Aiming for growth in Singapore.
“As an innovation leader in Vietnam’s banking sector, the digitisation and modernisation of our business is a key priority,” he said “We also have ambitious plans for growth which our legacy core banking system could not support.
According to Khoi Finastra’s front-to-back treasury system has given the bank “significant efficiency gains” because it no longer needs to manually execute treasury transactions, whilst we also benefit from greatly improved risk management capabilities.
“When we initially went live, we managed to run our close of business operations without any exceptions for the very first time,” he noted. “This was far beyond our expectations and a result of Finastra’s dedication, skill and hard work.”
Fusion Kondor enables banks to trade high volumes of treasury while offering the flexibility to support more complex derivatives, options, and structured trades.
The solution can be integrated with existing systems and applications. Fusion Risk provides a fully automated, end-to-end IFRS9/CECL solution. Or it can be integrated out of the box with Finastra’s core banking, lending and trading solutions, it delivers impairment and credit risk modelling.
This implementation marks the first time VPBank has separated the management and accounting of a whole group of specialized and complex banking products from its core banking system, said Wissam Khoury, SVP and GM, APAC & MEA at Finastra.
“This project was also the first in the world to utilise Finastra’s latest integration platform, Fusion Fabric Connect, which consolidated all connections to a centralised hub, controlling the interface data quality in a fast, effective and intuitive way,” he said. “Close cooperation between Finastra’s Services team and VP Bank paved the way for a smoothly run project which was completed on time and only required around half of the people resources originally budgeted for, leading to a significant saving.”
