NBFC in Vietnam to migrate its financial services platforms to cloud with Infosys Finacle

Ho Chi Minh City, Vietnam based non-banking financial services firm FE Credit has now subscribed to Infosys’ Finacle digital banking solution, expanding its partnership with the information technology (IT) services company.

The extended partnership will also see the Vietnamese financial services firm migrating from on-premise to cloud, according to a statement. 

The solutions from Bengaluru based Infosys include Finacle loan management system, CIF and Assure solutions. The microservices, based on a software-as-a-service model, will be deployed on FE Credit's Amazon Web Services  (AWS) cloud platform.

Finacle is a core banking and financial software for digital settlement and automation product. The solution, available on-premise as well as on the cloud, is part of Infosys subsidiary EdgeVerve Systems.

VPBank Financial (or FE Credit) is a subsidiary of VP Bank and the market leader in consumer lending in Vietnam, according to the statement. The extended partnership is expected to make FE Credit the first non-banking financial company in Vietnam to be fully hosted on public cloud architecture. Infosys said that the migration will enable the customer to cost-effectively scale at will as well as deliver better digital customer experiences.

"The partnership is being further strengthened with the upgrade to Finacle SaaS offerings, anticipating the emergent technology changes and making the decision to move to cloud leveraging our partnership with AWS,” said Venkatramana Gosavi, senior vice president and global head of sales at Infosys Finacle.

The country's second-largest software exporter said that the new upgrade will create a flexible IT infrastructure for FE Credit and lower the total cost of operations. It added that this will also reduce the time-to-market for the new initiatives of the financial services firm. Finacle’s open API (application programming interface) repository on the cloud will help FE Credit to seamlessly integrate and co-innovate with ecosystem partners, Infosys said.

“With the 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. The partnership will help us to better manage credit exposure, at significantly lower costs,” Kalidas Ghose, Vice Chairman & Chief Executive Officer, FE Credit, said.

FE Credit provides unsecured consumer loans such as personal loans, two-wheeler loans, consumer durable loans and credit cards. The company has more than 10 million customers, also has 13,000 points of sale (POS) terminals in Vietnam with an employee strength of 17,500, the statement said.

Early this month, Infosys had partnered with German company Celonis to provide its customers with enterprise resource planning (ERP) system modernisation and business process optimisation (BPO) solutions.