Published Date: June 25, 2020
The leading non-banking financial company will run Finacle’s cloud-native, microservices-based digital banking solution suite on AWS cloud
Bengaluru, India and Ho Chi Minh City, Vietnam – June 25, 2020: Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys, and VPBank Financial Co. Ltd (FE CREDIT), a subsidiary of VP Bank and the market leader in consumer lending in Vietnam, today announced the company’s decision to upgrade their existing Finacle Digital Banking solution suite to the latest version and migrate it from an on-premise deployment to a Software-as-a-Service(SaaS) model. Finacle’s cloud-native, microservices-based digital banking solution suite will run on the AWS cloud. This will make FE CREDIT the first non-banking financial company in Vietnam to be fully hosted in a state-of-the-art public cloud architecture, enabling it to cost-effectively scale at will, while delivering outstanding digital customer experiences.
Kalidas Ghose, Vice Chairman & Chief Executive Officer, FE CREDIT, said “With consumer finance business in Vietnam poised to grow exponentially, it is essential for us to be ready for the opportunity by delivering a range of multi-accessible, flexible and innovative financial solutions. Our partnership with Infosys Finacle has helped us achieve a leadership position so far. We have now decided to upgrade to the new generation Finacle Digital Banking solution as a service, to deliver enhanced customer service and better manage credit exposure, at significantly lower costs. We are confident that Finacle’s best in class solutions delivered on AWS cloud will help us be a digital first consumer finance company and continue our dominance in the Vietnam market.”
Fahad Siddiqui, Deputy IT Division Director, FE CREDIT, said, “Building on our solid technology foundation, we realized the importance of upgrading to a cloud-based platform to support our growth aspirations and gain better efficiencies. Our favorable experience with our existing Finacle platform made the decision to upgrade to the new generation Infosys Finacle Digital Banking platform that much easier. With it deployed in a SaaS model, we are confident of continuing to provide the best experience to our customers, in a much more flexible, easily scalable and efficient manner.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said,” FE Credit has been a trendsetter in the market with its innovative practices and modernized technology platforms. Infosys Finacle has partnered the company on its technology journey for several years now and I am delighted that this partnership has been further strengthened with the upgrade to Finacle SaaS offerings. I congratulate the FE Credit team for quickly anticipating the emergent technology changes and making the decision to move to cloud leveraging our partnership with AWS. We look forward to supporting FE Credit as it sets new benchmarks for customer experience and growth.”
Pioneering in Consumer Finance, FE CREDIT has established a solid foundation to become the market leader of the unsecured consumer loans market. FE CREDIT currently provides consumer lending services such as Personal Loans, Two-Wheeler loans, Consumer Durable loans and Credit Cards. FE CREDIT has since grown to possess 13,000 points of sale (POS) nationwide, a team of 17,500 staff and over 9,000 partners who work together to serve more than 10 million customers across Vietnam.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2019. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.