This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Vietnam's First Fingerprint-Enabled Debit Card Launches With TEMENOS Biometrics

Stocks in this article: NCR

GENEVA, August 7, 2012 /PRNewswire/ --

Mekong Development Bank triples current account base with launch of Vietnam's first biometric debit card, through TEMENOS T24 Biometrics, at NCR ATMs across Vietnam

Temenos (SIX: TEMN), the market leading provider of banking software, today announces the launch of Vietnam's first fingerprint-enabled debit card, at Mekong Development Bank. The bank has implemented Temenos T24 Biometric fingerprint authentication to provide the 'unbanked' population of Vietnam with access to banking services. Mekong Development Bank is already running the bank on T24, this was a simple modular upgrade to incorporate biometrics into the system seamlessly.

Biometric authentication lowers the risk of fraudulent transactions, whilst providing a more convenient banking service for both the rural and urban populations of Vietnam - of a population of 86 million people, only 20% of Vietnam has a bank account. Since the initial launch in June, Mekong Development Bank's current account base has tripled, and the deposit balance per debit card account is two times higher than a regular account without a debit card. Customer fingerprints will be captured by Mekong Development Bank at the point of opening an account - and then used at any one of 33 NCR SelfServā„¢ ATMs across Vietnam. This will be extended to other touch points in the near future in line with Mekong Development Bank's proposition to make things simple for the customer.

Nicholas Chee ,  deputy  CEO and head of consumer business,  Mekong Development Bank says: "Being the first bank in Vietnam to bring biometric fingerprint authentication to its customers confirms Mekong Development Bank's commitment to providing the only truly convenient and personal banking experience available in the region. Temenos delivered us a state of the art capability in less than six months, which simply plugs into Temenos T24 - our existing core banking system. Incorporating the technology at NCR SelfServā„¢ ATMs across Vietnam ensures that customers experience consistent biometric fingerprint capabilities throughout the country. Preliminary research shows that an overwhelming 91 percent of customers surveyed after activating their debit card would recommend that their family and friends sign up for the product."

Lee Volante, director business solution group for APAC,  Temenos says: "For decades, banks worldwide have used biometrics for security and access control - to access vaults, etc. But this technology is only starting to permeate the consumer experience on a mass scale in developing countries, where it has commercial value as a means to customer acquisition. Mekong Development Bank is a true pioneer in its adoption of this technology, which will help the bank to continue to build market share with its easy-to-use and convenient consumer technology. We're delighted that T24 Biometrics is enabling this new banking paradigm in Vietnam."

Mike van der Wal, managing director of NCR in Southeast Asia, comments: "More than half the world's population - concentrated in developing markets such as Vietnam - does not access formal banking services. Mekong Development Bank's biometric NCR ATMs, which identify consumers by their fingerprint in place of a personal identification number, represent a major step forward in bringing banking services to the entire population of Vietnam. Mekong Development Bank's customers can now enjoy convenient access with increased security."

Founded in 1992, Mekong Development Bank re-launched in 2009 under a new dynamic, modern, professional and convenient brand. Pivotal to this ethos is biometric authentication, which will revolutionise the way banking is undertaken in the country and grow Mekong Development Bank's market share.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,674.01 +317.14 1.83%
S&P 500 2,045.87 +32.98 1.64%
NASDAQ 4,722.4210 +78.1090 1.68%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs