Hi Sun FinTech Global Limited (HSG) is a key player in the Fintech sector, renowned for its new-gen core banking system that can help banks automate processes and accelerate their speed to market. HSG recently started a project with Baker Tilly to cater to their end customers — the Oriental Bank of Cambodia.
While the bank is relatively new, obtaining its license from the National Bank in 2020 has high aspirations. The Oriental Bank of Cambodia aims to digitize its services and offer its clients a core banking system to support its business model which is 60% digital and 40% conventional.
To make this possible, the bank reached out to Baker Tilly, an advisory service with experience in FinTech. Baker Tilly then brought HSG onboard to take advantage of their enhanced automated banking systems.
Oriental Bank and HSG – A Partnership To Herald The Future Of Banking
It was announced in December 2020 that the Cambodian central bank, namely the National Bank of Cambodia, had given the approval-in-principle for establishing a commercial bank under the name Oriental Bank PLC in Cambodia.
The Oriental bank is willing to adopt a hybrid business model, which would focus on digital banking practices and services while keeping the conventional banking services in play. They worked with HSG and implemented the HBS Core Banking System and e-Banking system as the major system platform of the Bank. The system supports the business operations and services. The system solution implementation project commenced in the 2nd quarter of 2021.
The Objectives For This Project
Being the newest bank in Cambodia, Oriental Bank aimed to differentiate itself with the following strategies:
One of the major concerns that the Oriental Bank faces is the delivery of projects within a specific timeframe. After the pandemic, workflows have been in a problematic bottleneck situation. The Oriental bank is concerned with finding business, and IT teams to deliver IT solutions to vendors and plan to launch themselves in the market.
A One-Stop Solution
The only way to survive in the financial sector is by offering the services your competitors don’t. The bank needs to become a one-stop solution for anyone looking for financial services. When entering the market, you need the following factors.
n How quickly your services can be introduced into the market, and you start bringing in customers
n A next-generation core banking system that will allow your customers to use your services both traditionally and digitally
n Cost-effective implementation and workflow to save money and resource
n Scalability for growing data and market
The good news is that they have been partnered with the best in South Asia to help them create a banking system that will put all their concerns to rest.
What HSG Has To Offer
HSG is the pioneer of Fintech services in South Asia and already has several accolades. They recently integrated a new generation of the core banking system to Banque pour le Commerce Exterieur Lao Public (BCEL), a massive success. HSG prides itself in offering the best solution and has been operating for over 20 years in the fintech industry, carrying out numerous projects in China and internationally.
HSG has specialised in offering clients “turn-key” solutions and digital transformation services for Financial Services Industry (FSI). Their partnership with Baker Tilly and the Oriental Bank of Cambodia will help the bank get a running start being the new bank in Cambodia. They hope to achieve this by implementing their next-gen core banking system.
The next-generation core banking system was developed to facilitate the banking sector on a global scale. It offers:
n Agility and flexibility in day-to-day banking processes and workflows
n Leverage a plug-and-play approach to simplify integration and avoid bottlenecks
n Offer competitive pricing that will help banks lower their TCO costs
n Flexible deployment to enable quick access to the market
n Offer both on-premise and cloud-native solutions as SaaS
n Ensure a customer-centric approach maintaining a relationship with their clients
Moreover, HSG’s value proposition caters to all the concerns that the Oriental bank may have, ensuring that they:
n Deliver projects on time after agreeing on a revised timeframe while keeping the covid restrictions in consideration
n Understand the local regulations related to the banking sector in Cambodia and develop the solution based on regulatory requirements
n Offer a rich parameterised core banking system with a backend developed globally by their years of Fintech experience.
n Develop an office in Cambodia during the implementation process to fully support the Oriental Bank and ensure that the application runs smoothly, dealing with any issues that may arise.
n Offer a full suite of digital and traditional services to cater to all types of clients.
HSG’s value propositions address every concern the Oriental Bank may have and ensure it is solved before their product goes to market.
While implementation is underway, Oriental bank and HSG both have high expectations of the new core banking system, offering a substantial improvement to the new bank and entering a competitive market with high-end services.
HSG is already regarded as one of the best Fintech solution providers in South Asia. Experts believe that the Oriental Bank will have an edge when they enter the market if their previous successes are anything to go by. This will allow HSG to add another successful project to their books, helping banking sectors worldwide improve their offerings.