DIV expects breakthroughs from FSMIMS project

09:20 | 27/08/2019 Finance - Banking

(VEN) - The Deposit Insurance of Vietnam (DIV) recently put into application the results of the Financial Sector Modernization and Information Management System (FSMIMS) project in order to develop a modern information technology (IT) system, contributing to better protection of depositor interests and maintaining the sustainability of the financial system.

div expects breakthroughs from fsmims project
Following the FSMIMS projects, the DIV has put into operation a new IT system with more advantages than software products used in the past

FSMIMS is a World Bank-funded project aiming to help the State Bank of Vietnam, the Credit Information Center and the Deposit Insurance of Vietnam improve the quality of technical operations to meet international standards by building central systems to integrate processes based on modern IT architecture.

Before developing the FSMIMS project, DIV used specific software products to support technical operations but did not have a central IT system. The new IT system of the DIV is an overall system, consisting of hardware, system software, general software, standard software and customized software installed and developed at the DIV’s Data Center (DC) and Data Reserve Center (DRC), its headquarters and eight branch offices. The new IT system is expected to meet all requirements of the Law on Deposit Insurance and be in line with the International Association of Deposit Insurers (IADI)’s basic principles for effective deposit insurance development.

This IT system is integrated with the State Bank of Vietnam’s data store. The information management system plays an important role in synthesizing all collected data into a united data store to serve DIV operations. The data store has two major functions: (1) gathering necessary data for the collection of information from insured institutions and DIV’s internal systems; and (2) storing data from DIV’s software systems and the data store of the State Bank of Vietnam. Data on the new IT system of the DIV are updated everyday.

The new IT system also enables the DIV to optimize its payment activities and facilitates the collection and synthesis of data on the balance of insured deposits and information about depositors. Data on the balance of insured deposits are integrated with a risk monitoring system, helping minimize mistakes and stagnation of payment activities.

Its new information management and collection system enables the DIV’s data store to access detailed information about the actual condition of insured institutions, improving its risk forecasting ability and enhancing its role in the national financial security network.

Hien Anh