The move is part of LPBank’s broader digital transformation initiative, and the adoption of Finastra's comprehensive treasury solution aims to improve the bank's competitiveness by increasing operational efficiency. This move aligns with LPBank's goals of digitising all capital activities to meet evolving business and risk management requirements.
In the company press release, representatives from LPBank emphasised the synergy between Finastra's technology, NGS's local expertise, and LPBank's innovative approach. The implementation of Finastra's Kondor treasury solution is expected to facilitate increased trading volume, improved transaction quality, reduced transaction operation time, and support for the development of diversified demand in trading derivatives and complex structured transactions.
The partnership with NGS, known for its strong presence and experience in Vietnam, signifies Finastra's dedication and increased investment in the country's banking sector. The collaboration is expected to improve Finastra's Treasury and Capital Markets business in the Asia Pacific region and provide better services and support to LPBank.
Representatives from NGS expressed their gratitude for being chosen as a partner for this project, affirming NGS's commitment to providing maximum support to LPBank in achieving its goals. LPBank's deployment of Finastra's Kondor is part of a broader series of projects aimed at expanding services and accelerating time-to-market at a significantly lower cost. These projects encompass transformations across core banking, data management, payments, and omni-channel banking.
In October 2023, LPBank has selected Temenos to update its core banking platform for retail and corporate banking. Through this collaboration, LPBank replaced its existing system with Temenos’ technology platform, being able to manage customer accounts and transactions across its retail and corporate activities with enhanced performance and efficiency. Additionally, the bank also gained the ability to offer tailored products faster and at a decreased cost.
By adopting Temenos’ Vietnam Country Model Bank, LPBank leveraged pre-configured banking capabilities personalised to the local market, allowing faster, more cost-effective implementation. The bank also benefited from Temenos’ investment in its single code base and experience of working with 3000 banks across 150 countries. Through this signing, Temenos strengthend its position in Vietnam, with LPBank joining the 24 banks across retail, corporate, wealth, and private banking sectors, including MB, MSB, Sacombank, VPBank, and Techcombank, that also operate on the company’s banking platform.
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