• 35 min read

Core Banking Market in Vietnam, Marketing Strategies and Competitive Landscape

Vietnam’s banking sector is undergoing rapid digital transformation, creating new opportunities for core banking solution providers. Both established “legacy” core banking vendors and newer neo-core fintech players are competing to modernize the technology foundations of Vietnam’s traditional banks and emergent digital-only banks. This report provides a comprehensive market overview, analyzes marketing channels and customer acquisition strategies in this B2B fintech space, compares key local and foreign core banking vendors (with market share and positioning), and examines the decision drivers of Vietnamese banks. Insights are tailored for a neo-core platform planning its first entry into Southeast Asia, highlighting how to effectively market core banking solutions in Vietnam’s context.

Vietnam Core Banking Market Overview

Vietnam has a diverse mix of large state-owned commercial banks, joint-stock (private) banks, foreign bank branches, and now a new wave of digital banks. Nearly all Vietnamese banks have implemented modern core banking systems over the past two decades (CORE banking of commercial banks in Vietnam). This was driven by needs to handle high transaction growth and improve competitiveness post WTO integration. Banks’ top strategic priorities include regulatory compliance, improving asset quality, customer centricity, digital convergence, and fending off competition (CORE banking of commercial banks in Vietnam). However, many incumbents historically ran on obsolete core platforms that lacked automation, had siloed customer data, and were costly to maintain (CORE banking of commercial banks in Vietnam). In recent years, pressure to upgrade core systems has intensified as banks seek real-time, 24/7 digital banking capabilities. In a 2023 survey, an “overwhelming 94%” of bank executives in Vietnam said slow digital transformation had caused them to lose new customers (10x Banking announces APAC expansion plans). This urgency, combined with Vietnam’s young, tech-savvy population (over 70% under 35) and ~90% smartphone adoption, has set the stage for aggressive core banking modernization.

Crucially, Vietnam’s regulator (State Bank of Vietnam) is supporting digital banking innovation, encouraging cloud technology adoption and open banking APIs. For example, Vietnam International Bank (VIB) recently became the first bank in Vietnam to run its core banking on the cloud (AWS), signaling regulatory openness to cloud cores (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS) (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS). At the same time, new digital-only banks have emerged – such as TNEX (by MSB) and Timo – which are essentially “greenfield” projects that often choose cloud-native core platforms from fintech vendors. Traditional banks are also launching digital spinoffs (e.g. HDBank’s new digital bank “Viet Future Bank (VietFutr)”, branded as Vikki, launched in 2024 using a modern core (HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core)). Overall, the market is dynamic: incumbent banks are upgrading core systems to enable omnichannel services and personalized products, while challenger banks demand lean, fast-to-deploy core solutions. This creates a competitive landscape for both established core banking providers and neo-core entrants.

Key Vendors in the Vietnamese Core Banking Market

Vietnam’s core banking market is served by a mix of local and international vendors, though foreign providers dominate in technology ownership. Table 1 summarizes the key solution providers (legacy and neo-core), their origins, notable Vietnamese bank clients, and market presence:

Table 1. Key Core Banking Solution Providers in Vietnam – Vendor Overview and Presence

Vendor (Origin) Core Platform Notable Vietnam Clients Market Share / Presence Competitive Positioning
Temenos (Switzerland) Temenos T24 Transact (Core) Techcombank, Sacombank, MB Bank, OCB, SeABank, SHB, etc. ~37.5% of Vietnamese banks (market leader) (CORE banking of commercial banks in Vietnam) Global leader; proven Tier-1 core system. Strong local track record and partner network. Open API, microservice architecture for digital banking (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade).
Oracle FSS (USA) Flexcube ACB, LienViet PostBank, OceanBank, TPBank, VietCapital Bank, VRB, etc. (Oracle FS signs new core banking client in Vietnam, Kien Long Bank) ~25% share by number of banks (CORE banking of commercial banks in Vietnam) Well-established in Vietnam; many mid-tier banks use Flexcube. Emphasizes broad functionality and Oracle ecosystem integration.
FIS / SunGard (USA) Systematics; Ambit (formerly SunGard) HDBank (previous core), SaigonBank, others (via SunGard Ambit Core) ~6% share (CORE banking of commercial banks in Vietnam) (SunGard now part of FIS) Provided legacy core solutions (Ambit Core etc.) to a few banks. Presence now mostly via FIS’s broader portfolio.
Fiserv (USA) Signature; (and ex-OSI core) ACB (formerly used OSI’s core, now Fiserv), possibly others ~9.4% share (CORE banking of commercial banks in Vietnam) Gained foothold via acquisition of Open Solutions (OSI) used by some banks. Not a major new contender recently for core deals.
Silverlake (Malaysia) Silverlake Integrated Banking (SIBS) Vietcombank, BIDV, Maritime Bank Minority share (a few large banks) (CORE banking of commercial banks in Vietnam) Regional core banking provider. Used in some large VN banks (especially state-owned) historically; known for retail and cards capabilities.
Infosys Finacle (India) Finacle Core Banking Eximbank (reported), possibly Standard Chartered Vietnam (for retail) Very limited adoption (1–2 banks) (CORE banking of commercial banks in Vietnam) Leading core platform in Asia globally, but minimal Vietnam presence so far. Focused on digital capabilities; often delivered via partners like IBM.
TCS (India) BaNCS ANZ Vietnam (now Shinhan) – legacy deployment; Southern Bank (legacy) Niche (used in a couple of banks historically) Comprehensive core suite; had some deployments in foreign JV banks. Competes on flexibility and multi-entity support.
Hyundai IT (Korea) Hyundai iPCAS Agribank (Vietnam’s largest state-owned rural bank) ([PDF] Agribank case study: - Compass Plus Technologies) ~6.3% share (CORE banking of commercial banks in Vietnam) Provided via ODA project financing. Handles high volume branch transactions. Localized for Vietnam by Hyundai; essentially a one-bank case.
Polaris / Intellect (India) Intellect Core (formerly Polaris) SHB (old core, now replacing) (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade) Niche (1–2 banks used) Deployed in a small number of mid-tier banks for specific modules. Facing replacement by newer systems in VN (e.g. SHB moved to Temenos).
Unisys (USA) Unisys Core (e.g. EBS) Possibly VietABank or foreign bank branch (minor presence) Niche (legacy usage) Legacy core technology; not actively marketing in Vietnam now.
Neo-core Entrants:
Mambu (Germany) SaaS Cloud Core (API-first) TNEX digital bank (MSB’s spinoff) ([Vietnam’s first digital-only bank TNEX Mambu](https://mambu.com/en/customer/tnex#:~:text=Having%20selected%20Mambu%E2%80%99s%20API,native%20technology)) ([Vietnam’s first digital-only bank TNEX Mambu](https://mambu.com/en/customer/tnex#:~:text=At%20the%20beginning%20of%202020%2C,in)); Timo digital bank ([Timo
Thought Machine (UK) Vault (Cloud-Native Core) HDBank (core transformation + powering “Vikki” digital bank) (HD Bank announces strategic collaboration with Thought Machine to transform banking in Vietnam) (HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core) New entrant – first deal in 2022 with top-10 bank Modern core built on smart contracts and microservices. Selected by HDBank for flexibility and always-on capability – filling a gap for real-time services in Vietnam (HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core). Strong appeal to large banks pursuing multi-year digital overhaul.
10x Banking (UK) 10x SuperCore (Cloud-Native) (No clients in Vietnam yet; entering region) New entrant – announced APAC expansion (2023) (10x Banking announces APAC expansion plans) Ultra-scalable cloud core from Barclays’ ex-CEO’s fintech. Known for powering Chase UK and Westpac. Emphasizes agility, “meta-core” architecture and low cost-to-serve. Eyeing high-growth APAC markets like Vietnam where few banks focus on core modernization (only 8% do, per 10x study) (10x Banking announces APAC expansion plans).
Vilja (Sweden) Vilja Core (Composable Core) (No live VN bank yet; 2025 entry via partners) New entrant – building pipeline via local partnerships Nordic cloud-native core specialist, now targeting Vietnam’s mid-tier and digital banks. Established an ASEAN dev center and partnered with FPT, Gimasys, etc. (Sweden’s Vilja makes its foray into Vietnam to support digital banking) to localize and sell. Positions on compliance readiness (open API, cloud security) and quick product building for digital banking.

Local Vendors: Notably, Vietnam does not have any dominant home-grown core banking software provider in wide use. Most banks rely on international solutions or in-house builds for core systems. Large domestic IT firms like FPT IS and CMC mainly act as integrators/resellers rather than offering their own core platforms. Some banks have developed custom core modules internally (e.g. some state banks historically built or heavily customized their core), but this trend is declining due to the complexity and cost. Instead, local tech firms form partnerships with foreign vendors to implement or co-develop solutions. For instance, FPT IS and other Vietnamese partners have teamed up with Vilja to support its core banking projects (Sweden’s Vilja makes its foray into Vietnam to support digital banking). Such alliances indicate that even “local” solutions in Vietnam’s core banking market are usually delivered via foreign technology combined with local services.

Overall, international vendors dominate Vietnam’s core banking installations – Temenos and Oracle alone account for roughly half of all bank cores (CORE banking of commercial banks in Vietnam) – but new cloud-based entrants are gaining attention, especially for digital banking initiatives. The competitive landscape is thus two-fold: legacy vendors with large footprints and long histories in Vietnam, versus new fintech-core providers offering fresh technology and new commercial models. Each employs distinct marketing and customer acquisition strategies, discussed next.

Marketing Channels and Strategies for Core Banking Providers

Marketing enterprise core banking solutions in Vietnam requires a B2B-focused, relationship-driven approach, supported by industry thought leadership and strategic partnerships. Key marketing channels and strategies include:

  • Industry Conferences & Events: Banking technology vendors frequently engage Vietnamese banks through conferences, forums, and seminars. Many host dedicated events: for example, Temenos holds an annual Banking Forum or Regional Forum in Vietnam (bringing together hundreds of banking professionals) (Temenos Regional Forum 2023: ASEAN) to showcase innovations and client success stories. Such events allow vendors to network directly with bank executives, demo new capabilities (e.g. digital core, cloud deployment), and strengthen brand credibility. Participation in third-party conferences is also common – e.g. the annual ICT in Banking forum (co-organized with the SBV) often features core solution showcases. New entrants leverage events as well: in March 2025, Vilja hosted a high-profile “Swedish–Vietnamese Digital Banking Reception” in Hanoi alongside the Swedish Ambassador (Sweden’s Vilja makes its foray into Vietnam to support digital banking), gathering local banks and fintechs to introduce Vilja’s core platform. This mix of conferences, executive roundtables, and even diplomatic events helps vendors educate the market and build relationships in a culturally resonant way.

  • Strategic Partnerships and Alliances: Given the relational nature of B2B sales in Vietnam, core banking providers often partner with local IT companies, consultancies, and global tech firms to gain market access. Forming a local partnership can lend credibility and on-the-ground support. For example, Vilja’s market entry strategy was to launch with multiple local partners – including FPT Information System (Vietnam’s leading IT integrator), Gimasys, FiinGroup, and Nam Viet Corp – as well as an open banking fintech (Brankas) (Vilja launches strategic local partnerships in Vietnam - Vilja). These alliances provide Vilja with local market knowledge, integration support, and a channel to reach bank clients. Similarly, many established vendors work with local system integrators: Temenos and Oracle have certified partners in Vietnam who implement their core solutions and assist with localization (e.g. ITSS from Switzerland partnered with VIB on its Temenos-on-AWS project (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS) (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS)). Core banking providers also align with global technology partners as part of marketing – cloud providers especially. Co-marketing with Amazon Web Services or Microsoft is now common, highlighting cloud readiness. A recent example is AWS collaborating in press releases and events for VIB’s core migration (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS), reinforcing the message that Vendor X + Cloud Y can safely transform a Vietnamese bank. Partnerships with management consultancies (Deloitte, PwC, etc.) also help vendors get onto banks’ RFP shortlists via consultants’ recommendations.

  • Content Marketing and Thought Leadership: Core banking decisions are high-stakes for banks, so vendors deploy extensive content marketing to build thought leadership. Whitepapers, case studies, webinars, and research reports are tailored to address banks’ pain points. For instance, 10x Banking commissioned a global study on digital transformation, which included Vietnam, to generate insights and urgency around core modernization (10x Banking announces APAC expansion plans) (10x Banking announces APAC expansion plans). They found less than 8% of APAC banks were focusing on core systems and publicized that 94% of surveyed Vietnamese bankers felt slow tech upgrades cost them customers (10x Banking announces APAC expansion plans). By publishing these findings and an industry report, 10x creates a narrative that modern core technology is the key to winning new customers – subtly marketing their solution as the remedy. Other vendors maintain blogs and resource centers in both English and local language, discussing topics like open banking APIs, real-time processing, cloud security compliance, etc., to educate bank IT teams. Webinars are another channel: during COVID-19 especially, vendors held virtual panel discussions (often featuring a client from another country) to reach Vietnamese bankers online. For example, Temenos ran webinars on “Journey to Cloud and SaaS – Motivations for ASEAN banks” (TRF 2023 ASEAN: Panel Discussion - Journey to Cloud and SaaS), implicitly promoting its cloud core via educational content. This thought leadership approach helps build trust and brand recall over the long B2B sales cycle.

