Thursday, June 13, 2024
Thursday, June 13, 2024
Home » Vietnam’s LPBank taps Finastra and NGS for treasury solution

Vietnam’s LPBank taps Finastra and NGS for treasury solution

by Chhem Kravann
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Vietnam’s Lien Viet Post Joint Stock Commercial Bank (LPBank) has selected Finastra and NGS to upgrade its treasury solution.

LPBank says deploying Kondor, Finastra’s front-to-back treasury solution, will help it become “more competitive with increased operational efficiency and improved governance” and forms part of its digital transformation strategy.

In October 2023, the bank tapped Temenos to upgrade its core banking software and modernise its retail and corporate banking services. LPBank says its deployment of Kondor forms part “of a series of key projects to help expand its services, and get to market faster, at significantly lower cost” across core banking, data management, payments and omni-channel banking.

Ho Nam Tien, vice chairman and general director of LPBank, says the deal ties in the “technological strengths of Finastra” with the “strong local knowledge of NGS”.

“Finastra’s Kondor treasury solution will enable us to increase trading volume, improve transaction quality, shorten transaction operation time, and support the development of diversified demand for trading derivatives and more complex structured transactions.”

Elaborating on the deal, Richard Zhu, managing director, capital markets, Asia Pacific (APAC), Finastra, says: “Our new partnership with NGS, which has a strong presence and experience in Vietnam, demonstrates Finastra’s commitment and increasing investment in the country.

He adds that the partnership will help Finastra accelerate the growth of its treasury and capital markets business in the APAC region, while also improving and services and support to clients.

Source: Fintech Futures

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