Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: NSEL), a leading global provider of integrated software products for banks and financial institutions, today announced that Tien Phong Bank (TPB), Vietnam has chosen Nucleus’ FinnOne™ CAS & Collections module to support their consumer retail banking operations. FinnOneTM will enable the bank in completely automating operations, keeping a check on credit ratings and efficiently filtering out bad debts to increase profitability and offering a differentiated customer experience.
Tien Phong Bank is one of the newest entrants in Vietnamese banking sector, yet has proven one of the market pioneers in applying technology to improve its operational efficiency and to provide its customers with simple and secured electronic products such as internet banking, SMS banking, debit cards. Tien Phong Bank operates in the two most dynamic cities of Vietnam, and will expand to another 3 cities with a network of 30 branches/transactional offices across Vietnam by end of year 2009. FinnOne™ will help the bank provide a comprehensive, flexible and secured automated solution to the customers. The solution will further help them to sharpen their competitive edge with ‘quick-to-market’ product and schemes and will enable the bank to grow their loan business on a large scale.
This deal marks yet another win for FinnOneTM from Vietnam as Nucleus Software's FinnOneTM already powers one of the leading international financial services companies in Vietnam’s consumer finance sector. With Tien Phong Bank choosing FinnOneTM to drive the bank's lending business Nucleus forays further in the region and strengthens its position as a leading global provider of software products for banks and financial institutions across South East Asia.
Dao Trong Khanh, CEO, Tien Phong Bank, said, “Technology is key to Tien Phong Bank’s aspiration to become a leading national bank. To be able to provide best in class, leading lending services, we required a lending platform that could cope with growing volumes. We’re confident that with a high-profile experienced team coming from various international banks, we could utilize FinnOne™ to enhance our productivity and build up value-added solutions for our customers.”
Vishnu R. Dusad, CEO & Managing Director, Nucleus Software, said, “Choosing a next-generation solution such as FinnOne™ will give Tien Phong Bank the technological edge in offering world-class products and services to their customers. FinnOne™ has always led the way in adapting to emerging business models in banking and Tien Phong Bank's choice of FinnOneTM demonstrates this.”
FinnOne™, the flagship product of Nucleus Software, is a powerhouse of seamlessly integrated applications, designed to provide operational support, risk management and decision-making support to banks and financial services companies. The FinnOne™ suite provides solutions for the asset as well as liability sides of business in addition to account management, core financial accounting, risk management, document management, and customer services. FinnOne™ also supports multi-branch, multi-currency, multi-product, and bi-lingual implementations. FinnOne™ focuses on both, retail and corporate loans, thereby emerging as a comprehensive solution to back any line of the lending business. FinnOneTM has been ranked amongst world's best selling lending software products for three consecutive years by IBS Publishing, 2008.
About Tien Phong Bank
Launched on June 6, 2008, Tien Phong Bank founding members are the FPT Corporation, Vietnam Mobile Services (VMS) - MobiFone, Vietnam National Reinsurance Corporation (Vinare) and other stakeholders. The strategic investment and cooperation brought about by these organizations has given Tien Phong Bank indisputable legacy in information technology, mobile telecommunication technology, and finance. Tien Phong Bank aims to be the bank of choice for customers, providing (1) user-friendly products through both traditional and advanced channels, (2) world-standard service quality (3) long-term partnership. So far Tien Phong Bank has 6 offices in Hanoi, HCMC and been able to attract nearly 300 talented members. Tien Phong Bank has invested and successfully implemented I-flex’s Flexcube application, the leading core banking software in the world. Besides implementing modern banking management solution in accordance with international standards, Tien Phong Bank is the first bank in Vietnam to implement ISO 9001:2000 quality control standards right from the start of operation. For more information, visit: www.tpb.com.vn
About Nucleus Software Exports Limited
Nucleus Software is a leading software powerhouse providing innovative and pioneering software solutions for Banks and Financial organizations globally. Nucleus Software offers a host of competitive IT solutions and consultancy services designed to support the whole spectrum of business offerings across retail banking, corporate banking, cards and cash management. With over 150 customers across the globe, the company is consistently innovating with cutting edge and industry driven products in the domain. Nucleus Software is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit www.nucleussoftware.com
Safe Harbor:
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, our ability to successfully implement our strategy, our research and development efforts, changes in the value of the Rupee and other currency changes, intense competition in IT and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Nucleus may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Board of India, Stock Exchange and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.