- FPT IS and Bytesforce Technologies signed a strategic insurtech partnership on October 9, 2026, targeting insurance technology modernization in Vietnam and international markets.
- The agreement covers three areas: core insurance platforms, AI-powered data management and decision support, and digital insurance transformation.
- Global insurance IT spending was projected to reach $227.7 bn in 2025, while Vietnam’s insurance premiums totaled approximately VND 233 trillion, creating opportunities for technology providers.
FPT Group and Bytesforce Technologies have signed a memorandum of understanding (MoU) to develop next-generation insurance technology solutions, combining FPT’s local market expertise with Bytesforce’s core insurance platform capabilities.
The agreement, signed on October 9, 2026, establishes a strategic technology partnership focused on modernizing insurance operations, integrating artificial intelligence and developing digital insurance infrastructure in Vietnam and potentially other international markets, including ASEAN.
FPT IS Chairman Trần Đăng Hòa and Bytesforce Technologies CEO Jimmy Tao led their respective delegations at the signing ceremony.
The partnership comes as insurers increase technology investment to modernize legacy systems, improve operational efficiency and expand digital distribution capabilities.
According to Gartner, global insurance IT spending was projected to reach $227.7 bn in 2025, an increase of 7.9% year over year. Insurance software expenditure is forecast to grow at a compound annual rate of 13.4% between 2024 and 2029.
Vietnam’s insurance market provides a domestic opportunity. Total insurance premium revenue reached approximately VND 233 trillion in 2025, with non-life insurance premiums increasing nearly 11%.
FPT IS and Bytesforce target core insurance modernization
The companies intend to help insurers use their existing data more effectively while developing new products and business models. The collaboration covers three principal technology areas.
- First, the companies will jointly develop and deploy core insurance systems, digital platforms and supporting technologies designed to improve insurers’ operating efficiency and replace or modernize existing infrastructure.
- Second, the partnership will focus on integrating AI and emerging technologies into insurance systems, particularly for data governance, information processing, decision support and workflow optimization.
- Third, FPT and Bytesforce will cooperate on digital insurance development, including technology consulting, system integration, implementation and operational transformation.
These services are expected to support insurance product development, distribution expansion and more personalized customer experiences.
The agreement also provides for collaboration on international opportunities where both companies identify suitable commercial prospects.
AI integration and local expertise support regional expansion
Bytesforce brings experience in insurance technology platforms, while FPT contributes implementation capabilities, established customer relationships and nearly four decades of experience in Vietnam’s technology sector.
Jimmy Tao, CEO of Bytesforce Technologies, said Vietnam presents considerable opportunities but also has market-specific requirements that insurance technology providers must address.
He emphasized the importance of working with a partner that understands local business conditions and can support customers beyond the initial technology implementation.
The companies see AI integration as an important component of future insurance system development, particularly in areas where automation and data-driven decision-making can reduce administrative requirements.
Trần Đăng Hòa, chairman of FPT IS, said rising incomes and improving living standards in Vietnam are expected to increase demand for insurance products and services. He also identified localization and industry-specific knowledge as essential to implementing technology within complex insurance operations.
The partnership reflects a strategy of combining core system modernization with AI and digital distribution rather than treating these capabilities as separate technology projects.
Their immediate focus is on developing insurance technology capabilities for the Vietnamese market, with potential expansion into other countries where the partners identify commercial opportunities.
