UOB and FPT sign partnership to modernize banking with AI and cloud technology
United Overseas Bank and Vietnamese technology firm FPT have signed a memorandum of understanding to collaborate on AI, digital transformation, and financial services innovation across Southeast Asia. The agreement was finalized June 1 at the Vietnam-Singapore Tech Connect Forum.
The partnership will focus on modernizing UOB's banking infrastructure through cloud computing, APIs, data analytics, and intelligent automation. Both companies plan to pilot new services in Vietnam and other regional markets, with detailed implementation plans due within 90 days.
What the partnership covers
- Digital banking platform modernization and legacy system upgrades
- Payments and digital lending services
- Embedded finance and cross-border financial services
- Generative AI and agentic AI for banking operations
- Ecosystem development across Vietnam and the wider region
Lawrence Goh, head of group technology and operations at UOB, said the partnership reflects the bank's strategy to build technology foundations and scale AI responsibly. "Together with FPT, we will explore practical opportunities to modernise our architecture, improve development productivity, scale AI responsibly and develop innovative solutions," he said.
David Nguyen, CEO of FPT Asia Pacific, said the collaboration aims to build AI-first financial models while strengthening cross-border connectivity. "The future of financial services will be shaped by how effectively institutions scale AI, modernise digital platforms, and strengthen cross-border connectivity," he said.
Why this matters for development teams
For IT and development professionals, this partnership signals increased investment in AI for IT and development within banking. UOB operates across 19 markets with roughly 430 branches, making this a substantial modernization effort that will require significant technical work in cloud migration, API development, and AI integration.
FPT brings 30+ years of technology services experience and works with over 500 enterprises globally. The firm reported $2.66 billion in revenue in 2025 with more than 54,000 employees across core business units.
UOB holds ratings of Aa1 from Moody's and AA- from both S&P Global and Fitch, indicating the scale and stability of the institution undertaking this transformation.
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