Temenos (SIX: TEMN) announced that Lien Viet Post Joint Stock Commercial Bank (LPBank), one of the top 10 private commercial banks in Vietnam in terms of assets and equity, has selected Temenos in order “to modernize its core banking platform for retail and corporate banking.”
Replacing its existing system with Temenos’ modern technology platform will enable LPBank to manage customer accounts and transactions “across its retail and corporate activities with improved performance and efficiency, and offer personalized products, faster and at a lower cost.”
The retail and corporate core banking solution “for LPBank includes banking capabilities for lending and deposits, trade finance, foreign exchange, payments, data and virtual accounts. The solution will support process automation, thereby minimizing operational errors, improving risk management efficiency, and enabling fast, effective digital transformation.”
Further, by adopting Temenos’ Vietnam Country Model Bank, LPBank will leverage pre-configured banking capabilities “tailored to the local market that will enable faster, more cost-effective implementation.”
The bank will also benefit from Temenos’ continued investment “in its single code base and experience of working with 3000 banks across 150 countries.”
This latest signing further strengthens Temenos’ position in Vietnam, with LPBank joining 24 major Vietnamese banks “across retail, corporate, wealth and private banking segments, including MB, MSB, Sacombank, VPBank and Techcombank, that also run on the Temenos banking platform.”
Ho Nam Tien, Vice Chair and General Director, LPBank, commented:
“Leveraging Temenos’ market-leading platform, used by major banks around the world, will help LPBank develop rapidly and realize our goal of becoming the leading retail bank in Vietnam – everyone’s bank. The new system also creates a more integrated, seamless customer experience journey, fully digitized from the beginning to the end of transaction channels, while also aiding employees to deliver a world-class service.”
Ramki Ramakrishnan, Managing Director – Asia Pacific, Temenos, said:
“We are delighted to welcome LPBank as our latest customer in Vietnam, cementing our market-leading position in this important market. Vietnam’s banking sector has experienced significant growth over the last decade, with the country now home to some of the largest banks in Southeast Asia. The move to Temenos will help LPBank to quickly adapt their product offerings to meet consumer demands and remain ahead of the competition in the ever-evolving banking landscape.”