LPBank signs agreement with NGS and Finastra to deploy Kondor treasury solution
Finastra’s front-to-back treasury solution will help bank modernize treasury capabilities as part of digital transformation strategy
Hanoi, Vietnam – 8 January, 2024 – Lien Viet Post Joint Stock Commercial Bank (LPBank) has chosen Finastra and NGS Equipment and Communication Joint Stock Company (NGS) to modernize its treasury capabilities. As part of a comprehensive digital transformation strategy by LPBank, Finastra’s front-to-back treasury solution will help make the bank more competitive with increased operational efficiency and improved governance. The project will bring LPBank closer to its goal of digitalizing all capital activities and help it to meet business and risk management requirements from across the bank.
Ho Nam Tien, Vice Chairman cum General Director of LPBank, commented: “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 said: “We are proud to have been selected by LPBank to drive the modernization 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.
“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. Our new partnership with NGS, which has a strong presence and experience in Vietnam, demonstrates Finastra’s commitment and increasing investment in the country. This partnership will help Finastra grow and make its Treasury and Capital Markets business even more competitive in Asia Pacific, as well as provide even better services and support to LPBank.”
Pham The Truong, Deputy General Director, NGS, said: "We are honored to be trusted by LPBank and to be chosen as a partner to implement this project. NGS is committed to providing maximum support to LPBank to achieve its goals."
LPBank’s deployment of Kondor is part of a series of key projects to help expand its services, get to market faster, at significantly lower cost. These include transformation projects across core banking, data management, payments, and omni channel banking.
LPBank was recently recognized as one of Vietnam’s 100 most valuable brands by Brand Finance, showing the bank's strong progress after comprehensive transformation, investment in technology, human resources, products and service quality, bringing outstanding benefits to customers and partners.
For further information please contact:
Benjamin Jun Tai
Senior PR Lead, APAC
T +65 9058 1160
E benjamin.juntai@finastra.com
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
About NGS
NGS is a company specializing in providing products, solutions for system integration, telecommunications services and information technology training for customers in many different fields. With more than 10 years of continuous efforts and development, as one of the leading technology companies in Vietnam, NGS always puts the quality of products and projects as an important criterion to bring customers the most optimal solutions. As a result, NGS succeeds in building its brand and position itself with customers and partners.