  • Targeted Digital Marketing: While mass advertising is rare in this niche, vendors do use targeted digital channels. LinkedIn is heavily utilized – many firms run sponsored posts targeting Vietnamese bank CXOs or share success stories (e.g. posts celebrating a new core go-live or an award from IDC). Vendors like Mambu and Thought Machine also localize their websites and SEO content for Vietnam (for instance, featuring Vietnamese client case studies like TNEX or HD Bank on their homepage). Some run email newsletters or account-based marketing campaigns aimed at specific banks’ leadership, sharing relevant insights. Local media PR is another tactic: press releases about core banking deals are sent to Vietnamese financial newspapers (e.g. Vietnam Investment Review, banking journals). These often get published as articles, amplifying the vendor’s message in an “official” source. For example, multiple outlets covered SHB’s selection of Temenos for a digital upgrade, including quotes on how Temenos’s open platform will help SHB become Vietnam’s leading digital bank (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade) (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade). Such media coverage both advertises the vendor’s win and provides social proof to other bank executives reading about a peer’s decision.

  • Direct Sales & Relationship Management: Despite all the marketing collateral, core banking sales ultimately rely on direct engagement with bank decision-makers. Vendors typically maintain a regional sales team (often based in Singapore or Vietnam) that builds relationships over months or years. These sales leads arrange demos, respond to RFPs, and coordinate proof-of-concept (POC) projects. In Vietnam, building trust is crucial – vendors often engage at the C-suite level through many meetings and maybe even informal networking (dinners, etc. facilitated by partners or industry associations). An example strategy is to pilot a limited solution for the bank (say a digital bank sandbox or a specific module) to prove value before a full core replacement commitment. Customer reference visits are another powerful tool: Vietnamese bank executives may be taken to visit a successful core banking implementation in another country or hear directly from a peer bank’s experience. Established vendors leverage their existing Vietnamese clients as references; new vendors leverage success stories from similar emerging markets. For instance, a neo-core vendor might connect a prospective bank with a reference from an Indonesian or Philippine bank that used their platform to launch a digital bank, highlighting parallel market conditions. This peer validation can be more persuasive than any brochure. Additionally, local support assurances are part of the sales pitch – vendors will emphasize their Vietnam-dedicated support teams or training of local IT staff, to mitigate concerns about relying on a foreign tech provider.

In summary, core banking solution marketing in Vietnam is multi-channel and trust-oriented. It blends high-level branding and thought leadership (to shape industry perception) with ground-level relationship building and partnerships (to navigate the local business culture and execution needs). Importantly, the approach can vary when targeting a large traditional bank versus a newer digital bank venture – as discussed in the next section on B2B vs B2C marketing differences.

B2B vs. B2C Marketing Approaches in this Space

Core banking solution providers operate in a B2B context, selling technology to banks (enterprise customers). Thus, their marketing strategies differ fundamentally from the B2C marketing that banks themselves use to attract retail consumers. It’s important to distinguish these approaches, especially since neo-core vendors often need to understand both – they market B2B to banks, but must appreciate banks’ own B2C priorities to align their value proposition.

B2B Marketing (Core Banking Providers → Banks): This is characterized by narrow targeting, high-touch engagement, and emphasis on expertise and ROI. Vendors marketing to banks focus on a small audience of key decision-makers (typically the bank’s CIO/CTO, COO, CEO, and Board for big decisions). Communication is therefore more personalized and information-rich rather than broad and promotional. Key traits of B2B marketing here:

  • Technical & Business Content: Messaging revolves around how the core platform improves the bank’s operations – e.g. “reduce IT costs by X%, enable Y new products per year, ensure regulatory compliance”. Whitepapers, RFP documents, and proposals include detailed specifications, integration plans, and case studies. The tone is relatively formal and metrics-driven. For example, a vendor might demonstrate how their core can handle a certain TPS (transactions per second) or how it improved another bank’s customer acquisition by 20% after enabling faster product launches. This rational evidence is crucial for bank committees evaluating vendors.

  • Relationship and Reputation Focus: Purchasing a core system is a long-term decision (10+ year impact), so banks look for trusted partners. B2B marketing highlights the vendor’s track record and reliability. Established providers like Temenos or Oracle leverage their large install base (“X of the top 5 banks in Vietnam run on our core” is a strong message) (Oracle FS signs new core banking client in Vietnam, Kien Long Bank). Newer providers build credibility by showcasing prominent global clients (e.g. 10x cites its success with JPMorgan’s Chase UK to signal stability). Marketing in this realm often involves reference selling – connecting potential clients with existing ones – and thought leadership to convey, “We understand banking as deeply as you do.” The decision process can take months of due diligence, during which the vendor’s consistency and expertise (in demos, answers, etc.) essentially markets their reliability.

  • Channels: As noted, conferences, private meetings, industry press, and direct sales are key channels. You won’t see a core banking vendor airing TV commercials or billboard ads targeting the general public in Vietnam – that would be wasted effort in B2C space. Instead, they might sponsor a closed-door executive summit or produce a Vietnamese-language thought piece in a banking journal. Digital channels like LinkedIn are used but in a targeted manner (e.g. sponsoring content on the LinkedIn feeds of people who list roles at Vietnamese banks). The scale is smaller but the impact per contact is larger in B2B.

In contrast, B2C Marketing (Banks → Consumers), particularly for digital banking services, is broad-based and emotion/brand-driven. For instance, a digital bank like Timo or Cake markets to millions of end-users, using consumer-friendly messaging about convenience, rewards, and lifestyle. Key features of B2C in banking:

  • Mass Reach & Brand Building: Banks run TV commercials, social media campaigns, influencer partnerships, and promotions to build brand awareness among the public. For example, Timo has set up physical “hangout” lounges in popular retail outlets (McDonald’s, 7-Eleven) where young consumers can sign up for an account on the spot (Timo | Mambu). This is a very different tactic than anything a core vendor would do – it’s about acquiring thousands of customers quickly through convenience and cool branding.

  • Simplicity of Message: While a core vendor might talk about microservices and API architectures to a bank, the bank’s B2C marketing will be simplified to “Open an account in 5 minutes from your phone” or “0% fees, 5% cashback on purchases.” The focus is on customer benefits, not technical details. Digital banks will emphasize user experience, trust, and financial well-being in their marketing to consumers, often leveraging storytelling or aspirational themes.

  • Channels: B2C banking marketing uses social media (Facebook, Zalo, TikTok in Vietnam), online ads, billboards, PR stunts, referral programs, etc. For instance, new digital bank Cake by VPBank ran online referral campaigns and partnered with a ride-hailing app (Be) to rapidly grow its user base. These are high-volume, automated marketing tactics – a stark contrast to the individualized sales pitches of B2B.

Why does this matter to core solution providers? Because while core providers don’t do B2C marketing themselves, their B2B pitch must connect to B2C outcomes that banks care about. In other words, a vendor should market its platform in terms of how it will enable the bank’s own marketing and growth. For example, vendors often highlight that their core system allows banks to launch new products in weeks instead of months, enabling a faster response to consumer trends (a competitive edge in B2C). Temenos explicitly markets how its open APIs and microservices help banks deliver “personalized and AI-supported customer journeys” across mobile and internet channels (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade) – essentially linking the core technology to a superior customer (B2C) experience. Similarly, 10x Banking’s materials talk about improving agility so banks can address the “huge deficit of accessible customers” in regions like Southeast Asia (10x Banking announces APAC expansion plans) (10x Banking announces APAC expansion plans).

In summary, B2B marketing in core banking is about selling a partnership and capability, often quite technical and trust-based, whereas B2C marketing by banks is about selling an experience or lifestyle to end-users. A successful core banking provider needs to excel at the former, while understanding the latter. Neo-core vendors in particular often differentiate themselves by showing they understand digital banks’ B2C needs better than the old guard. For instance, Mambu’s case study on TNEX highlights how its cloud core let TNEX focus on “solving real-life customer problems” instead of infrastructure (Vietnam’s first digital-only bank TNEX | Mambu) (Vietnam’s first digital-only bank TNEX | Mambu) – a subtle jab at legacy cores, framed in terms of end-customer value. By speaking the language of both technology and customer-centric outcomes, core vendors strengthen their B2B appeal in this space.

Competitive Positioning and Market Dynamics

The competitive landscape for core banking solutions in Vietnam can be viewed in two segments: incumbent “legacy” vendors vs. new “neo-core” vendors, each with different positioning, and the banks segmented by size/maturity which they target. Market dynamics are shaped by both groups jostling for upcoming core projects, often with distinct value propositions:

  • Incumbent Vendors (Temenos, Oracle, etc.) – Positioning: The long-standing providers emphasize their proven track record, comprehensive functionality, and existing local user community. Their selling point to conservative bank boards is often, “We are a safe choice – many of your peers run our system successfully.” For example, Temenos can claim a leadership position with ~12 Vietnamese banks already on T24 (CORE banking of commercial banks in Vietnam), backing its proposals with local case studies (e.g. Techcombank’s multi-year growth on Temenos, or Sacombank’s nationwide deployment). This installs confidence that the vendor understands Vietnamese regulations (like VND currency handling, SBV reporting standards) and has local support resources in place. Technically, these vendors also position on breadth and depth: their core systems have a wide range of modules (retail, corporate, payments, trade finance, etc.) and decades of product maturity. This is attractive to large banks that want an all-in-one solution. Many legacy vendors now also underscore their modernization: e.g. Temenos and Oracle both highlight new cloud or SaaS offerings and flexible API layers to shake off the “old legacy” image. Oracle’s marketing for Flexcube in Vietnam, for instance, pitches it as enabling a “modern and friendly digital bank” transformation (Oracle FS signs new core banking client in Vietnam, Kien Long Bank) (Oracle FS signs new core banking client in Vietnam, Kien Long Bank), not just a back-end processor. In short, the big players position as stable yet innovative enough, leveraging their scale. They often cater their approach by bank tier: Tier-1 banks (like Vietcombank or state banks) might even get offers for a bespoke solution or private cloud setup, whereas mid-tier banks get a more standardized package.

  • Neo-core Vendors (10x, Thought Machine, Mambu, etc.) – Positioning: The newer entrants differentiate themselves by agility, flexibility, and cost-effectiveness. Their narrative often casts them as the challengers to “expensive, monolithic legacy cores.” They highlight features like cloud-native architecture, real-time processing, microservices, open APIs, and easy scalability. For example, Thought Machine’s Vault platform is built around smart contracts which allow unparalleled product design flexibility – a key selling point to banks aiming to offer novel products quickly. When HD Bank chose Vault, the bank noted the platform’s “unique flexibility and control” enabling it to design innovative services at scale (HD Bank announces strategic collaboration with Thought Machine to transform banking in Vietnam) (HD Bank announces strategic collaboration with Thought Machine to transform banking in Vietnam). Neo-core providers also tend to offer subscription pricing (SaaS) or usage-based models, which can lower upfront costs for the bank. This is attractive for smaller banks or digital offshoots that don’t want the large CapEx of a traditional core license. Moreover, these entrants often target specific niches to get a foothold: Mambu, for instance, zeroed in on digital banks and finance startups in Vietnam (winning TNEX and Timo) before attempting to persuade larger incumbents. Their positioning is “we enable speed” – TNEX was able to launch Vietnam’s first digital-only bank entirely in the cloud, avoiding both an in-house build and a traditional core purchase, by selecting Mambu (Vietnam’s first digital-only bank TNEX | Mambu) (Vietnam’s first digital-only bank TNEX | Mambu). This success story is now a part of Mambu’s competitive positioning to win other ASEAN neobank projects. Neo-core vendors also align with broader market trends like financial inclusion and open banking – for example, 10x emphasizes how a modern core can help Vietnamese banks tap the underbanked 70% of the population by quickly rolling out inclusive digital services (10x Banking announces APAC expansion plans) (10x Banking announces APAC expansion plans). Such messaging resonates with banks that have mandates to grow outreach or meet digital transformation KPIs set by regulators/shareholders. In essence, new vendors position as enablers of transformation – the choice for banks that want to leapfrog competitors with technology (versus legacy vendors positioning as the dependable choice to keep up with the pack).

  • Local vs Foreign Angle: While virtually all core platforms in play are foreign-developed, the local dimension comes via service and customization. Vendors know that to compete in Vietnam, they must check the “local presence” box. Thus, part of competitive positioning is proving commitment to the Vietnamese market. Oracle and Temenos have had offices or at least long-term partnerships in Vietnam for years – a comfort factor. New players like Vilja are explicitly announcing localization efforts (local support center in KL plus Vietnamese partnerships) (Vilja launches strategic local partnerships in Vietnam - Vilja) (Vilja launches strategic local partnerships in Vietnam - Vilja). Banks often ask about post-implementation support: Will there be Vietnamese-speaking support? How fast can issues be resolved? Vendors compete on this by training local partners/certified engineers and, in some cases, establishing a direct support center in Vietnam. A vendor that can claim a larger local ecosystem (more IT firms trained on their system, more local certified developers) has an edge in competitive bids – it reduces perceived vendor lock-in risk.

