coming to a 7-Eleven near you!

7-Select Egg Mayo x OLD CHANG KEE Curry’O Double Combo Sandwich ($3.70) – Everyone’s favourite curry puff-inspired sandwich is back! You can, once again, sink your teeth into the fragrant curry chicken and potato filling sandwiched between soft Japanese-style milk bread. But this time, we’ve spiced things up a bit and paired the OLD CHANG KEE Curry O’ Sandwich with our classic 7-SELECT Egg Mayo Sandwich, offering you even more goodness. Enjoy this irresistible sandwich combo for a hearty breakfast, lunch, or mid-afternoon snack!

Beach Road Prawn Noodles Soup ($6.50) – Dive into this bowl of prawn noodle soup packed with succulent shelled prawns, tender chicken pieces, and springy yellow noodles topped off with an aromatic drizzle of fried shallot oil. Beach Road Noodle House is the go-to place for prawn mee for Easties, but now everybody can enjoy the flavours of this iconic eatery hassle-free at their nearest 7-Eleven!

Jiak Song Ban Mian ($5.00) – Get your chopsticks ready for a delightful bowl of handmade noodles in a rich broth created by celebrity chef and Masterchef finalist Aaron Wong. Packed with delectable ingredients like sliced chicken, spinach, and egg, and topped with crispy fried anchovies, this popular Chinese noodle dish will leave you wanting more.

Minang Ayam Belado with Nasi Kuning ($6.50) – Our city is a melting pot of cultures and cuisines. This palatable dish, originally from West Sumatra, Indonesia, is now a firm favourite with Singaporeans. Tenderly cooked chicken in a hot and spicy bumbu spice mixture served alongside fluffy Nasi Kuning and eggs will take your taste buds on a wild ride of flavours.

Yuan Yuan Claypot Rice ($4.80) – Indulge in this beloved Singaporean classic with its unmistakable wok hei, flavourful fluffy rice, and satisfying crunch from the scorched rice – comfort food at its finest!

Chef Arifin Korma Curry with Rice ($5.00) – This rich and creamy korma recipe features tender pieces of chicken breast simmered in a mildly spiced curry sauce. The aromatic blend of spices adds an extra layer of deliciousness, making it a great choice for a satisfying lunch, dinner, or late-night supper.

My Kampung Chicken Charsiew with Fragrant Rice ($6.00) – Savour the succulent slices of juicy and tenderly roasted chicken paired with fragrant seasoned rice that will send your senses into overdrive. And with a luscious, sweet gravy coating every bite, you’ll enjoy a burst of rich flavour with every mouthful.

Killiney Traditional Laksa ($6.50) – Immerse yourself in a rich explosion of flavours as you savour the deliciously thickened coconut milk, earthy ingredients, and prawns. With its aromatic spices and thick vermicelli noodles, this convenient take on an iconic dish will not disappoint.

Chef Aaron Wong Ginger Chicken Rice ($4.80) – Treat yourself to a plate of fluffy chicken rice topped with tender chicken, and infused with the intense flavours of garlic and ginger. The aromatic blend of spices and herbs will awaken your taste buds, leaving you craving more.

Lao Chao Zhou Ghim Moh Mee Siam ($3.50) – A true crowd-pleaser, this dish is made of perfectly cooked, soft, fine rice noodles mixed with an array of ingredients such as beancurd puffs, eggs, chives, chilli, and tiny shrimp. No need to make your way to Ghim Moh Market anymore for this all-time favourite. Just make a beeline to your neighbourhood 7-Eleven!

But wait, there’s more! From 19 July to 15 August, enjoy $0.30 off (14% savings) on First Brew Grass Jelly (U.P. $2.20) when you buy any of the items above included in Dabao Flavours of Singapore. It’s the perfect way to cool down after a hearty meal!

For product details, please refer to this summary table:

Product RSP
7-Select Egg Mayo x OLD CHANG KEE Curry’O Double Combo Sandwich $3.70
Beach Road Prawn Noodles Soup $6.50
Jiak Song Ban Mian $5.00
Minang Ayam Belado with Nasi Kuning $6.50
Yuan Yuan Claypot Rice $4.80
Chef Arifin Korma Curry with Rice $5.00
My Kampung Chicken Charsiew with Fragrant Rice $6.00
Killiney Traditional Laksa $6.50
Chef Aaron Wong Ginger Chicken Rice $4.80
Lao Chao Zhou Ghim Moh Mee Siam $3.50

All items are halal certified.

More promotions and updates can always be found on the 7-Eleven Singapore Facebook page, so stay tuned!

Hashtag: #7-Eleven

The issuer is solely responsible for the content of this announcement.

About 7-Eleven

Established in Singapore in 1983, 7-Eleven has since expanded to more than 450 stores island-wide to become the No.1 24-hour convenience chain store. We take pride in serving the Singapore community 24 hours a day, 365 days a year. 7-Eleven emphasises convenience and value by offering a wide array of quality products, food and services to satisfy the needs of its customers. Think 7-Eleven, and what comes to mind is the refreshing Slurpee, 7Café, as well as a wide range of quality Ready Meals and sandwiches under 7-Select. 7-Eleven is also a 24/7 one-stop destination for customers who need to access bill payment services in their own time. Our services cover payment of utilities, courier services, and even cash withdrawal.

For more information, visit