Finastra said that Lien Viet Post Joint Stock Commercial Bank (LPBank) has selected the company and NGS Equipment and Communication for the enhancement of the bank’s treasury capabilities.
According to Finastra’s, its front-to-back treasury solution, Kondor, aims to enhance the competitiveness of the Vietnamese retail bank through increased operational efficiency and enhanced governance. This is said to be part of LPBank’s extensive digital transformation strategy.
The initiative will move LPBank closer to its objective of digitising all capital activities, addressing business and risk management needs across the entire bank, said Finastra.
LPBank’s implementation of Kondor is a component of a series of essential projects aimed at expanding its services, accelerating time-to-market, and achieving substantial cost savings. These encompass transformative initiatives in core banking, data management, payments, and omnichannel banking.
Finastra Asia Pacific capital markets managing director Richard Zhu said: “We are proud to have been selected by LPBank to drive the modernisation of its treasury capabilities with Finastra Kondor. With extensive experience working with hundreds of banks globally and in Vietnam, Finastra has built extensive Treasury and Capital Markets best practice knowledge.
“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.
Vietnam-based NGS Equipment and Communication has been selected as a partner to implement the project.
LPBank vice chairman cum general director Ho Nam Tien 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.”
Recently, Finastra forged a partnership with CQUR Bank to improve the latter’s digital transaction banking offering for international corporate clients.