  • Market Share and Shifting Dynamics: According to data from the mid-2010s, Temenos held the largest share of Vietnamese core banking systems (~37.5%), followed by Oracle (~25%), then Fiserv (~9%) and others like SunGard/FIS and Hyundai IT around 6% each (CORE banking of commercial banks in Vietnam). Those figures reflected the first generation of core modernization in Vietnam (when many banks installed these systems). The current trend shows market share in flux as older systems reach replacement cycles and new projects arise. For example, SHB (Saigon-Hanoi Bank) replaced its legacy Polaris core with Temenos in 2022 to pursue a digital-first strategy (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade) (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade). Kienlong Bank in 2022 picked Oracle Flexcube over competitors (Oracle FS signs new core banking client in Vietnam, Kien Long Bank) (Oracle FS signs new core banking client in Vietnam, Kien Long Bank) – Oracle could leverage its existing user base of 8+ Vietnamese banks as proof of local suitability (Oracle FS signs new core banking client in Vietnam, Kien Long Bank). Meanwhile, state-owned banks like Agribank and BIDV that had decades-old systems are potential opportunities in coming years; these large deals will pit top legacy vendors and perhaps big-tech solutions against each other.

The neo-core segment has started to claim its first few wins, which can lead to momentum. Thought Machine’s partnership with HDBank was a landmark – a top-10 bank choosing a startup-born core over the likes of Temenos was almost unthinkable a few years prior. That case will be watched by others: if it succeeds (HDBank’s “Vikki” digital bank launch in 2024 is a positive early sign, with 15k users and $15m transactions in a few months (HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core) (HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core)), more mid-large banks may consider neo-core options. Also, Vietnam is likely to see new digital banking licenses or spin-offs as the central bank encourages innovation. Neo-core vendors clearly dominate that sub-market – every digital-only banking project so far (Timo, TNEX, Cake, etc.) has used a modern cloud core (Mambu, in those cases). Incumbent vendors are responding by offering “bank-in-a-box” or SaaS versions of their core for fast digital launches, trying not to cede the space entirely to newcomers. For example, Temenos introduced a SaaS model and could pitch that to any new digital bank consortium in Vietnam, leveraging its brand but with a cloud twist.

Another dynamic is complementary competition: core vendors often collaborate or compete with digital banking front-end providers (like Backbase, EdgeVerve, etc.) in deals. While not core systems themselves, these front-end platforms sometimes bundle with core projects. A neo-core vendor might partner with a front-end solution to offer a full package to a new bank. This is more of a product strategy dynamic, but it influences marketing – vendors may jointly market a turnkey digital bank solution (core + mobile app + card system), appealing to banks that want one-stop solutions.

Finally, competitive positioning is influenced by how each vendor addresses key concerns of Vietnamese banks: cost, risk, and regulatory compliance. Legacy vendors often highlight that “no one gets fired for buying [established vendor]”, implying lower risk, and they emphasize robust local compliance modules (e.g. built-in SBV reports, VND handling quirks). Neo-core vendors counter by offering trial periods, phased implementations, and showcasing superior TCO (Total Cost of Ownership). For instance, a cloud core might show cost benefits over 5 years versus an on-prem system (no hardware or DB license costs, pay per use). We see competition also in performance and scalability claims, as Vietnam’s banks have large customer bases – vendors will assure they can handle millions of accounts and high transaction loads (often via benchmarks or existing large clients in other countries).

In summary, the Vietnamese core banking market is highly competitive with clear leaders but also ripe openings for challengers. Established foreign vendors leverage their historical success and broad solutions, while new entrants leverage cutting-edge technology and new economic models. The market is in a state of renewal: as banks aim for digital transformation, many are willing to reconsider their core provider, making vendor agility and value delivery more important than sheer legacy presence. This creates a landscape where a UK neo-core platform like 10x, despite being new to the region, can compete if it plays to its strengths and addresses local needs head-on.

Customer Behavior and Purchasing Decision Drivers in Vietnamese Banks

When Vietnamese banks evaluate core banking solutions, several key factors and behaviors drive their decision-making. Understanding these drivers is crucial for any provider entering the market:

  • Regulatory and Compliance Fit: Banks give high priority to whether a core system can meet local regulatory requirements out-of-the-box. The State Bank of Vietnam has specific reporting formats, account treatment (e.g. for state-subsidized loans, priority sectors), and lately, mandates around open API frameworks and data localization. Vendors that demonstrate familiarity with SBV regulations and have modules for VND currency peculiarities, tax calculations, etc., gain an edge. For instance, a system that already supports Vietnam’s national ID eKYC guidelines or local payment networks (NAPAS) will be viewed favorably. This is why having existing Vietnamese clients is so powerful – it implies the solution has been vetted for compliance. New entrants often mitigate this by partnering with local firms to adapt their software to local rules (as Vilja is doing for open API compliance) (Vilja launches strategic local partnerships in Vietnam - Vilja) (Vilja launches strategic local partnerships in Vietnam - Vilja). Additionally, regulatory risk aversion means banks tend to trust vendors with a long-term presence; they worry less about continuity if the vendor is known to regulators. It’s notable that even the central bank (SBV) chose Temenos T24 for its internal systems (CORE banking of commercial banks in Vietnam), likely due to confidence in that vendor’s compliance track record.

  • Strategic Alignment (Digital Transformation Goals): Vietnamese banks differ in their strategic vision – some prioritize aggressive digital growth, others are more conservative. Their core selection aligns with this. A bank with a bold digital strategy (e.g. aiming to be “number one in digital banking by 2025” like SHB) will look for a core that enables rapid product development, omni-channel support, and advanced analytics integration (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade) (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade). This was evident in SHB’s choice of Temenos for its open architecture and API-rich platform to support personalized customer journeys (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade) (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade). Banks aiming to launch digital subsidiaries (like HD Bank) will consider very modern cores, as we saw with Thought Machine. In contrast, a bank whose immediate goal is to consolidate and improve reliability (perhaps some smaller or rural banks) might value a tried-and-true system with strong branch functionality and uptime over fancy digital features. In Vietnam’s market, however, even the traditionally cautious banks are feeling pressure to digitize due to competition and a young customer base. Thus, an overarching driver is the desire for a core system that can future-proof the bank – supporting not just current needs but also new business models (like embedded finance, partnerships with fintechs). Banks often explicitly ask vendors how their roadmap aligns with emerging trends (e.g. “How will your platform help us connect with e-wallets or fintech APIs?”). A vendor that can articulate this alignment – say, providing sandbox environments for fintech collaboration or having existing open banking implementations – will influence the decision.

  • Total Cost of Ownership (TCO) and ROI: Cost is a significant consideration, but Vietnamese banks evaluate it in a nuanced way. Initial license price matters, especially for mid-sized banks with limited IT budgets, but they also consider long-term costs of maintenance, hardware, and upgrades. Many banks have learned from earlier core projects that the cheapest upfront option can become expensive to maintain if not scalable or if vendor support is lacking. Conversely, a higher initial investment can pay off if it reduces manual work or allows quicker rollout of revenue-generating products. Banks will expect a clear ROI projection from vendors. For example, a vendor might show that by using their more automated core, the bank can reduce manual processes and cut operating costs by X%, or that new products launched via a flexible core could add Y billion VND in revenue in 3 years. Local banks often seek financing or phased payment plans for core projects; historically some core implementations were funded by ODA loans or multi-year budgets. Neo-core vendors that offer subscription models (OpEx vs CapEx) have an attractive pitch here – “pay as you grow” resonates with banks that want to avoid a heavy one-time hit. However, banks will scrutinize those subscription costs at scale; they’ll do the math for 5-10 years. If a SaaS core becomes too costly at large volume, that’s a concern. Therefore, the scalability of cost (not just technology) is a driver. Vietnamese banks are growth-oriented – they want to be sure the core platform can economically support doubling or tripling of customers. In proposals, vendors often include benchmarks: e.g., cost per account per year on their platform versus industry average. A lower figure can sway the decision if credibility is established.

  • Technology & Integration Capabilities: Vietnamese banks rarely operate in isolation; they have to integrate core banking with many satellite systems (card processing, mobile banking apps, payment gateways, data warehouses, etc.). Thus, a core solution’s architecture and integration friendliness are key decision drivers. Banks will look at whether the system has open APIs, how it supports real-time data sync, and whether it uses modern architecture (e.g. microservices, containerization) that aligns with the bank’s IT strategy. Many banks in Vietnam now have an “omni-channel banking” goal – they want the core to feed consistent information to mobile apps, internet banking, ATMs, branch tellers in real-time. A system that can operate 24/7 with real-time posting (as opposed to batch updates at end of day) is hugely attractive, given the rise of digital transactions. For example, HD Bank’s CEO explicitly noted the need for “real-time, always-on” services to meet customers’ expectations as a reason for adopting a modern core (HD Bank launches Vikki Digital Bank in Vietnam powered by Thought Machine’s Vault Core). Additionally, if a bank has certain existing investments – say they use an Oracle database, or Microsoft Azure cloud – they might prefer a core that is proven on that stack. Or if they are a Java shop vs .NET shop, that can influence preference. Localization of technology is also practical: does the system support Vietnamese language in interfaces (for developers and operations)? Does it handle Vietnam’s naming conventions, address formats, etc.? These small integration details matter in daily operations and can be asked during evaluation. Vendors who have localized these aspects or can show flexibility (like support for local SMS gateways, integration to Vietnam’s interbank payment switch IBPS, etc.) score points.

  • Vendor Reputation and Support: Trust in the vendor itself – not just the product – is a major driver. Vietnamese banks will consider the vendor’s financial stability, global reputation, and commitment to Vietnam. Many remember cases of problematic implementations (there have been a few public core banking project failures or delays in Vietnam in the past), so they assess the vendor’s project management and execution capability. They will ask for an implementation plan, timeline, and often a guarantee or penalty clause for delays. Vendors who can demonstrate a strong local support structure alleviate concerns. For instance, having a local office or at least a dedicated account manager who speaks Vietnamese and can be on-site is a plus. During the decision process, banks often issue detailed RFPs and expect comprehensive proposals – how a vendor responds (thoroughness, understanding of requirements) significantly impacts perception. A quick, knowledgeable response suggests the vendor is reliable; evasive or generic answers raise red flags. Moreover, references are checked: a bank might privately reach out to another bank’s CIO to ask, “How has your experience with Vendor X been? Do they support you well? Any issues?” A positive reference can clinch the decision, whereas any hint that a vendor under-delivered elsewhere in Vietnam can kill a deal. This informal network effect is strong in Vietnam’s banking community.

  • Customer-Centric Features: As Vietnamese banks become more customer-focused, they also evaluate how a core system will directly enable better customer experiences (which ties back to B2C considerations). They look for capabilities like 360-degree customer view, flexibility to create personalized products, fast onboarding processes, and uptime for digital channels. For example, banks have noted that moving core to cloud can improve uptime and scalability, thus improving the customer experience by avoiding downtime (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS). A core that can easily interface with CRM systems or comes with built-in analytics on customer behavior might get bonus points. Ultimately, bank executives care about growth and customer satisfaction metrics – they will favor a core solution that demonstrably helps them win and retain customers in Vietnam’s competitive market. This is why TNEX’s team explicitly rejected traditional cores; they wanted to focus on customer-facing innovation without being held back by infrastructure (Vietnam’s first digital-only bank TNEX | Mambu) (Vietnam’s first digital-only bank TNEX | Mambu). Vietnamese banks, especially the leading ones, share that mindset increasingly – technology is seen as a means to deliver superior service quality (a key competitive battleground).

  • Risk Management and Phased Approach: Despite the ambitions, Vietnamese banks are generally cautious about big bang core replacements due to the risk. Many will opt for a phased implementation or a modular approach (e.g. first implement the new core for a pilot segment like a digital sub-brand or a specific product line, then gradually migrate all portfolios). The willingness of a vendor to support a phased or parallel-run approach can influence selection. If one vendor insists on a risky all-at-once cutover whereas another is flexible to phase in modules, the bank may lean to the latter. Risk mitigation features (like robust data migration tools, rollback capabilities, strong training programs) are looked at. Some banks also prefer to see a proof of concept or sandbox demonstration with their own sample data as part of the evaluation – vendors who can accommodate that and show quick results gain confidence.

In essence, Vietnamese banks behave as value-maximizing but risk-aware buyers. They weigh the promise of new technology (digital capabilities, lower cost, better customer service) against the practical realities (regulatory compliance, proven success, support). The decision is typically made by a steering committee that includes business and IT heads, reflecting both business objectives and technical/logistical considerations. A winning vendor must satisfy both sides: the business side’s desire for innovation and ROI, and the IT side’s need for reliability and compliance. This dual expectation is why successful core banking marketing in Vietnam requires addressing each of the drivers above comprehensively. Providers entering this market should be prepared to demonstrate not only that their technology is cutting-edge, but that it is fit-for-Vietnam, comes with trusted support, and aligns with the strategic vision of Vietnamese banks to digitalize rapidly yet safely.

