Infosys Finacle 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.”