Through this agreement, Fusion Bank is set to be able to leverage WeBank Technology Services’ digital banking technology for its solutions. The announcement comes after Fusion Bank and WeBank partnered in September 2023 to solidify the development of the Greater Bay Area and deliver expanded business opportunities to small and medium-sized enterprises (SMEs). The two financial institutions were set to merge their suite of solutions, technologies, and knowledge to solidify the cooperation between Shenzhen and Hong Kong via the process of integrated development of fintech in the region. Moreover, besides using its expertise and knowledge in digital inclusive finance, Fusion Bank intended to utilise WeBank’s products.
Besides the collaboration with Fusion Bank, WeBank Technology Services also signed partnerships with Mega Corp from Indonesia, SCBX from Thailand, and Hong Leong Bank from Malaysia. All the agreements centre on optimising digital banking infrastructure and digital transformation and intend to advance the company’s international collaboration efforts. Additionally, the moves underline WeBank Technology Services’ technical capabilities and global presence, providing solutions that meet the needs, demands, and preferences of customers globally.
Furthermore, by collaborating with Fusion Bank, WeBank Technology Services intended to integrate and update the financial institution’s core banking systems across five business areas. These include retail deposits, retail loans, corporate deposits, corporate loans, and foreign exchange services. This is set to be achieved through WeBank’s Openhive digital banking technology. Working together with WeBank Technology Services aims to allow Fusion Bank to minimise its IT operating costs while optimising its digital service capabilities.
WeBank Technology Services seeks to advance Hong Kong’s position as a global gateway for its digital infrastructure and international development. The financial institution plans to continue to facilitate the growth of the Greater Bay Area, assisting in regional economic increase, while also scaling its reach by entering collaborations with companies operating in the industry.
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