How has blockchain technology changed TCBS?

In recent years, the rapid pace of technological change has brought about significant transformations in the financial sector in general and securities companies in particular.

Technological development is one of the key priorities of Techcombank Securities Joint Stock Company (TCBS). This is reflected in the company's "WealthTech" orientation, where "Tech" can be understood as applying technology to serve customers and business operations.

Previously, when it came to technology, most traditional financial businesses/organizations considered it merely an auxiliary element, providing additional value to the business and financial products.

However, in just the last few years, the rapid changes in technology, especially the explosion of artificial intelligence (AI) and Blockchain, have brought about major changes in the financial sector in general and securities companies in particular.

Speaking at the "Investment Opportunities in the New Context" seminar organized by Investor Magazine, Mr. Pham Xuan Dung, Director of Data Science at Techcombank Securities Joint Stock Company, assessed that technology has been developing at a breakneck pace in recent years.

Mr. Pham Xuan Dung, Director of Data Science, Techcombank Securities Joint Stock Company (TCBS)

"Technology is changing very rapidly. While we still talk a lot about digital transformation and many businesses and organizations are still struggling with it, in the last one or two years the world has moved on to the world of AI with groundbreaking applications like ChatGpt, Deepseek...", Mr. Dung commented.

However, he also emphasized that investing in digital transformation infrastructure is a crucial foundation that needs to be completed before developing AI and Blockchain.

Technology is one of TCBS's key strengths. This is reflected in the company's "WealthTech" orientation, where "Tech" can be understood as applying technology to customer service and business operations.

Starting with significant investment in modern technological infrastructure, TCBS has facilitated the thorough collection, processing, and analysis of data to develop products and customer support features. A clear and consistent data management system is a crucial foundation for the company to move towards applying "humanless" technology in consulting, or Blockchain, etc.

“In recent years, TCBS has received many awards for its AI and Blockchain products and applications, but awards weren't what we thought about when we started. The question was: how can we apply these technologies to benefit our customers?”

TCBS started from scratch. However, the company took steps to transform this initial "scratch" into a differentiating factor by achieving self-reliance in human resources and technological readiness. TCBS employees learn quickly and possess the knowledge and data foundation for digital transformation to work with AI,” Mr. Dung stated.

At TCBS, approximately 60% of the staff are both technologically proficient and possess deep financial knowledge. More importantly, all of TCBS's trading systems are built by the company's own team. TCBS also continuously masters advanced technology by researching new technologies, independently applying them, and developing various systems. Most notably, it has invested in the Blockchain field.

Mr. Dung shared: “TCBS started investing in Blockchain in 2022 with a Layer 1 Blockchain system. The company has used Blockchain applications to manage bonds, thereby enabling 100% recording of unlisted bonds on the Blockchain. This technology helps ensure that all transactions throughout the bond's lifecycle are recorded transparently, cannot be altered, and acts as an automated audit.”

Not stopping there, TCBS continues to expand the application of Blockchain into iXu – a reward points management system for loyal customers, using Smart Contracts to automate transactions, improving accuracy and security.

With this success, TCBS aims not only to apply Blockchain to its daily operations but also to be a pioneer in introducing more securities and financial products and solutions using Blockchain technology to its customers.

Mr. Pham Xuan Dung also expects that Resolution 57 on science, technology, and digital transformation of the Politburo will create conditions for a "sandbox" mechanism so that companies can experiment and innovate without fear of making mistakes.

"Currently, we have the right circumstances – favorable timing, location, and human resources – to boost investment in AI and Blockchain," Mr. Dung affirmed.

Nguyen Hong

Source: https://congthuong.vn/cong-nghe-blockchain-da-thay-doi-tcbs-the-nao-379730.html