The Vietnamese stock market has boomed since 2006. Quick growth in both transaction size and volume require securities companies to invest and upgrade their systems to ensure flexibility before quick market changes. Huyen Nhi talked to Mr Nguyen Thai Hung, Technology Director of Bien Viet Securities Company, about this issue.
Are the information technology solutions to securities specialization employed by Bien Viet made by Vietnamese or foreign companies?
In a company operating in the financial sector, IT investment to ensure accurate, quick and reliable services for customers anytime and anywhere always take up a high percentage of total investment expenditure. We have surveyed IT applications in many countries with developed stock markets before applying these solutions to our company. Most of our solutions are developed on our own.
Could you tell the difference between domestic IT solutions and foreign ones used in securities companies? Are domestic or foreign solutions suitable for Vietnamese securities companies?
We do not see IT solutions in terms of domestic made or foreign made, because any available solution will have to be changed to fit the specific requirements of the company before applying.
Which IT solutions are suitable for Vietnamese securities companies? To seek a suitable solution, the securities company has to know its demand and requirements. The suitable solution is simply the solution meeting the most requirements of the securities company. Besides, the solution should work for many people at the same time, contain a lot of data and must be a dispersed solution to support branches and agents. Furthermore, it should accommodate expansion and customisation.
Another factor is the after-sale services of the product supplier. At present, the Vietnamese stock market is in the infant stage, not in full form. Any current IT solution will experience big changes in the future. Therefore, the after-sale service of a solution provider (SP) must be good. A good SP can completely understand and manage new requirements in professions and manage the upgrading process of an in-use solution. From the change from periodic order-matching mechanism to consecutive order-matching at the Ho Chi Minh City Securities Trading Centre (HSTC), many securities companies have drawn lessons from using products of SPs with low quality services.
Therefore, I can only say that each securities company knows which solution is the most suitable because only it can know the requirements in selecting an IT solution and how much it can spend on IT solutions.
Many people say Vietnamese securities companies currently lack a full IT system. What do you think about this?
In a stock market with many changes, fluctuations and regulations from various sides (State Securities Commission, Stock Exchange/securities trading centres, State Bank of Vietnam), the desire to have a comprehensive IT system is only technical and theoretical. Securities companies now need stable, but very flexible, IT solutions.
From the angle of business and management, no one can mechanically apply an IT solution, no matter how optimal it is, that it can be compatible with both the demand of clients and the requirements of management. As a result, securities companies cannot rely on mechanical solutions to solve their own issues. The key is still the workforce, securities professionals with legal and professional ethics always putting the benefit of customers first.
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