Implications for a New Entrant

For a neo-core banking platform making its first foray into Southeast Asia via Vietnam, the research above carries several important insights:

  • Localize Your Strategy and Build Credibility: However advanced the platform technology is, Vietnamese banks will ask: “Have you done this in markets like ours?” Establish credibility early by leveraging any relevant case studies (even if not in Vietnam – perhaps similar emerging markets or a project with similar scale). Publishing a Vietnamese market study, as 10x did in 2023 (10x Banking announces APAC expansion plans) (10x Banking announces APAC expansion plans), is a good step to show engagement with local issues. Next, securing a local partner or representative is vital. Align with a respected IT firm (like how Thought Machine partnered with consultancy Deloitte in some APAC deals, or Vilja with FPT) to handle onshore support and integration. This addresses the support and compliance comfort factors. Given Vietnam’s relationship-oriented business culture, having a local “face” for 10x (country manager or partnership) will greatly ease interactions. It’s also wise to engage with regulators and industry groups – for example, participating in SBV’s Fintech events or the Vietnam Banking Association’s seminars. Being visible in those circles will help it understand regulatory nuances and signal commitment to the country.

  • Emphasize What Sets You Apart (but in Local Terms): The platform should craft its marketing messages around the specific pain points Vietnamese banks have. For instance, banks are grappling with core systems that struggle to support 24/7 digital services; It can highlight its platform’s “always-on, real-time processing” which eliminates downtime windows – a critical advantage in a country where mobile banking usage peaks outside traditional hours. Banks also worry about scaling to millions of new users (with the rapid growth of cashless payments); It can use its experience with large deployments to promise “massive scalability without performance loss”. Essentially, match it’s strengths to the drivers: if agility is a strength, frame it as “launch new products tailored to Vietnam’s young consumers in weeks, not months” – linking agility to capturing market opportunities like the unbanked segment. If integration is strong, maybe tout how it’s open APIs could help a bank integrate with Vietnam’s booming e-wallet and fintech ecosystem easily, enabling embedded finance use cases. The key is to avoid generic global platitudes and speak to Vietnam-specific opportunities (e.g. the stat of 70% underbanked (10x Banking announces APAC expansion plans) and how it can help a bank profitably serve them via cloud economics).

  • Leverage Content and Success Stories: As a newcomer, it should double down on thought leadership marketing to educate banks on why a next-gen core is timely. Whitepapers or webinars on topics like “Core Banking 2.0 for the Digital Age in Vietnam” or “How Cloud Core Banking Drives Financial Inclusion” can spark conversations. Including analysis of Vietnamese consumer trends (e.g. high smartphone usage, multi-channel expectations (Vietnam’s Saigon-Hanoi Bank taps Temenos for digital upgrade)) and tying that to core tech requirements will position it as an expert, not just a vendor. Additionally, showcasing case studies from its global clients (in UK, Australia, etc.) in a way that draws parallels to Vietnam will be useful. Perhaps a case about enabling Chase UK to win younger customers – Vietnamese banks similarly want to win Gen Z, so illustrate how it helped deliver personalized banking that attracted young users. Where possible, secure testimonials or references that potential Vietnamese clients can speak with. Even one marquee pilot in Asia (maybe it can target a forward-thinking mid-size bank in Vietnam or a digital banking license applicant) can then serve as a springboard for broader adoption.

  • Focus on Partnerships and Ecosystem: Entering Vietnam, it should view partnerships not just as a marketing channel but as a competitive necessity. Partner with implementation specialists like KPMG or local fintech consultancies that often advise banks on core selection – ensuring they are familiar with its offering can get it onto RFP shortlists. Also consider cloud alliances: for example, demonstrating it on AWS or Google Cloud with local data center options, since banks like VIB are now comfortable with AWS (VIB drives digital banking innovation with Temenos’ latest version of banking platform powered by AWS). A joint AWS workshop for banks on cloud core banking could harness AWS’s reputation to bolster. Partnerships with fintech API providers (similar to how Vilja partnered with Brankas for open banking (Vilja launches strategic local partnerships in Vietnam - Vilja)) could also differentiate itself by showing it comes with an ecosystem of ready integrations (payments, credit scoring, etc.), reducing integration headaches for banks.

  • Address Risk and Support Concerns Proactively: Knowing banks are risk-averse, it should propose safe adoption paths – for instance, encourage a phased approach where the bank can run it in parallel for a new product line before full migration. Offering a detailed migration plan, local training for bank IT, and perhaps even performance guarantees will reassure banks that choosing a newer vendor is not riskier than a legacy one. If it can cite meeting stringent requirements for regulators in other markets, mention that to build confidence (even better, volunteer to engage with the bank’s risk and compliance teams early to answer questions). In proposals, explicitly outline how it will handle SBV reporting, data residency, business continuity, etc., to remove those doubts upfront.

  • Competitive Awareness: Finally, it should be prepared to encounter the incumbent competitors’ tactics. Legacy vendors might offer deep discounts to keep it out, or highlight any lack of local footprint as a weakness. Its counter must be the value of true transformation – i.e. quantify the benefits of moving to its platform versus sticking with a slightly cheaper upgrade of an old one. Often the selling point is that a bank could spend, say, 80% of the cost of a new core just upgrading their old system, and still not get the flexibility of a its solution. So why not make the leap? Additionally, emphasize the support from start to finish: even as a new player, it can shine by being more attentive and agile during pre-sales and implementation, compared to perhaps more bureaucratic large vendors. Early adopter clients will value the extra hand-holding and custom attention a firm can provide. This boutique approach can turn a potential weakness (new in market) into a perceived strength (they will go the extra mile for us).

In conclusion, Vietnam presents a promising yet challenging market for core banking platforms. Marketing strategies must be comprehensive – blending on-the-ground relationship building with persuasive evidence of capability. By leveraging the channels and insights outlined – from partnerships and thought leadership to tailoring messages around local drivers – a neo-core provider can position itself strongly. The prize is significant: Vietnamese banks are hungry for modern solutions as they race to digitalize, and those solution providers that earn their confidence stand to gain long-term, high-value clients in this burgeoning market.

Sources

  • in zh
  • 2 min read

越南核心銀行市場, 行銷策略與競爭格局

越南的銀行業正快速數位轉型，為核心銀行解決方案供應商帶來新機會。既有的「傳統」核心銀行供應商與新興的「Neo-core」金融科技競爭者皆致力於協助越南的傳統銀行與新興數位銀行現代化其技術基礎。此報告提供市場概覽、探討在B2B金融科技領域常見的行銷管道與客戶取得策略，分析本地與外國核心銀行供應商的競爭態勢（含市場佔有率與定位），並檢視越南銀行的採購行為與決策驅動因素。內容特別為首次進入東南亞市場的Neo-core平台量身打造，提供其行銷與競爭建議。

越南核心銀行市場概況

越南擁有多樣化的銀行體系，包括大型國有銀行、股份制商業銀行、外國銀行分行以及新興的數位銀行。幾乎所有越南銀行在過去20年內都已實施現代核心系統，主要因應交易量快速成長與全球化競爭壓力。銀行目前的關鍵策略優先事項包括：法規合規、資產品質提升、以客戶為中心、數位融合，以及因應新興競爭對手。

儘管如此，許多銀行仍使用過時的核心系統，缺乏自動化、數據分散且維護成本高昂。隨著銀行追求即時、全天候數位服務，升級核心系統的壓力日益加劇。

調查顯示，高達94%的越南銀行高層認為數位轉型遲緩導致新客戶流失。再加上越南超過70%人口為35歲以下，且智慧型手機滲透率接近90%，促使銀行加速現代化。

越南央行（SBV）支持數位創新，鼓勵使用雲端技術與開放API。例如，VIB成為越南第一家使用AWS雲端運行核心系統的銀行，顯示監管機構對雲端核心的開放態度。

另一方面，數位純網銀如TNEX（由MSB創立）、Timo，以及HDBank的數位子品牌「Vikki」，皆選擇Neo-core平台作為其基礎系統，呈現出市場需求的兩極化：傳統銀行升級舊系統，數位銀行尋求靈活、快速部署的新一代核心方案。

越南主要核心銀行供應商概覽

越南的核心銀行市場由本地與國際供應商共同構成，但技術主導地位主要由外國廠商掌握。以下列出主要解決方案供應商（含傳統與Neo-core），其來源、知名用戶、及市場佔有情況：

供應商（來源） 核心平台名稱 越南代表客戶 市場佔有率／存在度 競爭定位
Temenos（瑞士） T24 Transact Techcombank、Sacombank、MB、OCB、SeABank、SHB等 約37.5%（領導地位） 強大在地實績，開放架構，支援微服務與API，適用數位轉型
Oracle FSS（美國） Flexcube ACB、LienViet、OceanBank、TPBank、VietCapital、VRB等 約25% 多模組整合強大，結合Oracle生態系統，廣泛中型銀行客戶群
FIS / SunGard（美國） Systematics／Ambit HDBank（舊）、SaigonBank等 約6% 主要經由併購進入，現偏向維護既有客戶
Fiserv（美國） Signature／原OSI核心 ACB（原OSI核心） 約9.4% 中等佔有率，功能完善，未近年擴展
Silverlake（馬來西亞） SIBS Vietcombank、BIDV、Maritime Bank 少數幾家大型銀行採用 區域性供應商，於國有銀行系統具實績
Infosys Finacle（印度） Finacle Eximbank等 極少數導入 亞洲領先平台，但在越南拓展有限
TCS BaNCS（印度） BaNCS ANZ越南（舊）、Southern Bank（歷史導入） 小規模存在 強調多法人支援與靈活性
Hyundai IT（韓國） iPCAS Agribank 約6.3% ODA專案導入，適合高交易量場景
Polaris / Intellect（印度） Intellect Core（原Polaris） SHB（舊） 小型存在 正逐步被新系統取代
Mambu（德國） Cloud Core（SaaS） TNEX、Timo等數位銀行 新興強勢進入 雲端原生，部署快速，按需收費，數位銀行首選
Thought Machine（英國） Vault HDBank／Vikki 新進者 智能合約架構，24/7即時，支援大型轉型
10x Banking（英國） SuperCore（雲端原生核心） 尚未有越南客戶 初入市場 英美客戶為證，擁有強大彈性與擴展性，專攻高成長市場
Vilja（瑞典） Vilja Core（組合式平台） 尚未落地，2025年透過本地夥伴推動 新進者 結合FPT、Brankas等在地化策略，專攻中小型與數位銀行客群

核心銀行供應商的行銷管道與策略

供應商於越南市場採取的行銷策略，偏重B2B模式，並強調產業信任、專業形象與在地合作。

行銷管道包括：

  • 產業論壇與活動：如Temenos、Vilja等皆於越南舉辦銀行科技論壇，展示創新案例並接觸C級主管。
  • 策略夥伴與系統整合商：與FPT、CMC、Gimasys等本地IT服務商合作，提升在地化能力與實施支援。
  • 內容行銷與思想領導：出版白皮書、案例研究、線上研討會、客戶成功故事，教育市場並建立信任。
  • 數位與社群媒體推廣：利用LinkedIn進行精準廣告，發佈成功案例吸引銀行決策者目光。
  • 直銷與人脈經營：高接觸度的面對面銷售，包含多次簡報、POC演示與與業界關係人互動。

B2B vs B2C 行銷策略差異

核心銀行平台皆屬B2B性質，供應商面對的客戶為銀行本身，而非終端消費者。然而，成功的供應商會理解並連結銀行的B2C目標，將自家產品定位為提升用戶體驗與加速產品上市的關鍵使能器。

  • B2B重點：專業內容、專案ROI、實施能力、與銀行決策者建立信任。
  • B2C重點（銀行對消費者）：品牌形象、簡便體驗、社群媒體、生活化推廣。
  • 連結兩者：強調核心系統能支援銀行快速推出B2C創新，提升用戶黏著與成長。

越南市場競爭格局

傳統供應商定位：

如Temenos、Oracle等強調其成熟穩定、全面模組與本地案例豐富，爭取保守銀行與大型國有銀行客戶。

Neo-core供應商定位：

如10x、Thought Machine、Mambu強調其靈活性、雲端原生架構、開放API與低TCO，瞄準數位銀行與轉型中的中小型銀行。

當地合作與技術在地化

無論是外資或新創供應商，皆需展示本地支援與合規能力，並在提案中強調SBV法規對應、VND幣別支援、資料主權等本地化要素。

銀行採購行為與決策驅動因素

  1. 合規與在地化能力：能否內建SBV報表、支援eKYC、本地支付接口等。
  2. 數位轉型願景對齊：是否能支援快速產品創新、API整合與即時處理。
  3. 總成本與投資回報：一次性費用與長期維運成本、SaaS計價可擴展性。
  4. 技術靈活性與整合性：是否具備微服務、雲原生、模組化、易與CRM與支付整合。
  5. 供應商聲譽與支援能力：是否有在地辦公室、成功案例、專業實施團隊。
  6. 用戶體驗與B2C使能：能否提供360度客戶視圖、個性化產品與行動優先體驗。
  7. 風險可控與分階段導入：是否支援POC試行、模組式遷移、導入顧問與遷移工具。

建議行銷策略

  • 建立本地合作夥伴，強化法規與支援信任感
  • 利用全球案例建立品牌權威，強調經驗的類似性
  • 發表本地洞見與白皮書，例如「越南核心轉型機會報告」
  • 主動參與本地產業論壇與金融科技協會活動
  • 採用分階段推廣策略，例如先支援銀行推出數位子品牌，再逐步全行部署
  • 22 min read

Thailand’s banking sector is undergoing rapid digital transformation, driving growth in core banking software investments. Core banking software refers to the back-end systems that process daily banking transactions and manage accounts. Globally, this market is expanding at roughly 9–10% annually, reaching an expected $21.6 billion by 2030 (Core Banking Software Market to Reach USD 21.61 Billion by). In Thailand, growth is similarly robust as banks modernize legacy systems and new digital banks prepare to launch. According to PwC, most Thai banks have struggled to meet digitalization goals due to outdated, monolithic core systems that are costly and inflexible (Most Thai banks fall short of digitalisation goals, PwC Thailand says). This has created a strategic imperative to upgrade core banking platforms.

