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Finastra partners with UNITAS to boost digital transformation in South Korea
Wed, 28th Feb 2024

Finastra has announced its partnership with South Korea's UNITAS, a prominent player in the country's financial risk and compliance market. UNITAS has been declared a strategic collaborator for Finastra's Kondor treasury solution, targeting South Korean banks. The synergy aims to leverage UNITAS's profound local expertise and understanding of risk and compliance solutions for financial institutions and Finastra's cutting-edge treasury trading system. Through this strategic amalgamation, more South Korean banks will be able to optimise digital transformation in their operations, thereby fostering business growth.

Richard Zhu, Managing Director of Treasury and Capital Markets for the Asia-Pacific region at Finastra, shared his enthusiasm for the partnership between Finastra and UNITAS, a prominent player in South Korea's financial risk and compliance sector. Having spent considerable time aiding South Korean banks in modernising their treasury operations, Zhu expressed excitement about leveraging Finastra's expertise in digital transformation alongside UNITAS' strong presence and reputation in the country's financial risk and compliance market.

Richard Zhu cited, "After many years helping banks in South Korea to transform their treasury operations digitally, we are excited to combine our experience with UNITAS, a leading name in South Korea's financial risk and compliance market." Zhu further highlighted the potential of the partnership by adding, "With its experience and reach in the market, working alongside UNITAS will enable us to bring an even more comprehensive offering to Korean financial institutions and help grow their businesses."

Concentrating on the collaborative opportunities, Dooho Lee, Director, UNITAS, elucidated the value addition anticipated from this juncture. "With our common client profile, this partnership presents clear synergies and enables us to offer Finastra's' best of breed trading system to our existing and new clients, as well as opening up a new revenue stream," he added. The director reiterated the futuristic approach of UNITAS by stating, "We look forward to working with Finastra to help more banks transform their treasury operations."

Finastra serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury and 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. Finastra's pioneering approach and commitment to open finance and collaboration make it trusted by over 8,000 institutions, including 45 of the world's top 50 banks. 

Finastra's flagship Kondor solution offers financial institutions a cutting-edge trading platform capable of handling high-volume treasury activities. The system also caters to more complex derivatives, options, and structured trades. Moreover, the solution provides seamless integration with existing systems and applications, promising to simplify processes and reduce costs. It simultaneously serves as a single source of truth, ensuring organisations remain compliant.

The new collaboration with UNITAS promises to open doors for South Korean banks by providing a comprehensive source for risk and compliance solutions and advanced treasury operations, fostering business growth in the financial sector.