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LPBank teams up with Finastra & NGS for digital treasury overhaul
Mon, 8th Jan 2024

In a strategic collaboration to modernise its treasury capabilities, Lien Viet Post Joint Stock Commercial Bank (LPBank) has partnered with Finastra and NGS Equipment and Communication Joint Stock Company (NGS).

As part of LPBank's wider plans for digital transformation, Finastra's front-to-back treasury solution will enhance operational efficiency and improve governance, positioning the bank for increased competitiveness. The project is a progressive step towards LPBank's aim to fully digitalise all its capital operations and enhance business and risk management across the bank.

Commenting on the initiative, 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, expressed pride in being chosen by LPBank to enhance its treasury capabilities using Finastra Kondor. He emphasised Finastra's commitment to supporting LPBank's modernisation efforts and adapting to evolving regulatory and market changes. Zhu highlighted Finastra's expertise and dedication to ensuring LPBank benefits from cutting-edge treasury capabilities that align with current and future requirements.

Richard Zhu declared, "We are proud to have been selected by LPBank to drive the modernisation of its treasury capabilities with Finastra Kondor. 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."

He further underscored the importance of Vietnam as a key market for Finastra. "With one of the leading banking industries in Southeast Asia, Vietnam 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. 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," Zhu added.

Pham The Truong, Deputy General Director at NGS, expressed his gratitude, "We are honoured 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."

Deploying Kondor is one of LPBank's flagship endeavours to expand its services, reach markets quicker, and significantly reduce costs. These transformations encompass core banking, data management, payments, and omnichannel banking.

LPBank was recently recognised as one of Vietnam's 100 most valuable brands by Brand Finance. It showcased its substantial progress subsequent to wide-ranging transformation and investment in technology, human resources, products, and service quality.