Market Size and Growth: While specific local figures vary, industry analysts estimate Thailand’s core banking software segment in the hundreds of millions (USD), with high single-digit to low double-digit percentage growth per year in the 2023–2025 period. This trajectory aligns with global trends fueled by digital banking and cloud adoption (Core Banking Software Market to Reach USD 21.61 Billion by). The table below provides an illustrative estimate of market size:

Year Est. Core Banking Software Market (Thailand) Annual Growth
2023 ~$140 million (estimated) –
2024 ~$155 million (estimated) ~+10% YoY
2025 ~$170 million (forecast) ~+10% YoY (Core Banking Software Market to Reach USD 21.61 Billion by)

Table: Estimated core banking software market in Thailand, 2023–2025 (figures approximate, assuming ~10% CAGR in line with global market growth (Core Banking Software Market to Reach USD 21.61 Billion by)). The overall banking IT spending in Thailand has been on the rise, and core system modernization constitutes a significant share of these investments. Multiple Thai banks have publicly announced large IT budget increases dedicated to core banking upgrades and digital platforms. With consumer demand for better digital experiences and pressure from fintech competition, Thai banks are accelerating core transformations to improve agility, reduce costs, and support new digital products.

Key Core Banking Software Vendors in Thailand

Thailand’s core banking market features a mix of established international vendors and newer cloud-native entrants (“neo-core” providers). Traditionally, large Thai banks relied on tried-and-tested core systems from global firms or in-house systems. Today, a range of vendors – from legacy platform providers to fintech disruptors – are vying for market share:

Vendor & Origin Category Notable Usage in Thailand (Examples)
Sunline (China) New cloud-native core Selected by SCB (Siam Commercial Bank) in 2024 to modernize its core banking system (Thailand’s SCB taps Sunline for core banking upgrade). Sunline’s platform will revamp SCB’s deposit and loan processing with improved scalability and efficiency.
Infosys Finacle (India) Modern core suite (traditional) Implemented for Line BK, the KASIKORNBANK–LINE Corp digital bank venture, supporting deposit and lending products (KASIKORN LINE achieved significant financial inclusion with embedded finance). Finacle also has a history in Thailand (e.g. EXIM Bank’s core system) and is known for its robust functionality.
Temenos (Switzerland) Traditional global core & wealth platforms Used by Kiatnakin Phatra Securities for a new wealth management platform in 2023 ([Thailand recent news
Silverlake Axis (Malaysia) Regional legacy core provider Supplies core banking systems to various ASEAN banks, including some in Thailand. For example, Silverlake’s platform was implemented at SME Development Bank of Thailand (Silverlake Core Banking Implementation for SME-Development ...). It has a long history in the region, though facing new competition from cloud-based systems.
10x Banking (UK) “Neo-core” cloud-native platform No announced Thai clients as of 2025. However, 10x’s next-gen core banking platform (the SuperCore) has attracted major banks globally (e.g. Westpac and JP Morgan’s Chase UK have selected it ([Building the future of core banking with 10x Banking
Thought Machine (UK) “Neo-core” cloud-native platform No known deployments in Thailand yet. Thought Machine’s Vault core is used by digital banks in Asia (for instance, Standard Chartered’s Mox in Hong Kong) and has backing from Thai investors (SCB’s venture arm participated in its funding). It’s a prominent competitor in the cloud core space (Success Of New-School Vendors Shows That Lean Core Banking Is ...).
Mambu (Germany) SaaS cloud core (API-driven) Not yet adopted by Thai banks, but active in Southeast Asia. Mambu’s SaaS core banking is popular with fintech lenders and digital-only banks regionally. Thai digital finance firms or upcoming virtual banks are likely evaluating such solutions to launch quickly with low infrastructure overhead (Success Of New-School Vendors Shows That Lean Core Banking Is ...).
Oracle FSS (USA) Traditional core (Flexcube) Oracle’s Flexcube system has been used by some Thai banks historically (e.g. certain modules at Bangkok Bank). While not recently publicized in Thailand, Oracle remains a competitor, especially for large banks modernizing from older Oracle/i-flex platforms.
FIS / Fiserve (USA) Traditional core (emerging cloud offerings) These U.S. vendors have limited footprint in Thailand’s retail banking but are expanding cloud availability. For instance, FIS’s core banking platform became available on Azure in Thailand (ANZ New Zealand selects FIS for core banking upgrade). They mainly serve international banks or niche Thai segments.

Table: Major core banking software providers and their role in Thailand. The competitive dynamics show a two-pronged market:

  • On one side, incumbent core vendors (Temenos, Oracle, Finacle, Silverlake, etc.) have established relationships and localized functionality, but they often run on older architectures.
  • On the other, “neo-core” cloud players (10x, Thought Machine, Mambu, etc.) offer modern, API-driven systems that promise faster product launches and lower IT costs (Success Of New-School Vendors Shows That Lean Core Banking Is ...). These new entrants are gaining attention as Thai banks look to leapfrog to cloud technology. For example, Forrester Research notes that “new-school vendors such as 10x Banking [and others] enable quick transformation” with lean, cloud-native cores (Success Of New-School Vendors Shows That Lean Core Banking Is ...).

Vendor Selection Trends: Thai banks are increasingly open to non-traditional vendors if they meet local requirements. A notable example is SCB choosing China’s Sunline over more established Western vendors, signaling that performance, flexibility, and cost are key decision factors (Thailand’s SCB taps Sunline for core banking upgrade). Meanwhile, global vendors are tailoring their offerings (e.g. Temenos’ SaaS model, Oracle’s cloud version) to stay competitive. The next section explores how banks are adopting these solutions.

Both incumbent banks and new entrants in Thailand are actively upgrading their core banking infrastructure:

  • Large Domestic Banks: Thailand’s top banks (e.g. SCB, KBank, Krungsri, Bangkok Bank) have begun multi-year core modernization projects. Siam Commercial Bank (SCB), the country’s oldest bank, announced a major core system overhaul in 2024, partnering with Sunline to replace its decades-old core (Thailand’s SCB taps Sunline for core banking upgrade). SCB’s new core will handle deposits and loans with improved efficiency, stability, and scalability to support surging digital transaction volumes (Thailand’s SCB taps Sunline for core banking upgrade). The bank’s CEO noted this modern core will let SCB “quickly offer tailored solutions and seamless experiences” to customers (Thailand’s SCB taps Sunline for core banking upgrade) – a competitive necessity in the digital era. The integration is expected to take four years, positioning SCB as a “full-fledged digital banking” leader by project completion (Thailand’s SCB taps Sunline for core banking upgrade). Other large banks are observing SCB’s progress closely. It is anticipated that Bangkok Bank, Krungthai Bank, and Kasikornbank (KBank) will evaluate similar core replacements to stay competitive (these banks still run on heavily customized legacy cores).

  • Mid-Tier and Specialized Banks: Midsize institutions and state-owned banks are also upgrading. Kiatnakin Phatra Financial Group (which includes KKP Bank and Phatra Securities) recently adopted Temenos for wealth management tech (Thailand recent news | FinTech Futures), a step toward integrating modern core modules. Government banks like the Government Savings Bank (GSB) and Government Housing Bank have issued tenders for core system upgrades as well, aiming to improve service delivery. Niche players such as the SME Development Bank implemented a new Silverlake core to better serve SME lending (Silverlake Core Banking Implementation for SME-Development ...). These projects illustrate an industry-wide push: even banks outside the top-tier see core modernization as crucial for efficiency and future growth.

  • Foreign Bank Branches: Foreign banks operating in Thailand (e.g. Standard Chartered, HSBC, MUFG via Bank of Ayudhya) typically rely on their regional or global core systems. For instance, Bank of Ayudhya (Krungsri), majority-owned by Japan’s MUFG, leverages some MUFG systems alongside local solutions. These foreign banks often upgrade in sync with their group’s technology roadmap. As an example, when MUFG globally upgrades core platforms, Krungsri adapts locally. Notably, Krungsri has embraced cloud-based analytics on AWS to complement its core (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). Standard Chartered’s Thai operations are relatively small, but the bank’s global strategy (investing in cloud-native cores like Thought Machine for its digital banks) could influence its Thai branch in the future. Overall, foreign banks tend to modernize through global platforms but must also comply with Thai regulations (e.g. data localization), which could drive them to use local cloud regions for any core banking components hosted off-premise.

  • In-House Development vs Packages: Thai banks historically built many custom systems around their core (especially front-ends and middleware). Kasikornbank (KBank), for example, through its tech arm KBTG, has developed extensive digital banking applications internally. However, building an entire core in-house is rare due to complexity. The trend now is platform partnerships: banks like KBank augment core capabilities by integrating with fintech solutions (e.g. KBank’s LINE BK venture uses Finacle’s core engine (KASIKORN LINE achieved significant financial inclusion with embedded finance) rather than an in-house system). This indicates a preference for packaged core solutions that can be heavily customized, rather than starting from scratch.

Digital-Only and Neo-Bank Adoption

Thailand’s digital banking landscape is heating up, especially with new virtual bank licenses on the horizon. This is influencing core banking software choices in two key areas:

  • Digital Banking Units of Traditional Banks: Several incumbent banks have launched digital-only offshoots that operate on modern tech stacks separate from the legacy core. A prime example is LINE BK, a mobile-only bank launched in 2020 as a joint venture between KBank and LINE. LINE BK runs on a cloud-ready core (Infosys Finacle) that supports real-time services via the LINE messaging app (KASIKORN LINE achieved significant financial inclusion with embedded finance). In its first year, LINE BK acquired over 2.5 million users by offering quick account opening and loans within the chat app (KASIKORN LINE achieved significant financial inclusion with embedded finance) (KASIKORN LINE achieved significant financial inclusion with embedded finance) – something made possible by the flexibility of its modern core. Another example is TMRW by UOB, a digital-only banking service UOB introduced in Thailand (and the region) targeting millennials. TMRW leverages a cloud-native architecture and advanced analytics (UOB built this platform with various fintech partners). These digital subsidiaries demonstrate how Thai banks are piloting new core technologies on smaller scale before wider rollout. Their success (e.g., high customer uptake and faster product launch cycles) is making the case for broader core transformation in the parent banks.

  • New Virtual Banks (2024–2025): In a landmark move, the Bank of Thailand (BOT) announced it will issue licenses for virtual banks – branchless, digital-only banks – for the first time. Official guidelines were released in March 2024, with applications accepted through September 2024 (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow) (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow). The BOT’s aim is to increase competition and reach underserved segments via digital channels (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow). By 2025, up to three new virtual banks are expected to be licensed and preparing to launch. These new entrants (likely consortia of tech firms, telecom companies, and financial institutions) are unencumbered by legacy systems, so they are poised to adopt cutting-edge core banking platforms from day one. Indeed, across Asia’s virtual banks, a common pattern is the use of cloud-native core systems (for example, Hong Kong’s virtual banks mostly run on modern cores like Thought Machine or Mambu). We anticipate Thailand’s virtual banks will follow suit – selecting agile, scalable core platforms that can be deployed in the cloud. This will likely benefit neo-core vendors: a virtual bank startup is more inclined to choose a SaaS or API-driven core for speedy implementation. Additionally, the BOT’s licensing requirements emphasize technology capability and innovation (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow), implicitly encouraging applicants to have strong fintech partnerships. In summary, the arrival of virtual banks in Thailand is a catalyst for core banking innovation, as these newcomers will set a high tech benchmark that may spur incumbent banks to accelerate their own core upgrades.

Regulatory Factors Influencing Adoption and Innovation

Regulation in Thailand’s banking sector plays a pivotal role in core banking system decisions. Key regulatory and policy factors include:

  • Virtual Bank Licensing Framework: As noted, the BOT’s introduction of virtual bank licenses is a game-changer. The rules for virtual banks stipulate no physical branches, a focus on financial inclusion, and use of technology to reach underserved customers (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow). The licensing framework (2024) requires applicants to demonstrate robust tech infrastructure and digital service delivery capability (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow). This pushes both new entrants and existing banks (who may partner or compete with them) to invest in state-of-the-art core systems that can fulfill these requirements. By opening the market to new players, regulators are increasing competitive pressure – forcing all banks to innovate or risk losing ground. The BOT explicitly wants virtual banks to “strengthen the competitiveness of Thailand’s financial sector” (Latest Updates on Virtual Bank Business Licences in Thailand | Global Regulation Tomorrow), indicating regulatory support for modern, efficient banking platforms. We should expect regulatory scrutiny on the core systems of virtual banks (for security, reliability, etc.), but also a willingness to approve cloud-based and outsourced models, as long as risk is managed.

