Finastra to Power LPBank’s Treasury Revamp in Vietnamby Fintech News Vietnam January 8, 2024
Vietnam’s Lien Viet Post Joint Stock Commercial Bank (LPBank) has partnered with financial software provider Finastra and NGS Equipment and Communication Joint Stock Company (NGS) to enhance its treasury operations.
The move is aimed at improving the bank’s operational efficiency and governance through Finastra’s treasury solution, Kondor.
The initiative is a significant step in LPBank’s strategy to digitalise all capital activities, meeting its business and risk management needs.
The bank plans to streamline its services, achieving quicker market access and cost reductions. This includes upgrades in core banking, data management, payments, and omni-channel banking.
Ho Nam Tien, Vice Chairman cum General Director of LPBank said,
“This agreement combines the technological strengths of Finastra, the strong local knowledge of NGS, and the spirit of innovation amongst LPBank’s Board of Directors.
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.”
Richard Zhu, Managing Director, Capital Markets, Asia Pacific at Finastra said,
“As we track ongoing changes in regulation and market practices, we will leverage our expertise to ensure LPBank benefits from modern treasury capabilities that evolve with requirements. With one of the leading banking industries in Southeast Asia, Vietnam is a key market for Finastra.
The country is experiencing extensive digital transformation in this sector, which is leading to significant improvements in customer experience and enabling the growth of new products and services. With this rapid progress, the treasury business of each bank is increasing in importance.”