Finastra, a financial services software and Cloud-enabled solutions provider, has revealed that Shinhan Bank Vietnam has decided to integrate its trading and risk software with the Fusion Kondor and Fusion Risk solutions.
These solutions have been chosen because they’re supposed to offer greater flexibility and efficiency when compared to existing solutions. By adopting these Fintech services as part of its digital transformation strategy, Shinhan Bank is hoping to position itself to grow more rapidly so that it can achieve its global expansion goals.
Kim Tae Hee, Head of Capital Market and Trading Division at Shinhan Bank Vietnam, stated:
“A key focus of our business is being the best solution provider for customers who deal with various risks through derivative products offerings, so it is important for us to remove barriers to growth.”
He added that deep integration between Finastra’s Fusion Kondor, Fusion Risk and the bank’s IT systems infrastructure will allow their treasury and global market team to better manage higher transaction volumes. They’ll also be able to take advantage of more flexible capacities, accurate pricing methodologies, and risk monitoring in order to support complex derivatives and fixed-income instruments, Tae Hee said.
With flexible trade capture and deal screens, Fusion Kondor may be configured to fulfill the requirements of various desks and individual traders, meanwhile, versatile workspaces and workflows may be set up for intuitive and efficient usability.
Fusion Risk will assist Shinhan Bank Vietnam with fulfilling its regulatory requirements and will provide analytics in order to offer insights to streamline business operations, from everyday operational oversight to long-term strategic planning.
Luc Hovhannessian, Managing Director, APAC, Finastra, remarked:
“This project was delivered successfully through Finastra’s Fusion Adopt methodology, a capability provided by Finastra’s Global Services team, which offers rapid implementation through standardization and proven business best practices. We were also able to deliver 85% of the project remotely, which limited the impact of the pandemic and allowed the implementation to happen smoothly and within predicted timelines.”
As reported in October 2020, Finastra had agreed to provide core banking solutions to Detroit’s first independent bank.
In September 2020, Forrester’s report had given the Fintech firm the highest score for its core banking solution, which came just months after it experienced a security breach.