  • Data Residency and Cloud Compliance: Thai regulators historically required sensitive financial data to be stored onshore or within controlled environments. This influenced banks to keep core banking systems in local data centers. However, regulation has evolved to accommodate cloud usage. The BOT has issued guidelines that allow banks to use cloud services (including public cloud) for certain operations, provided they implement proper risk controls and the regulator is notified. One major concern has been data residency – ensuring customer data remains in Thailand’s jurisdiction. The upcoming local AWS region directly addresses this: “the new AWS Asia Pacific (Bangkok) Region will enable customers with data residency preferences to securely store data in Thailand.” (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore) This development aligns with government policy (the “Cloud First” initiative under the national digital plan) (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). Regulators, including the BOT and the Ministry of Digital Economy, have shown support for cloud adoption as long as compliance is met. In fact, Thailand’s Prime Minister welcomed AWS’s investment, noting it “strengthens our national infrastructure” and aligns with plans to make Thailand a regional digital hub (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). In practical terms, this means banks can now consider running even core banking workloads on public cloud infrastructure without violating data localization rules – a significant shift likely to accelerate cloud-based core systems.

  • Security and Operational Resilience Requirements: The central bank imposes strict standards on banks’ IT systems, particularly core banking, to ensure stability of the financial system. These include guidelines on uptime, disaster recovery, and cybersecurity. When adopting new core platforms (especially cloud or SaaS cores), banks must demonstrate to regulators that these systems are secure and can maintain service continuity. This has led to some cautious, phased approaches to core migration. Nonetheless, modern core providers have been actively working with regulators – e.g., by obtaining security certifications and setting up local support – to ease these concerns. Regulatory audits and sandboxes are commonly used in Thailand for new tech deployment. For example, a bank might run a new core in parallel for a while or launch it under a “sandbox” approval before full rollout, to satisfy operational risk checks. Overall, regulatory emphasis on stability means core banking transformations in Thailand are carefully planned with oversight, but regulators are not blocking innovation; rather, they are ensuring it’s done safely.

  • Open Banking and Fintech Integration: While Thailand has not mandated open banking (as in EU’s PSD2), the regulator and government encourage banks to collaborate with fintechs. There have been industry-led standards for Open APIs under the Thai Bankers’ Association, and BOT has signaled interest in data-sharing frameworks to boost innovation. This indirectly influences core systems – banks are looking for core banking platforms that easily integrate with third-party services and APIs. The ability to plug into ecosystems (e.g., payment wallets, budgeting apps, or regional cross-bank QR payment networks) is increasingly important. Any regulatory moves towards formal Open Banking would further push banks to modernize cores for better connectivity. In 2022, Thailand and Vietnam launched a cross-border QR payment linkage (Thailand recent news | FinTech Futures), and Thailand’s PromptPay real-time payment system is expanding; these initiatives require cores that can handle real-time, API-based transactions. Banks with flexible, modular core systems will adapt to such regulatory-driven innovations faster.

  • Personal Data Protection Act (PDPA): Thailand’s PDPA (enforced from mid-2022) imposes data privacy requirements similar to GDPR. Banks must ensure customer data is handled with consent and protected. Legacy core systems often struggle to implement granular data controls or anonymization, whereas newer core platforms have more built-in compliance features (for example, better audit trails, encryption, and consent management). Thus, PDPA compliance has been another factor nudging banks to upgrade systems or enhance their core’s data management capabilities. Additionally, PDPA concerns made some banks initially hesitant about cloud (due to data control), but with proper agreements and local cloud regions, this hurdle is diminishing.

In summary, regulation in Thailand has become an enabler of core banking innovation, not just a gatekeeper. By opening the market to digital banks, endorsing cloud infrastructure, and prioritizing financial inclusion, Thai authorities are creating an environment where banks feel the urgency and have the permission to transform their core technology.

Impact of the AWS Thailand Cloud Region on Banking

One of the most significant recent developments in Thailand’s tech landscape is the arrival of a local AWS (Amazon Web Services) cloud region. This has direct implications for banking infrastructure modernization and digital banking:

  • Local AWS Region Details: AWS announced it will launch the AWS Asia Pacific (Bangkok) Region by early 2025, investing an estimated ฿190 billion ($5 billion) in Thailand over 15 years (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). This is AWS’s first full region in Thailand (following regions in Singapore and Indonesia in ASEAN). A local region means AWS will operate data centers physically within Thailand, offering the full range of cloud services on Thai soil. Crucially, this allows banks to use AWS cloud while keeping customer data and workloads in-country. AWS notes that Thai customers with data residency requirements will be able to store data locally and achieve lower latency for their applications (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore).

  • Bank Adoption of AWS Cloud: Even before the official region launch, many Thai banks and financial institutions have been leveraging AWS via its Singapore region or using services like AWS Outposts. Major banks have publicly partnered with AWS for digital initiatives. For example, Siam Commercial Bank has worked with AWS on advanced analytics and was one of the early Thai banks moving some workloads to cloud. Krungsri (Bank of Ayudhya) is “advancing its digital transformation by leveraging AWS” for data analytics, machine learning, and to optimize operations across the group (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). Krungsri’s Head of IT stated that AWS is their “strategic cloud provider” and a local region will “significantly expand the possibilities” of AWS’s partnership with the bank (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). Similarly, Kasikornbank’s tech arm (KBTG) has embraced AWS. KBTG’s CTO described building on AWS as “game-changing” for innovation, citing AWS’s breadth of services and scalability (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). He noted that with the new AWS region, KBank expects to further improve network latency, data synchronization, and security, thereby delivering even better services to customers (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore).

  • Modernizing Infrastructure: The presence of a local AWS region accelerates core banking modernization in two ways. First, it removes a key barrier – banks can now host core banking applications or core-adjacent systems (like digital banking platforms, payment gateways, APIs) on AWS cloud without breaching BOT regulations on data location. This is likely to increase cloud migration for core systems that were previously kept on-premises. Banks can gradually shift parts of their core (for example, customer databases, microservices for specific products) to AWS and take advantage of cloud scalability. Second, AWS’s rich toolset (containers, serverless, AI services, etc.) enables banks to re-architect core applications for cloud, rather than just doing a like-for-like migration. For instance, a bank might break a monolithic core into microservices and deploy them on AWS for greater agility. The new region offers low-latency connectivity, so even banks that keep the primary core in their own data center might use AWS as a hybrid cloud for backup core systems or surge processing capacity.

  • Digital Banking and Innovation: Digital-only banks and fintechs stand to benefit greatly from the AWS region. They can run fully in the cloud with confidence that performance for local customers will be fast and reliable. Lower latency is particularly important for real-time banking transactions, fraud detection, and mobile app responsiveness. The Stock Exchange of Thailand (SET) already noted it uses AWS for a high-volume trading platform and looks forward to the local region to expand low-latency data offerings for investors (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore) (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore). In banking, a similar effect is expected: things like real-time payments, mobile banking, and AI-driven services (chatbots, personalized offers) will all improve with local cloud infrastructure. Moreover, AWS’s investment comes with training and ecosystem building. AWS is working with Thai partners (e.g. local IT firms, consultancies) and training talent (New AWS Region in Thailand to launch by early 2025 - About Amazon Singapore), which means more resources available for banks to execute cloud projects. This ecosystem effect reduces the risk and cost for banks switching to cloud-based cores.

  • Competitive Dynamics (Cloud Providers): While AWS is currently in the spotlight, other global cloud providers are also focusing on Thailand’s banking sector. Azure and Google Cloud do not yet have Thai regions (as of 2025), but they have increased engagement with banks via local partnerships and cloud nodes (e.g., Azure has a local “edge” location, GCP offers Bangkok sites via partners). The AWS region launch may spur competitors to consider Thai data centers as well. From a bank’s perspective, the AWS region gives AWS a significant edge – it’s likely many Thai banks will deepen ties with AWS for core and digital banking projects. That said, banks typically adopt a multi-cloud strategy for resilience and bargaining power. We might see core banking workloads distributed across clouds or kept portable. For instance, a bank could run its core banking on AWS but use Azure for Office productivity and certain risk apps. The key point is that AWS’s heavy investment validates the cloud-first approach in Thai banking. It sends a message: cloud is now a safe, accepted part of critical banking infrastructure in Thailand, rather than just for peripheral services.

In conclusion, the AWS Thailand region is catalyzing a shift in how banks think about their IT infrastructure. It has effectively aligned regulatory, technological, and market forces in favor of cloud-based core banking modernization. Thai banks can now innovate on par with global peers, using cloud-native core systems and cutting-edge services, all while meeting local compliance. This development is expected to accelerate digital banking offerings and perhaps even enable entirely cloud-native banks in Thailand in the near future.

Competitive Dynamics and Outlook

The competition in Thailand’s core banking software sector is intensifying, driven by both vendor rivalry and the strategic moves of banks:

  • Race to Modernize: With clear regulatory support and evident consumer demand for digital services, Thai banks are in a “race” to modernize core systems. Early movers like SCB may gain an advantage in agility – for instance, being first to market with new products that a modern core enables (rapid account opening, real-time personalization, etc.). Fast followers are likely; other large banks will not want to be left with a reputational image of having the “old, slow system.” We can expect competitive announcements in the next year: e.g., another top-5 bank revealing a core replacement project or a partnership with a cloud provider for core banking. Banks are also benchmarking against regional competitors: Singapore and Malaysian banks have been modernizing, so Thai banks feel pressure to keep up regionally.

  • Vendor Competition: The core banking vendors themselves are competing vigorously for Thai deals, knowing that a wave of replacements is coming. Traditional vendors are leveraging their local experience – for example, Temenos and Oracle can point to decades of Thai language and regulatory support in their systems – while new vendors leverage success stories and cost benefits. The case of Sunline winning SCB’s core contract highlights that even a less familiar name can win if it meets the bank’s needs (Thailand’s SCB taps Sunline for core banking upgrade). This has likely alerted Western vendors to up their game on pricing and cloud readiness. Additionally, Chinese and regional tech firms (like Sunline, Huawei’s fintech arm, and Silverlake) represent new competition with potentially lower costs. On the other hand, Western neo-core providers (10x, Thought Machine, Mambu) may try to enter via partnerships or pilots with the upcoming virtual banks or smaller firms first, then scale up. We might see joint ventures or alliances form – for instance, a global vendor teaming with a local IT services firm to reassure banks on local support. Everyone is aware that once a major bank picks a core system, that vendor is locked in for many years, so each deal is high-stakes.

  • Innovation vs. Risk: Competitive dynamics also revolve around how boldly each bank moves. Adopting a cutting-edge core early (innovation) has to be balanced against the execution risk. Some banks might take a more conservative stance, waiting to see proven results from others. However, there’s a cost to waiting: running a legacy core yields higher IT costs and can impede launching new features. Competitively, a bank that delays too long could lose younger customers to more nimble rivals. The likely scenario is a staggered approach – a few leaders overhaul their cores by 2025, others follow by 2026–2027. Those that move slowest might find themselves forced into action if they start losing market share, especially once virtual banks begin operations. In any case, all banks are modernizing in some form; the difference is speed and scope.

  • Customer Experience as a Differentiator: Ultimately, the core banking system upgrade is a means to an end – delivering superior customer experience and products. We see Thai banks positioning their digital capabilities as part of their brand. For example, SCB’s slogan “Digital Bank with Human Touch” emphasizes combining tech with service (Thailand’s SCB taps Sunline for core banking upgrade). Banks are competing on who can offer the most seamless mobile banking, the fastest loan approval, the most personalized insights – all of which trace back to core system capabilities. As core upgrades take effect, we’ll likely see feature-based competition intensify: offering things like 24/7 instant loan disbursements, fully digital onboarding, multi-currency accounts, etc. Banks that have modern, flexible cores can iterate these offerings quickly. Those on older cores may struggle or have to create complex middleware workarounds. Thus, in the next 2–3 years, one could see a divergence where tech-savvy banks pull ahead in service innovation, pressuring others to catch up technologically.

  • Consolidation and Partnerships: Another dynamic to watch is industry consolidation or partnership. If some banks find it too costly or risky to transform alone, they might seek partnerships. There is precedent in other countries of smaller banks pooling resources for a shared core banking platform (sometimes via their association or a fintech provider). In Thailand, where the top five banks dominate ~80% of the market, smaller banks might band together for technology if needed to compete. Alternatively, bigger players might acquire smaller ones partly to absorb their customer base and modernize them on a single core. We have already seen consolidation like TMB merging with Thanachart Bank (forming TTB) – and post-merger, a unified core system was needed. Competitive pressure could thus indirectly drive more consolidation, as banks with superior tech capabilities become more attractive partners (or more formidable competitors).

Outlook: By 2025, Thailand’s core banking software market is expected to be markedly transformed from just a few years prior. We will likely see at least one or two major banks live on new core platforms (or in advanced migration), the first virtual banks gearing up with fully cloud-based cores, and possibly even a foreign digital bank entering via partnership (for example, an international fintech could team with a Thai firm under the new licenses). The market size will continue to grow as banks invest heavily in software licenses, cloud infrastructure, and integration projects. Growth forecasts remain strong – double-digit expansion – as both license sales and ongoing subscription revenues (for cloud/SaaS cores) accumulate.

