LPBank taps Temenos to Revamp Operations

Temenos, a renowned provider of banking software, recently made an exciting announcement regarding their collaboration with Lien Viet Post Joint Stock Commercial Bank (LPBank), one of the top 10 private commercial banks in Vietnam. LPBank has chosen Temenos to embark on a transformative journey by modernising its core banking platform, encompassing both retail and corporate banking.

The decision to replace its existing system with Temenos’ cutting-edge technology platform underscores LPBank’s commitment to enhancing its performance and operational efficiency. This modernisation endeavour will enable the bank to manage customer accounts and transactions across both retail and corporate activities, ultimately leading to the development of personalised products that are not only faster but also more cost-effective.

The core banking solution that Temenos is offering LPBank encompasses a wide range of banking capabilities, including lending and deposits, trade finance, foreign exchange, payments, data management, and virtual accounts. Additionally, the integration of Temenos’ platform will facilitate process automation, reducing operational errors, enhancing risk management efficiency, and accelerating digital transformation.

An interesting aspect of this partnership is LPBank’s adoption of Temenos’ Vietnam Country Model Bank, which provides pre-configured banking capabilities tailored to the local market. This feature ensures a faster and more cost-effective implementation process, aligning seamlessly with LPBank’s vision for growth and transformation.

LPBank’s decision to partner with Temenos also underscores the software provider’s leading position in the Vietnamese market. With LPBank on board, Temenos now serves 24 major Vietnamese banks across various segments, including retail, corporate, wealth, and private banking. These financial institutions benefit from Temenos’ extensive experience and its single code base, which has been developed through collaboration with over 3,000 banks across 150 countries.

In the words of Ho Nam Tien, Vice Chair and General Director of LPBank, this strategic partnership is aimed at helping LPBank achieve its goal of becoming the leading retail bank in Vietnam. By leveraging Temenos’ renowned platform, LPBank aims to create an integrated, seamless customer experience journey, ensuring that transactions are fully digitised from start to finish. This approach not only benefits customers but also empowers employees to provide world-class service.

Ramki Ramakrishnan, Managing Director – Asia Pacific at Temenos, expressed the company’s delight in welcoming LPBank as their latest customer in Vietnam. He highlighted the impressive growth experienced by Vietnam’s banking sector over the last decade and stressed that Temenos’ platform would help LPBank quickly adapt its product offerings to meet consumer demands and maintain a competitive edge in the evolving banking landscape.

The collaboration between Temenos and LPBank represents a significant step forward in the transformation of the Vietnamese banking industry, underscoring the importance of modernising core banking systems to meet the demands of a dynamic and digitally driven financial landscape.