Hong Kong’s Allied Banking Corporation extends Finastra partnership with core upgrade
Hong Kong’s Allied Banking Corporation has extended its 15-year partnership with Finastra by upgrading to the vendor’s latest core banking system and migrating its operations to the cloud.
Hong Kong’s Allied Banking Corporation migrates to Finastra’s Essence solution
Established in 1977 and operating as a subsidiary of Philippine National Bank in the Philippines, Allied Banking Corporation provides loans, deposits, foreign exchange, trade finance, anti-money laundering (AML) and other commercial banking services across North America, Europe, Asia and the Middle East.
The group has leveraged Finastra’s Equation core banking solution since around 2009 to support this provision, including its lending, deposits and payment features.
However, it has now announced its transition to the provider’s API-led, cloud-based Essence solution.
The integration and subsequent migration to the cloud is set to improve the agility of the group’s banking services, while also reducing its go-to-market costs and improving operational efficiency.
It has also adopted Essence’s corresponding retail analytics solution, which will enable the group to leverage market analysis and data to generate operational, management and regulatory reports.
Lourdes Salazar, chief executive of Allied Banking Corporation, says the “significant decision” to upgrade its core was born out of a need to “future-proof our operations and open the door for expansion into new products and services”.
“Acting boldly has enabled us to reap the benefits of a cloud-based SaaS model, letting us refocus our business teams towards customer management and growth activities whilst Finastra takes care of our technology.”
UK-headquartered Finastra has recently scored deals with Vietnam’s LPBank, Qatar’s CQUR Bank and France’s Banque Delubac & Cie for its core banking tech, among others.
