Eximbank to apply infosys technology for enhanced risk management
Eximbank to apply infosys technology for enhanced risk management
The current challenges brought about by changes in the business environment and increasing requirements of risk management regulations have promoted banks, including Eximbank, to synchronise particular products.
That is why the core-banking system is considered the nucleus of a bank’s information as well as other financial systems. The more effective the core banking system is, the more costs banks can save.
Banks and financial institutions in Vietnam are in the process of upgrading or replacing their “core” system. Vietnam Export-Import Commercial Joint-Stock Bank (Eximbank), for instance has chosen the Infosys Finacle core-banking solution to replace its existing one.
According to Mitsuaki Shiogo, core banking system implementation project director at Eximbank: “In the context of the robust development of information technology and growing demand for high-tech banking products and services among customers, Eximbank is required to select an appropriate technological solution for its own.
Infosys’ Finacle core banking software solution has been chosen thanks to its multi-functionalities and capabilities of providing various banking operations of wholesaling, retailing, capital and trade management, and online transaction support.
"We do believe that the deployment of the new core banking system will enable Eximbank to create a breakthrough in exploiting existing products and services, developing more products and services, as well as managing risks and internal processes in a stricter and more effective way.” he said.
Each software solution have their own strengths. Infosys Finacle is known for its advantage in enabling banks to easily master the system operation process, develop products and services bank-wide to save time and labour, process online transactions, and accommodate multi-language and multi-currency trading requests, from which banks can improve centralised operations.
Sajit Vijayakumar, chief operating officer at Infosys Finacle, said: “The Vietnamese economy is on a robust growth trajectory supported by favourable demographics, proximity to major global supply chains, and a stable political climate. For banks to take advantage of this favourable tailwind, a modern technology platform is crucial to drive expansion and growth. With the new-generation Finacle platform, Eximbank will be able to effortlessly develop and launch new offerings, create new lines of revenue, and enable greater operational efficiencies. With this implementation, Eximbank will join a growing list of banks in Vietnam and financial institutions across the world, enabled with the industry’s leading digital banking solution suite.”
Mitsuaki Shiogo also shared that Finacle is developed by Infosys, a large and prestigious company in India, and has been used by many major banks in the Southeast Asia, such as DBS in Singapore, RCBC and China Bank in the Philippines, as well as TMB and GHB in Thailand. Eximbank is now at the last stage of simulation before going live.
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