Competition among vendors will probably yield benefits for banks in terms of better pricing and more innovative features. Banks, in turn, competing for customers will push the envelope on what their core systems can do, driving further innovation by vendors – a virtuous cycle. Regulators are expected to maintain a pro-innovation stance, while keeping an eye on systemic risks. All signs point to Thailand’s core banking systems becoming more modern, agile, and cloud-enabled over the next couple of years, supporting a vibrant and competitive banking sector.

References and Sources

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泰國核心銀行市場趨勢與展望

隨著數位轉型的推進，泰國銀行業正快速升級其核心系統。核心銀行軟體指的是支援每日交易與帳戶管理的後端系統。根據全球預測，核心銀行軟體市場的年成長率約為 9–10%，預計到 2030 年將達到 216 億美元。在泰國，數位銀行興起與金融科技競爭激烈，使得許多銀行將現代化核心系統列為優先策略。

市場規模與成長（估計）：

年度 泰國核心銀行軟體市場規模（估算） 年成長率
2023 約 1.4 億美元 –
2024 約 1.55 億美元 約 +10%
2025 約 1.7 億美元 約 +10%

資料來源：全球研究機構估算，依全球市場趨勢推導。

泰國各大銀行已陸續宣佈提升 IT 預算，強化數位與核心系統建設，以因應市場對快速、彈性、高可用性的數位體驗需求。

主要核心銀行軟體供應商

供應商（來源地） 類型 泰國應用情況
Sunline（中國） 雲原生核心系統 獲選為 SCB（暹羅商業銀行）新的核心平台供應商【2024年】。
Infosys Finacle（印度） 現代化核心平台 為 KBank 與 LINE 合資的 LINE BK 提供核心系統。
Temenos（瑞士） 全球知名傳統核心 為 Kiatnakin Phatra 證券提供財富管理核心平台。
Silverlake Axis（馬來西亞） 區域性老牌供應商 SME 發展銀行等使用其系統。
10x Banking（英國） 雲原生「新核心」 尚未進入泰國，但已被 JP Morgan、Westpac 採用。
Thought Machine（英國） 雲原生核心 雖未於泰國部署，但其 Vault 核心被亞洲多家虛擬銀行使用。
Mambu（德國） SaaS 核心 尚未在泰國落地，但東南亞區域應用廣泛。
Oracle FSS（美國） 傳統 Flexcube 系統 曼谷銀行部分歷史模組採用。
FIS / Fiserv（美國） 北美供應商 在泰國使用有限，雲產品逐步擴張中。

採用趨勢分析

本地銀行

  • SCB：2024 年開始核心系統大規模更換計畫，預計歷時四年完成。
  • KBank：旗下的 LINE BK 採用現代核心（Infosys Finacle），為快速產品上線提供彈性。
  • Krungsri（Bank of Ayudhya）：MUFG 持股，與 AWS 合作資料分析平台，顯示對雲轉型的重視。
  • TTB、政府銀行：中小型銀行也逐步替換核心系統，以提升效率和合規性。

外資銀行

  • 一般使用集團全球核心系統，或區域標準平台進行本地客製整合。
  • 受惠於 AWS 泰國區域，雲端部署選擇更具彈性。

數位銀行與新進業者

  • LINE BK、TMRW：為本地銀行創建的數位子品牌，使用現代核心系統加速上線與創新。
  • 虛擬銀行：2024 年 BOT 宣佈將開放虛擬銀行牌照（預計發出最多 3 張），預期將採用如 Mambu、Thought Machine 等雲原生核心，無需傳統重資本投入。

法規與市場驅動因素

虛擬銀行政策

  • 2024 年 BOT 頒布虛擬銀行框架，強調金融包容性、數位創新與風險控制。
  • 對核心平台要求高安全性、高可用性與合規能力。

資料本地化與雲端合規

  • AWS 宣佈 2025 年在曼谷開設本地資料中心，符合 BOT 對資料駐留的要求。
  • 雲服務的合規性提高，銀行可逐步將核心業務轉上雲端。

開放 API 與 PDPA 法規

  • 雖未強制開放銀行政策，但銀行協會已倡議開放標準 API。
  • PDPA 法上路後，對核心系統的資料管理與審計功能要求更高，促使銀行汰換無法合規的舊系統。

AWS 曼谷雲端區域的影響

  • 支援本地部署需求：銀行可安全將客戶資料與交易邏輯部署在 AWS 泰國區域內，符合監管要求。
  • 合作案例：SCB、Krungsri、KBank 均已與 AWS 展開合作進行資料、AI 與數位平台建設。
  • 加速雲端核心的採用：有助於銀行採用如 Thought Machine、10x、Mambu 等支援 AWS 雲的核心系統。

市場競爭與未來展望

  • 競爭白熱化：核心系統更新成為銀行搶佔數位優勢的戰場。早期佈局者（如 SCB）可能建立明顯領先地位。
  • 供應商競爭激烈：新興的雲核心（如 Sunline、10x、Thought Machine）與老牌供應商（如 Temenos、Oracle）競相角逐大型合約。
  • 以客戶體驗為差異化：擁有現代核心系統的銀行能快速推出創新功能（如即時放貸、無人臨櫃開戶、個人化理財建議），建立數位領先品牌。
  • 潛在整併與共享核心平台：中小銀行可能透過聯盟、外包或共享平台降低轉型成本。

小結

到 2025 年，泰國核心銀行市場將見證以下關鍵轉變：

  • 頂級銀行中至少有一至兩家完成核心系統替換或進入最後階段；
  • 三家虛擬銀行正在以雲原生核心進行部署準備；
  • 雲端成為主流選項，AWS 的本地化加速了部署信心；
  • 供應商間的競爭推動價格下降與創新加速，銀行轉型意願明顯提升。
  • 3 min read

Globalization in the Post-Trump Era

In the wake of Donald Trump’s presidency, the landscape of globalization has undergone a profound transformation. While the machinery of international trade and cooperation still grinds on, its underlying values and leadership dynamics have fundamentally shifted. Regardless of one's view on Trump’s domestic policies, there is little doubt that his tenure has left a deep and lasting imprint on the global order.

Once admired for its cultural appeal, democratic ideals, and global stewardship, the United States has seen its soft power significantly eroded. If George W. Bush exposed the limitations of hard power—military interventionism—then Trump dismantled America’s soft power. The respect and trust that had once enabled the U.S. to guide global norms gave way to skepticism and, at times, ridicule. Joseph Nye, who coined the term “soft power,” recently warned that Trump’s actions—such as slashing cultural diplomacy programs and politicizing institutions like Voice of America—have made it harder for the U.S. to inspire admiration or emulate its values abroad.

Trump’s foreign policy was unapologetically transactional. “America First” became more than a slogan—it became a doctrine. Gone was the spirit of multilateral cooperation. In its place was a strategy of bilateral deal-making, often with an eye toward exploiting power asymmetries. Smaller or poorer countries, lacking leverage, were strong-armed into agreements that favored American interests while undermining the principles of fairness and equity in international trade. Ironically, the U.S. trade deficit—which Trump promised to fix—only worsened. In fact, by January 2025, it had surged to a record $131.4 billion. This highlights a fundamental misunderstanding: trade deficits are driven by macroeconomic factors, not tariffs or aggressive rhetoric.

Domestically, Trump portrayed the U.S. as a bastion of good governance even as his administration raised serious ethical concerns. His declaration of having “no conflicts of interest,” while appointing a cabinet of billionaires with extensive business entanglements, challenged long-standing norms of transparency and accountability. Yet much of the country remained indifferent—a sign, perhaps, of political fatigue or ideological polarization. Internationally, Trump became a caricature. In Italy, people quipped that he made Berlusconi look good. In Africa, some leaders noted he made even their dictators look dignified by comparison. These remarks, while humorous, revealed a sobering truth: the credibility of American leadership had been deeply damaged.

One of the most troubling legacies of Trump’s foreign policy is his disregard for the rule of law. His administration openly flouted international agreements and undermined institutions like the World Trade Organization. More recently, the U.S. Supreme Court blocked his attempt to deport Venezuelan migrants using the Alien Enemies Act, citing violations of due process. In another case, the administration ignored a court order to bring back a wrongly deported Salvadoran man, sparking outrage among legal experts. These events signal a troubling trend: the erosion of legal norms at the very top of American government.

The global system, already under strain from populism, inequality, and climate change, relies on trust and shared norms. When the most powerful country signals that rules are optional and only apply when convenient, the foundations of cooperation begin to crumble. It also leaves weaker nations exposed to coercion, as multilateral protections break down.

The world after Trump is a more fragmented one. Alliances have been tested, global institutions weakened, and the U.S.'s moral authority diminished. Yet this rupture also presents an opportunity—for other nations to step up, for new coalitions to emerge, and for a more equitable model of globalization to take shape. If America hopes to reclaim any semblance of global leadership, it must begin with humility, rebuild trust through consistency, and recommit to the values that once made it a guiding force in the world—not just through strength, but through cooperation, fairness, and a respect for the rule of law.

The post-Trump era is not just about a shift in policy. It’s about restoring credibility in a world that is watching, wary, and waiting.

  • in zh
  • 1 min read

川普後時代的全球化

在川普總統任期結束後的今天，世界正試圖重整因其政策而破碎的全球秩序。全球化雖然仍在運行，但其核心價值與領導力量已發生根本性的變化。無論人們對川普的國內政策抱持何種看法，都無法否認他對全球體系造成了深遠而持久的影響。

美國曾經是文化魅力、民主理想與全球領導力的象徵，而如今其「軟實力」已大幅削弱。若說布希政府揭示了軍事「硬實力」的侷限，那麼川普則徹底摧毀了美國透過尊重與敬佩所建立的「軟實力」。創造「軟實力」概念的學者奈伊（Joseph Nye）近期指出，川普削減文化外交項目、政治干預美國之音等行徑，已嚴重損害美國作為榜樣的吸引力。

川普的外交政策是赤裸裸的交易式操作。「美國優先」不再只是一句口號，而是行動指南。他放棄多邊合作的精神，轉而採取雙邊談判策略，刻意利用權力不對等來迫使貧窮或弱小國家接受不平等條件。然而，川普誓言要解決的美國貿易赤字問題，並未因此改善。事實上，截至2025年1月，美國貿易逆差反創歷史新高，達到1,314億美元，顯示他對貿易失衡的理解根本錯誤。貿易逆差的根本原因在於國家的儲蓄率與財政赤字，而非關稅或激進手段。

在國內，川普自詡為良好治理的典範，卻在其億萬富翁內閣中充斥明顯的利益衝突。他聲稱任內毫無利益衝突，卻同時任命與全球商業緊密相關的人士擔任高官。令人遺憾的是，美國社會對此似乎無動於衷，也許是政治疲勞，也許是黨派對立令人麻木。

在世界舞台上，川普更成了娛樂與嘲諷的對象。在義大利，人們調侃「川普讓貝魯斯柯尼看起來很優秀」。在非洲，一些人說「川普讓我們的獨裁者都顯得有品味了」。這些幽默的評論其實透露出一個殘酷的現實：美國的國際領導力與道德權威正面臨瓦解。

更令人擔憂的是，川普對國際法的公然輕視。他無視既有協議，挑戰世界貿易組織的裁決，宣示「只在有利時才遵守規則」。2025年，美國最高法院阻止他援引《敵國外國人法》大規模驅逐委內瑞拉難民，指其違反正當程序；另一案中，川普政府無視法院命令，拒絕將一名遭誤遣返的薩爾瓦多男子送回美國，引發司法界譁然。這些事件突顯出政府高層對法治原則的漠視。

全球秩序本已因民粹主義、不平等與氣候危機而岌岌可危，如今更因美國這一強權無視規則而動搖。當最有權力的國家宣布「規則只適用於他人，不適用於自己」，合作的基石便開始崩解，弱國也將因此暴露於強權壓迫之下。

後川普時代的世界更加破碎：同盟關係遭受考驗，國際組織力量減弱，美國的道德領導地位搖搖欲墜。然而，這場破裂也帶來機會——其他國家有機會挺身而出，新興聯盟有機會孕育而生，更公平的全球化模式有機會誕生。

但若美國希望重新贏得全球信任，必須從謙遜開始，透過一致性重建信譽，並重新承諾那些曾使其成為全球領導者的價值觀——不是靠威脅與壓力，而是靠合作、公平與對法治的尊重。

後川普時代的挑戰，不僅是政策轉變的問題，更是信譽重建的問題。在這個充滿觀望、戒心與期盼的世界中，我們每個人都有責任為未來發聲。讓我們大聲說出：拒絕恐懼，拒絕虛假的經濟政策，拒絕關稅驅動的未來，拒絕一切以犧牲全球信任為代價的短視做法。

未來，不屬於嗓門最大的人，而屬於願意搭橋、而不是燒橋的人。

  • 2 min read

Why People Don’t Change Until They Feel It

When organizations talk about change, they often start with strategy decks, new structures, revised cultures, and updated systems. Leaders gather data, analyze trends, and craft well-reasoned transformation plans. But despite all that effort, real change rarely sticks. Why? Because it misses the mark on what matters most—people.

At the heart of every successful transformation is a shift in human behavior. And human behavior doesn’t change because of logic alone. It changes when people feel something deep enough to move them. The truth is, even in the most analytical, data-obsessed environments—even among the sharpest MBAs—it’s emotion that sparks action, not spreadsheets.

