VPBank revamps treasury systems with Finastra
Vietnam Prosperity Joint-Stock Commercial Bank (VPBank) has separated its treasury ops from its core using Finastra technology.
The bank has deployed Finastra’s Fusion Kondor and Fusion Risk solutions. The bank used Finastra’s Fusion Adopt implementation platform to deploy both systems.
VPBank wanted to separate out its treasury function to build out new products and improve its ability to automate.
Pham Phu Khoi, head of the financial markets division at VPBank, says that the digitisation is “a key priority”.
He adds that the bank has ambitious plans for growth that its legacy core banking system could not support.
“Finastra’s modern, front-to-back treasury system has given us significant efficiency gains because we no longer need to manually execute treasury transactions.”
VPBank received $100 million from the International Finance Corporation (IFC) at the start of August to help it support local businesses.
The loan is part of the IFC’s $8 billion financing plan to support private sector clients.
The bank has also seen its ties cut with Vietnamese challenger bank Timo. The neobank has turned to Viet Capital Bank, noting the move is to “implement a vision of modernisation”.
Implementing the Finastra systems is the first time VPBank has attempted to separate a whole group of systems.
Wissam Khoury, senior vice president and general manager for APAC at Finastra, says close cooperation was key to complete the project.
The Kondor story
Finastra’s Fusion Kondor system is the antecedent of the Thomson Reuters Kondor trading and global risk management platform.
Kondor was sold to Vista Equity Partners along with Thomson Reuters’s trade software business in 2011.
Vista Equity Partners bought technology company Misys for £1.27 billion in 2012 and then merged it with newly-acquired Canadian firm D+H in 2017 to form Finastra. Kondor passed through all phases and into the Finastra portfolio.