Lien Viet Post Joint Stock Commercial Bank (LPBank) has inked a deal with banking technology provider, Temenos, to innovate the bank’s core platform for retail and corporate banking.

The partnership will see LPBank’s current system replaced with Temenos’ ‘modern technology platform’, improving the efficiency and effectiveness of both retail and corporate transactions, customer account management and product personalisation.

Temenos will upgrade LPBank’s capabilities across lending and deposits, trade finance, foreign exchange, payments, data and virtual accounts. The solution will also support process automation and digital transformation.

“Leveraging Temenos’ market-leading platform, used by major banks around the world, will help LPBank develop rapidly and realise our goal of becoming the leading retail bank in Vietnam – everyone’s bank,” Ho Nam Tien, Vice Chair and General Director at LPBank, said.

“The new system also creates a more integrated, seamless customer experience journey, fully digitised from the beginning to the end of transaction channels, while also aiding employees to deliver a world-class service.”

LPBank is also the latest of 24 Vietnamese banks across retail, corporate, wealth and private banking to take up the Temenos banking platform and Vietnam Country Model Bank, including MB, MSB, Sacombank, VPBank and Techcombank.

“We are delighted to welcome LPBank as our latest customer in Vietnam, cementing our market-leading position in this important market,” Ramki Ramakrishnan, Managing Director – Asia Pacific at Temenos, said.

“Vietnam’s banking sector has experienced significant growth over the last decade, with the country now home to some of the largest banks in Southeast Asia. The move to Temenos will help LPBank to quickly adapt their product offerings to meet consumer demands and remain ahead of the competition in the ever-evolving banking landscape.”