The most powerful change doesn’t begin with analysis. It begins with a moment of clarity. A moment when someone sees the problem in a new light, feels its urgency, and suddenly knows: “Something has to change.” That’s the spark that ignites real momentum. You don’t convince someone to marry with tax benefits or lower rent—you move them with love, with conviction, with purpose. The same goes for change in organizations.

And that’s why crisis, though painful, is often the greatest catalyst. When fear, anxiety, or even a sense of despair takes hold, people become willing to let go of the habits that once served them but now hold them back. As a Harvard Business School professor once put it: “In the absence of a pressing crisis, people will keep doing what they’ve always done.” That’s human nature. We cling to comfort until discomfort becomes impossible to ignore.

So, if you're a leader driving transformation, don’t just ask for new processes or present another report. Paint the picture of what’s at stake. Create urgency—not by fear alone, but by showing what could be lost and what could be gained. Connect people emotionally to the mission. Make them feel the cost of standing still and the possibility that lies ahead.

Because change is never just about plans, systems, or strategy. It’s about belief. It’s about hope. It’s about lighting a fire inside people that says: “We can do better. We must do better. And it starts with me.”

Real transformation doesn’t come from the head. It comes from the heart. And when you speak to the heart, people move.

  • in zh
  • 1 min read

為什麼人們非得有所感受才會改變

當組織談論變革時，往往從策略簡報、新的架構、調整後的文化與升級的系統開始。領導者蒐集數據、分析趨勢，並設計出合理的轉型計畫。但儘管投入了這麼多心力，真正的改變卻很少能持續下去。為什麼？因為他們忽略了最關鍵的元素──人。

每一場成功的轉型背後，都有一個共同的核心：人類行為的改變。而人類的行為，並不僅僅因為邏輯推理而改變。它會在內心被某種深刻的感受觸動時，才真正產生轉變。即使是在最重視數據分析、最講求理性推論的環境中──即便是那些最頂尖的 MBA 畢業生──真正驅動行動的從來都不是試算表，而是情感。

最有力量的改變，並非始於分析，而是源自一個清晰的瞬間。一個讓人重新看見問題本質的時刻，一個讓人感受到迫切性的時刻，一個讓人心中油然而生「非改不可」的時刻。那正是點燃真正行動動力的火花。你不會因為節稅或房租更便宜而說服一個人結婚；你會因為愛、信念與人生的意義打動對方。在組織裡也是一樣的道理。

這也是為什麼，儘管令人痛苦，危機往往是最強大的催化劑。當恐懼、焦慮，甚至是絕望籠罩時，人們才會願意放下過去那些曾經帶來成功，但如今卻成為阻礙的習慣。正如哈佛商學院一位教授所言：「在沒有迫切危機的情況下，人們會繼續按照他們習慣的方式做事。」這就是人性。我們總是緊抓著熟悉與舒適，直到不舒服的程度讓我們再也無法忽視。

因此，如果你是領導變革的人，不要只是要求新的流程或再交出一份報告。請描繪出局勢的真相，創造出一種緊迫感──不只是訴諸恐懼，更要展現不改變會失去什麼，以及改變後能獲得什麼。讓人們在情感上與使命連結。讓他們真正「感受」到停滯的代價，以及前方機會的可貴。

因為變革，從來都不只是計畫、系統或策略的問題。它關乎信念、關乎希望，更關乎在每個人心中點燃那把火──那把說著「我們可以做得更好，我們必須做得更好，而這一切，從我開始」的火。

真正的轉型，從來不是從頭腦開始，而是從心開始。當你觸動人心時，行動自然隨之而來。

  • 4 min read

Change Yourself to Become a Better Decision-Maker

In April 2025, the global financial markets were rocked by a sharp and sudden downturn. The S&P 500 plunged nearly 5%—its worst single-day drop in years—while the Dow Jones tumbled over 1,600 points. The cause? A wave of new tariffs abruptly announced by Donald Trump’s administration, including a blanket 10% tax on all imports and steeper penalties on goods from key trading partners like China, Japan, and the European Union. Within hours, China retaliated with a 34% tariff on U.S. goods, igniting fears of a global trade war and deepening economic uncertainty.

It was a stark reminder of what happens when decisions are made not from facts, data, and consultation—but from bias, ideology, and political theater. The administration ignored expert warnings, economic forecasts, and long-term repercussions. This wasn’t leadership—it was ego-driven showmanship masquerading as strength.

Reflecting on my MBA journey, one lesson stands out more than any other: good decisions must be grounded in facts and a scientific approach. Theories and models are important, but more crucial is a mindset that respects evidence, seeks truth, and invites challenge. History backs this up—repeatedly.

Take 19th-century medicine, for example. Surgeons once dismissed the idea of handwashing, even when clear data showed it drastically reduced infections. The resistance wasn’t because they lacked intelligence—it was because they lacked humility. A small act could have saved millions of lives, but change was delayed by arrogance. Just like that, even the best and brightest can fail when they ignore data and cling to outdated beliefs.

This brings us to the heart of the issue: if you decide now to design a decision-making architecture for your team or company, there is one more thing you must change—yourself. More specifically, your self-image and how you present yourself as a decision-maker.

A decision-maker isn’t just someone who picks a direction. They inspire others to follow it. Decision-making and leadership are inseparable—and leadership, in the end, is in the eye of the beholder. There is no such thing as a leader without followers. To be seen as a leader, others must believe in your leadership.

We’ve been conditioned to associate leadership with decisiveness, boldness, and unwavering confidence. As psychologist Gary Klein noted, John Wayne became the archetype of leadership in popular culture—the stoic cowboy who sizes up the situation and declares, “Here’s what we’re going to do.” No hesitation, no discussion, just action.

But this image is more dangerous than it is inspiring.

The “cowboy” style leader prides themselves on intuition and experience, avoids self-doubt, and sees input from others as weakness. They suppress dissent, foster groupthink, and make decisions in echo chambers. And the results? Chaotic policy. Unnecessary risk. Fragile systems built on sand.

We’ve seen this play out—not just in politics, but in boardrooms and startups, too. The best decision-making techniques run against this grain. Effective leaders today encourage diverse viewpoints, embrace uncertainty, and are willing to change their minds. That doesn’t make them weak—it makes them wise.

Of course, balancing openness during deliberation with full commitment during execution is no easy feat. As Eric Schmidt once said, the formula is “diverse perspectives and a deadline.” Amazon follows a similar philosophy: “Disagree and commit.” You challenge ideas when it’s time to decide—and once the choice is made, you commit with everything you’ve got.

That requires a shift in how we see leadership. We need to let go of outdated myths and embrace a new model—one where leadership is defined not by bravado, but by process and purpose. Look at successful CEOs who value collaboration and rigorous decision architecture. They don't pretend to have all the answers. Instead, they build teams, systems, and cultures that produce the best answers together. They own the decision, yes—but they know the power lies in the process.

Jim Collins called this the Level 5 Leader—someone who combines deep humility with fierce resolve. They are driven, passionate, and relentless in pursuit of results, but also deeply grounded and self-aware. These leaders are rare—but they exist. And they don’t look anything like John Wayne or Donald Trump.

Instead, they look a little more like Odysseus. When faced with the Sirens in Homer’s Odyssey, Odysseus didn’t trust his instincts. He knew he would be tempted. So he instructed his crew to plug their ears and tie him to the mast. He handed control to his team, trusting the system he’d built over his own momentary impulses. He survived—not because he was the strongest, but because he was the most thoughtful.

That’s leadership. That’s decision-making done right.

We need fewer cowboys and more architects—leaders who design sound processes, seek diverse input, and ground decisions in truth. Leaders who act with courage and humility. Leaders who aren’t afraid to say, “I don’t know yet—but together, we’ll find the best path forward.”

So if you want to change your team, change your company, and change your outcomes—start by changing yourself.

Make decisions with clarity. Lead with humility. Inspire with integrity. Because that’s how we make better choices. And that’s how we lead—forward.

  • in zh
  • 2 min read

改變自己，成為更優秀的決策者

2025 年 4 月，全球金融市場遭遇了劇烈且突如其來的下跌。標普 500 指數重挫近 5%，創下多年來單日最大跌幅，道瓊工業指數也大跌超過 1,600 點。原因來自川普政府突如其來地宣布一系列新關稅政策，包括對所有進口商品徵收 10% 的統一稅率，並對來自中國、日本與歐盟等主要貿易夥伴的商品加重懲罰性關稅。數小時內，中國迅速反擊，對美國商品徵收 34% 的報復性關稅，引發全球貿易戰的擔憂，進一步加劇經濟不確定性。

這次事件無疑是一記當頭棒喝，提醒我們：當決策並非出於事實、數據與專業諮詢，而是根植於偏見、意識形態與政治戲碼時，將會帶來多麼嚴重的後果。這層層錯誤的決策無視專家警告、經濟預測與長期衝擊，與其說是領導，不如說是被自我驅動的表演，假裝成力量的象徵。

回顧我在攻讀 MBA 的過程中，有一個觀念讓我特別深刻：良好的決策，必須建立在事實與科學方法之上。理論與模型固然重要，但更關鍵的是一種尊重證據、追求真理、樂於接受挑戰的思維模式。歷史不斷證明這一點。

舉例來說，在 19 世紀的醫學界，許多外科醫生曾經拒絕洗手這個簡單的舉動，儘管已有明確數據顯示洗手可以大幅減少感染與死亡。當時他們的抗拒不是因為缺乏知識，而是因為缺乏謙遜。一個微小的行為本可拯救數百萬條生命，卻因為傲慢而延誤多年。這正說明了，即使是最聰明的人，若無視數據、緊抓過時觀念，也會做出錯誤的決定。

這也回到今天的主題：如果你現在下定決心為你的團隊或公司設計一套決策架構，那麼還有一件更重要的事需要改變——那就是你自己。更準確地說，是你對自己的認知，以及你呈現給他人作為決策者的形象。

一位決策者，不只是那個拍板定案的人。他必須能夠激勵他人跟隨行動。決策與領導密不可分——而領導力的判斷，終究掌握在他人眼中。沒有追隨者，就不存在所謂的領導者。要讓他人相信你是領導者，你首先必須被他們視為領導者。

然而，我們長期以來被灌輸的領導印象，卻與有效決策背道而馳。我們習慣將領導力與果斷、大膽、絕對自信畫上等號。心理學家 Gary Klein 曾指出，好萊塢塑造的約翰·韋恩（John Wayne）式人物，成了大眾對領導者的典型印象——那個沉著冷靜的牛仔，一語定方向，眾人隨之而行。沒有猶豫，沒有討論，只有行動。

然而，這種形象比激勵人心更具危險性。

這類「牛仔型」領導者仰賴直覺與經驗，避免表現出自我懷疑，也不樂於接受他人意見。他們壓抑異議聲音，助長集體盲思，在同溫層中做出決策。其結果是什麼？政策混亂、風險升高、體系脆弱。

這樣的情況，不只出現在政壇，也發生在董事會與新創公司中。而真正優秀的決策方式，往往正與這種典型背道而馳。現代領導者應鼓勵多元觀點、擁抱不確定性，並願意在需要時改變主意。這不是軟弱，而是智慧的表現。

當然，在開放討論與果斷執行之間取得平衡，從來不容易。正如 Eric Schmidt 所說：「多元觀點，加上一個期限。」Amazon 的領導原則之一是：「提出異議，但一旦決定就全力以赴。」該辯論時就充分辯論，但一旦做出決策，每個人都應全力支持、專注執行。

這樣的領導力，需要我們徹底改變對領導的認知。我們必須拋棄那種「領導就是英雄」的神話，擁抱一種全新的典範——一種建立在流程、價值觀與集體智慧之上的領導模式。看看那些真正成功的 CEO，他們重視協作，重視嚴謹的決策架構。他們不假裝自己擁有所有答案，而是建立起團隊、系統與文化，讓最好的答案能夠自然浮現。他們為決策負責，卻深知力量來自於整體的過程。

Jim Collins 稱這樣的領袖為「第五級領導者」——在堅定執行力與謙遜人格之間取得完美平衡。他們堅毅、有熱情、全力以赴，但同時也腳踏實地、極富自覺。這樣的領袖雖然稀少，但他們真實存在。而他們的樣貌，與約翰·韋恩或唐納·川普完全不同。

如果一定要找個榜樣，那不如學學荷馬筆下的奧德修斯（Odysseus）。當他面對迷惑人心的賽蓮（Sirens）時，他不相信自己的意志能夠抵擋誘惑。他選擇信任流程，命令水手封住耳朵，並把自己綁在桅杆上。他將決策權交給團隊，相信自己設計的系統比一時衝動來得可靠。他得以生還，不是因為他最強，而是因為他最有遠見。

這才是真正的領導力，這才是正確的決策方式。

這個時代需要的不再是牛仔，而是建築師——那些設計穩健流程、蒐集多元觀點、以真相為根基的領導者。他們勇敢又謙遜，他們不怕承認「我現在還不知道」，因為他們相信：「我們一起，一定能找到最好的方向。」

所以，如果你希望改變你的團隊、改變你的公司、改變你的未來——就先從改變自己開始。

用清晰做決策，用謙遜帶領團隊，用誠信鼓舞人心。 因為，這才是做出更好選擇的起點。 而這，就是領導——向前的力量。