LPBank to Become Fortune Vietnam Bank with Temenos

LPBank is set to become Fortune Vietnam Bank with the help of Temenos, a leading provider of banking software solutions. This exciting development marks a significant milestone for LPBank.

The partnership with Temenos will enable LPBank to modernize its technology infrastructure and improve its operational efficiency. LPBank will be able to leverage Temenos' cutting-edge banking software to deliver better services to its customers.

As a result of this transformation, LPBank customers can expect a more seamless and secure banking experience.

LPBank has partnered with Finastra to modernize its treasury management operations and capabilities, implementing Finastra's front-to-back treasury solution, Kondor. This collaboration is part of LPBank's concerted effort to accelerate its digital transformation strategy and enhance its market competitiveness.

Ho Nam Tien, Standing Deputy Chairman of LPBank, said the successful deployment of Kondor is a testament to the bank's deep commitment to digital transformation and creating value for its customers. He also mentioned that the project has already seen steady improvements in trading volumes, transaction quality, and reduced transaction times.

LPBank has also announced a name change to Fortune Vietnam Joint Stock Commercial Bank, with the new name reflecting the bank's vision of prosperity and wealth shared with customers, the community, and the nation. The name change will not affect the bank's business operations or the rights of its customers, partners, and shareholders.

Nguyễn Đức Thụy, Chairman of the Board of Directors of LPBank, said the decision to change the name is to align with the new development phase, aiming for comprehensive, effective, and sustainable growth. The bank has established a strong market position and brand, with the largest network of over 1,200 transaction points across 63 provinces and cities.

LPBank has also announced plans to consider submitting to the General Meeting of Shareholders for approval the adjustment of the 2024 capital increase plan through issuing shares to pay dividends. The expected dividend payout ratio is 16.8 per cent, and after the issuance, LPBank's charter capital is projected to reach VNĐ29.8 trillion, placing it among the top banks in Việt Nam with the highest charter capital in the system.

LPBank has selected Temenos to modernize its core banking platform for retail and corporate banking, replacing its existing system with Temenos' modern technology platform. This 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.

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LPBank has selected Temenos to modernize its core banking platform for retail and corporate banking.

This move will enable LPBank to manage customer accounts and transactions across its retail and corporate activities with improved performance and efficiency.

The new system will also allow LPBank to offer personalized products, faster and at a lower cost.

By adopting Temenos' Vietnam Country Model Bank, LPBank will leverage pre-configured banking capabilities tailored to the local market.

This will enable faster, more cost-effective implementation and support process automation, thereby minimizing operational errors.

LPBank will join 24 major Vietnamese banks across retail, corporate, wealth and private banking segments that also run on the Temenos banking platform.

LP Bank has officially changed its trade name to Lộc Phát Việt Nam Commercial Joint Stock Bank, with the English name as Fortune Vietnam Joint Stock Commercial Bank.

The new name combines 'Lộc' symbolising luck and opportunities for business cooperation and development, and 'Phát' representing the fruitful results of collaboration and growth. It reflects the bank's vision of prosperity and wealth shared with customers, the community, and the nation.

Additional reading: Vietnam International Commercial Joint Stock Bank

The name change will not affect the bank's business operations or the rights of its customers, partners, and shareholders.

The listed stock ticker LPB remains unchanged, ensuring consistency between the trade name, the abbreviation LPBank, and the stock ticker.

Nguyễn Đức Thụy, Chairman of the Board of Directors of LPBank, said that the decision to change the name is to align with the new development phase, aiming for comprehensive, effective, and sustainable growth.

LPBank has established a strong market position and brand, with the largest network of over 1,200 transaction points across 63 provinces and cities.

The bank's charter capital is projected to reach VNĐ29.8 trillion after the issuance of shares to pay dividends, placing it among the top banks in Việt Nam with the highest charter capital in the system.

LPBank, one of the top 10 private commercial banks in Vietnam, has chosen Temenos to modernize its core banking platform for retail and corporate banking.

Temenos' modern technology platform will enable LPBank to manage customer accounts and transactions with improved performance and efficiency, and offer personalized products faster and at a lower cost.

The retail and corporate core banking solution includes banking capabilities for lending and deposits, trade finance, foreign exchange, payments, data and virtual accounts.

By adopting Temenos' Vietnam Country Model Bank, LPBank will leverage pre-configured banking capabilities tailored to the local market, enabling faster and more cost-effective implementation.

LPBank is joining 24 major Vietnamese banks that already run on the Temenos banking platform, including MB, MSB, Sacombank, VPBank, and Techcombank.

Temenos' continued investment in its single code base and experience working with 3000 banks across 150 countries will benefit LPBank.

The move to Temenos will help LPBank quickly adapt their product offerings to meet consumer demands and remain ahead of the competition in the ever-evolving banking landscape.

Temenos is the global market leader in core banking software, consistently ranked #1 by IBS Intelligence, including in the most recent IBSi Sales League Table 2023.

Worth a look: List of Banks in Vietnam

LPBank has some solid competition in the market, and it's worth taking a closer look at who they're up against. SeABank, for instance, was founded in 1994 and is based in Hanoi, Vietnam.

SeABank offers a wide range of banking products and services, including savings and checking accounts, term deposits, credit cards, and loan products, as well as international trade financing.

MSB, on the other hand, was founded in 1991 and is also based in Hanoi, Vietnam. It offers services like savings accounts, loans, insurance, investment solutions, and electronic banking services.

Nam A Bank, founded in 1992, is a commercial bank that provides personal and business banking solutions, including savings and deposit products, credit services, and digital banking.

LPBank's competitors have been around for a while, with SeABank and MSB both having a head start of a few years.

LPBank has implemented Finastra's front-to-back treasury solution, Kondor, to modernise its treasury management operations.

This collaboration is part of LPBank's concerted effort to accelerate its digital transformation strategy and enhance its market competitiveness.

The successful deployment of the project has already seen steady improvements in trading volumes, transaction quality, and reduced transaction times.

Finastra's Kondor solution offers powerful risk analytics, trade processing, position management, and real-time risk coverage, enabling high-volume Treasury trading while supporting complex derivatives, options, and structured transactions.

LPBank's Standing Deputy Chairman, Ho Nam Tien, said the project is a testament to the bank's deep commitment to digital transformation and creating value for its customers.

Finastra's Treasury and Capital Markets business is built on a comprehensive platform of solutions that empower financial institutions like LPBank to achieve higher levels of efficiency, compliance, and growth across the trade and liquidity management lifecycle.

Richard Zhu, Managing Director, Capital Markets, Asia Pacific, Finastra, noted that the ongoing support from LPBank's senior leadership team was instrumental to the project's success.