Nucleus Software Exports jumped 8.09% to Rs 442 after the company and CMC-TS entered into an agreement with Vietnam Public Joint-stock Commercial Bank (PVcomBank) to digitally transform the bank's lending origination operations.
With Nucleus Software's lending platform FinnOne Neo, PVcomBank plans to launch innovative products and services in the market with great speed. Through this partnership, PVcomBank is expecting to double its consumer loans within the next 4 to 5 years.
The lender officially known as Vietnam Public Joint Stock Commercial Bank (PVcomBank), established in 2013 from a merger between PetroVietnam Finance Corp. and Western Bank & Morgan Stanley. The bank has a total assets of nearly $4.5 billion, charter capital of $0.4 billion.
CMC-TS is committed to the banking, financial services and insurance (BFSI) sector with aims to be the top digital transformation solution provider.
Parag Bhise, CEO of Nucleus Software, said, We are confident that our platform will enable PVcomBank to move rapidly towards digitisation of lending, cater to the Bank's goals of retail product proliferation and help streamline its operations. We are strongly committed to Vietnam's financial service sector's development in partnering with them to unlock growth and help them stay ahead of the curve. Our association with CMC-TC demonstrates our commitment to provide world class services across Vietnam and South East Asia.
Tan Tran, CEO of PVcomBank, said, PVcomBank has been focussed on providing Gapless Banking to it's customers and in line with this theme, we have decided to partner with the best in the Fintech industry- Nucleus Software. FinnOne Neo is a highly flexible, scalable platform with omni-channel capabilities that will support the diversified needs of our individual and corporate customers. We are confident that with the advanced functionalities and robust technology of FinnOne Neo, we will be able to move at an accelerated pace to become a Lifetime bank".
Nucleus Software Exports is a software product company that provides lending and transaction banking products to global financial leaders. It powers the operations of more than 200 Financial Institutions in over 50 countries, supporting retail lending, corporate banking, cash management, mobile and internet banking, automotive finance and other business areas.
The company's consolidated net profit surged 112.2% to Rs 18.72 crore in Q4 FY22 from Rs 8.82 crore in Q3 FY22. Revenue from operations surged 28.7% QoQ to Rs 140.72 crore during the quarter.
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