“We have experience in building HNX and it is not strange to participate in solving congestion on HOSE”, Mr. Ngoc said.
FPT leaders added that the group has had experience in deploying a lot of core softwares for the securities industry in Vietnam. For example, FPT has developed a management system for a securities depository center, corporate bond management and a derivative transaction management system.
Not only writing software for the securities industry, FPT also develops software for the public finance sector such as the core systems of the Treasury, the National Reserve, the connection program between customs and treasury or the budget system.
“Based on our experience in implementing core applications, we are confident that we have enough understanding of the stock system in Vietnam, and at the same time, have a capable team to solve the problem of congestion on the HOSE.” “Group vice president shared.
Regarding the State budget, according to Mr. Ngoc, FPT also does not have any difficulty when implementing congestion settlement. However, the representative of FPT said that the biggest difficulty is that when changing the information system, there will be changes in processes, technology and people.
“However, FPT often faces these difficulties when providing and deploying services to partners, so with our experience it will be overcome”, Mr. Bui Quang Ngoc affirmed.
When will FPT finish solving the congestion on HOSE?
According to the information given, since December 2020, HOSE’s liquidity regularly maintained at about 15,000-16,000 billion VND, by about 14pm the system was overloaded and did not accept orders. The system can only process 900,000 instructions per session.
Facing the continuous congestion that lasted for many months, causing frustration for investors, Mr. Truong Gia Binh, Chairman of FPT Board of Directors proposed to the Prime Minister to let this enterprise handle technical errors on HOSE.
Mr. Binh affirmed that FPT will handle this error within 3 months at the earliest. “In the short term, all measures to clear the market are good. In the long term, in 3-4 months, we will replace a system that runs smoothly.”
Since then, the Ministry of Finance has had a working session with FPT leaders, establishing a Task Force led by Deputy Minister Huynh Quang Hai to completely handle this situation.
Recently, speaking with us, Mr. Duong Dung Trieu, Chairman of the Board of Members of FPT Information System Company, said that handling congestion on HOSE can now be handled in two ways.
Firstly, review current software for technical processing. Second, deploy the interim replacement system until the official KRX system goes into operation.
According to FPT’s leaders, the implementation time depends on many factors but must be on the principle of ensuring progress, quality, safety and not much affecting the system of securities companies, as well as hose’s internal management system.
At the same time, ensuring security, high availability, high load capacity for multiple transactions at a time, meeting and handling twice the capacity of HOSE’s current system and flexible enough to upgrade according to market needs.
“The spirit is urgent but careful; speeding up the processes but not ignoring or neglecting important steps”, Mr. Duong Dung Trieu stressed.
Source: vietnambiz.vn – Translated by fintel.vn