Vietcombank in lendtech revamp with ACP
VCB signs for ACP
Vietcombank (VCB) is implementing the Axe Credit Portal (ACP) lendtech solution “to streamline and bring more efficiency to its wholesale lending”.
ACP, developed by Axe Finance, was selected following “a thorough due diligence process and proof of concept involving key vendors in the market” at the bank, according to the announcement.
VCB is one of the largest banks in Vietnam with a network of over 500 locations and 15,000 employees.
ACP: a brief file
Axe Finance emerged in the mid-2000s in Tunisia. It was initially a consultancy firm in the lending automation space, but the founders saw a niche in the market, which led to the creation of ACP.
The solution is available on the Microsoft Windows Azure cloud as well as an onsite deployment.
ACP is back-end agnostic, supports conventional and Islamic finance and the implementation typically takes four to eight months, according to the vendor.
The first customer came in 2009, in the shape of state-owned Société Tunisienne de Banque (STB) in Tunisia. ACP covers both retail and corporate operations across the entire bank.
Today, the company has customers across 20 countries and offices in Amsterdam, Dubai and Frankfurt.
Customers include:
- Access Bank in Nigeria;
- Ajman Bank in the UAE;
- Al Hilal Bank in the UAE;
- Bangkok Bank in Thailand;
- Bank AlJazira in Saudi Arabia;
- Banque Internationale de Luxembourg;
- Commercial Bank of Qatar;
- Développement International Desjardins in Canada;
- First Abu Dhabi Bank (FAB) in the UAE;
- First City Monument Bank (FCMB) in Nigeria;
- National Bank of Oman;
- Skye Bank in Nigeria;
- Sterling Bank in Nigeria;
- A number of subsidiaires of Société Générale worldwide.
