Yusys Technologies is one of China’s leading financial technology companies. It ranked 40th in the 2022 IDC FinTech Rankings Top 100 and remained among the world’s Top 50 fintech companies from 2021 to 2023. The company provides core systems, digital applications, data and AI solutions to banks and financial institutions, supporting the digital transformation of the financial and banking sector.

Towards a regional fintech joint venture

Under the Memorandum of Understanding, T&T Group and Yusys will explore strategic cooperation opportunities in financial technology, digital transformation and financial services in Vietnam and other key Southeast Asian markets. The two sides aim to establish a fintech joint venture that will serve as the legal entity responsible for implementing their full portfolio of collaborative initiatives.

The proposed cooperation model is designed to combine the respective strengths of both parties. T&T Group is expected to support Yusys in accessing local markets and customer networks, share implementation experience, and provide resources for project delivery in Vietnam and across Southeast Asia. T&T Group will also consider taking responsibility for local operations, market development and business coordination in Vietnam.

Yusys will explore providing a comprehensive suite of core technologies, standardized products, source-code licensing, industry-specific solutions, and research and development capabilities to support T&T Group’s business expansion and digital transformation initiatives.

Building on this foundation, the two sides plan to pursue strategic cooperation in several priority areas. Their initial focus will be on accelerating SHB’s comprehensive digital transformation, including upgrades to its distributed core banking architecture, smart lending, Super App, open banking, enterprise data platform, AI, customer relationship management and risk management capabilities.

The partnership will also seek to drive digital transformation across T&T Group’s seven core business sectors: financial services; real estate; renewable energy; aviation, logistics and seaports; agriculture; manufacturing; and sports and healthcare. The parties plan to develop a unified digital platform integrating data, data analytics and intelligent solutions.

In addition, the two sides aim to expand fintech services throughout Southeast Asia. The proposed joint venture will provide solutions for core banking, risk modelling, data governance, digital banking and intelligent computing in Vietnam before expanding into the wider ASEAN market. Its goal is to become one of Vietnam’s leading fintech companies within three years, with annual revenue exceeding USD 200 million.

Expanding the financial ecosystem and building long-term capabilities

Another major area of cooperation involves developing use-case-based financial services through an integrated ecosystem encompassing consumer finance, supply-chain finance, payments, wealth management and cross-border financial services.

Over the longer term, the two sides will consider developing a sustainable Vietnam–China fintech ecosystem. The potential scope of cooperation may extend to AI services, robotics, Token Factory and cross-border payments.

The parties also plan to jointly establish a Vietnam–China Fintech Talent Academy focusing on recruitment, training, employment and continuous professional development. Yusys is expected to assign experts and key technical and management personnel to support this initiative, while assisting with training, local workforce development, and the transfer of knowledge and experience.

Speaking at the working session, T&T Group Founder and Executive Chairman Do Quang Hien said that technological cooperation between Vietnam and China is benefiting from increasingly favourable conditions, as innovation and digital transformation have become major drivers of growth for both economies.

Vietnam, in particular, is entering a new stage of development in which science and technology have been identified as key pillars for improving productivity and competitiveness and promoting sustainable growth. This is therefore an opportune time for leading Chinese technology companies such as Yusys to expand their cooperation and work alongside Vietnamese enterprises.

Against this backdrop, T&T Group and Yusys agreed to build a comprehensive, long-term and sustainable strategic partnership that capitalizes on the strengths of both parties. The partnership will also leverage the ecosystems and value chains developed by the two companies to create digital financial solutions in Vietnam and gradually expand them across the regional market.

The T&T Group leader emphasized that the partnership should be founded on mutual respect, trust and openness, with a shared commitment to creating long-term value for the development of both companies and both countries.

Mr. Hong Weidong, Founder, Chairman and Chief Executive Officer of Yusys Technologies, affirmed the company’s desire to establish a deep and long-term partnership with T&T Group. He also described Vietnam as one of the region’s most promising markets for digital transformation and financial technology.

The Yusys representative said the company was ready to share the experience it had accumulated while supporting China’s banking system throughout its various stages of development—from informatization and digitalization to the adoption of artificial intelligence.

This experience is regarded as an important foundation upon which the two sides can jointly research and develop new cooperation models, not only in Vietnam but also across the wider Southeast Asian market.

The two sides also agreed that their cooperation would be practical, effective and founded on mutual respect, while strictly complying with all applicable requirements concerning cybersecurity, data security and information confidentiality.

In the coming period, the parties will develop a detailed implementation roadmap and identify short-, medium- and long-term cooperation priorities to accelerate the realization of their shared objectives.