LienVietPostBank chooses Oracle FLEXCUBE to support its growth and market leadership
LienVietPostBank chooses Oracle FLEXCUBE to support its growth and market leadership
LienVietPostBank, among Vietnam’s top 10 largest private banks in terms of assets and equity, has chosen Oracle FLEXCUBE as its core banking platform.
LienVietPostBank, formed in 2011 after the merger of Lien Viet Bank and Vietnam Postal Saving Service Company, is now targeting to be among the top-5 banks of Vietnam in the next five years. The bank has embarked upon a technology transformation and consolidation programme to support this growth objective.
Oracle FLEXCUBE will now be the single core banking platform of the two merged entities, across its retail and corporate banking business and will replace a home grown system which was used by Vietnam Postal Saving Service Company.
“LienVietPostBank is in a unique position to become a true universal bank, a bank for everyone. With the addition of the postal network, we are able to address a large segment of the population, which was previously not served. To accomplish this, we needed a core platform that would provide the right architecture and scalability with a low risk implementation. Oracle stood out as our provider of choice due to its local and global experience as we merge the operations of two banking entities,” said Nguyen Dinh Thang, member of the Board Of Directors and chairman of the Technology Committee. “Oracle FLEXCUBE had helped us at Lien Viet Bank and we are happy to partner with Oracle in this driving the next phase of growth with Postal Bank. Oracle FLEXCUBE provided the best mix of functionality, scale and local experience to help us meet our objectives.”
Oracle FLEXCUBE’S modern architecture, high level of business functionality and localised capabilities can help LienVietPostBank tap diverse market segments consisting of small to medium d businesses, individuals and rural microfinance through its presence in 51 cities and provinces and 1,029 postal transaction offices nationwide.
Oracle FLEXCUBE enables the bank to service diverse segments and deliver the scalability required to rapidly expand its customer base to achieve its growth target.
Oracle FLEXCUBE has a strong customer base and experience in Vietnam, extending across more than 10 banks and has shown success in helping banks with mergers. Slated to go live in a year or less, this project can help LienVietPostBank meet its rapid expansion plans.
“Oracle FLEXCUBE was a platform of choice, in the first phase of the bank’s expansion, a decade back. Now as the company is expanding into additional markets, we are very excited be the leading choice again. LienVietPostBank will be a showcase of our ability to help banks, successfully merge across different platforms by rapidly deploying a modern core banking platform. Oracle FLEXCUBE provides our customers with efficient, responsive and digitally agile core banking platform, helping them scale, innovate and delight their customers,” said Ho Thanh Tung, managing director of Oracle Vietnam Pte Ltd.
