BCEL Goes Live with HSG
Hi Sun Global Limited plans to expand its business outside of Hong Kong, China, and continue to venture further into Asia. The company has had massive success in China and shows enormous potential to create brand new opportunities in the region.
One of HSG's most significant accomplishments was partnering with Banque pour le Commerce Exterieur Lao Public (BCEL) to offer the next generation in Core Banking Systems in Laos. Official announcement was made on 6th August via an online conference.
BCEL and HSG
The BCEL is one of the largest commercial bank situated in the country of Laos. This bank has been serving customers for years in the Laos region, 24/7, 365 days a year.
BCEL is known for its advancements in the traditional and digital banking system.
Hi Sun Global has also dominated the fintech market in Asia. Due to their success, BCEL decided to go into an innovative partnership with HSG to replace the legacy banking system and revamp it into the next generation. The next generation of the core banking system will allow BCEL to rapidly deploy banking products with a wide array of features and functions. This innovative partnership also fostered the growth of automation.
The next-generation core banking system will have robust channel integrators that enable API. This will allow BCEL and other banks that incorporate this CBS to attain scalability in the future.
Salient Qualities of New-core Banking System (CBS)
The banking sector is growing exponentially, and banks worldwide are looking for a solution that will help simplify their tasks. Hi Sun Global understands this need, due to which they went into partnership with BCEL to create a new core banking system.
The goal is to ensure that this banking system has the following salient qualities:
- Cost-effectiveness to minimise the expenses that a bank would typically have to bear
- Stable and continuous workflow, helping banks overcome bottlenecks in their processes
- Robust security protocols to withstand cyber-attacks. This is an essential point since data privacy is a growing threat in modern society. To give some perspective, the cost of cyber-attacks in the banking sector has reached an average of $18.3 million
- Allows scalability in the future as the banking sector grows.
- Offers flexibility and adaptability as these are essential qualities for any banking system. The new CBS should have a full range of corporate and retail banking products and services. This will allow banks to meet international standards and simplify the deployment process.
New CBS Facilitate BCEL To Expand Globally
New CBS will offer efficiency like never before. The BCEL, as well as banks all over the world, have to follow a set of standards and regulations before they can deploy a new system. Getting a system that abides by these regulations can be a tedious task. HSG considers all these regulations and local practices while developing the system, making it highly configurable and easy to integrate.
Secondly, the banking sector is fast-paced, and the first-mover advantage can make all the difference for any bank. With the help of the HSG integrators and API compatible interface, BCEL can now bring services to the market way ahead of its competition. This will help them locally and ease expanding into the international market.
HSG Value Proposition
Hi Sun Global has been operating for over 20 years in the fintech industry and has carried out numerous projects, both in China and internationally. They specialise in providing “turn-key” solutions and digital transformation services for Financial Services Industry (FSI).
Moreover, they are a subsidiary of Hi Sun Technology (China) Limited, a leading IT solution provider in Mainland China for payment, finance, and telecommunications.
The next-generation core banking system can facilitate the banking sector on a global scale. HSG aims to offer the following with this new advancement:
- Agility and flexibility in day-to-day banking processes and workflows
- Leverage a plug-and-play approach to simplify integration and avoid bottlenecks
- Offer competitive pricing that will help banks lower their TCO costs
- Flexible deployment to enable quick access to the market
- Offer both on-premise and cloud-native solutions as SaaS
- Ensure a customer-centric approach maintaining a relationship with their clients
HSG is a pioneer in the banking sector and continues to grow and innovate. The recent partnership with the largest bank in Laos, Banque pour le Commerce Exterieur Lao Public, clearly indicates that HSG has the world’s best solutions and further solidifies its dominance in the South-East Asian region.
The next-generation core banking system is already being deployed and accepted by the BCEL. Deputy managing director Mr Nanthalath Keopaseuth has said, “With the new HBS core platform, I am confident that BCEL is well equipped with a solid foundation for the future extension of innovative products and services. The HBS core-banking does provide us with the competitive advantage for our value-added products such as our mobile app – BCELOne – and our internet banking, I-bank.” This is only the first of many partnerships, and HSG is on the right trajectory to grow globally.
This project’s success and future growth have been a long-term goal for the BCEL team, made possible in collaboration with Hi Sun Global Limited experts. As trusted leaders in their niche, both these organisations show promise to become the face of banking and financial services in the future.