Macao as a region was showing prime conditions for a bank that could offer innovative financial services. Our goal was to fill that space. And we wanted to draw on some of the business elements of the traditional banking model, but also reconcile them with modern ways of doing things. That would allow us to offer customers the truly innovative services we were aiming to provide.
From conception, Macao Development Bank had a strong guiding mission and target vision.
But it was imperative to keep those ideals aligned with current regulatory requirements. Given the commitment to continued innovation, the bank would also need to be built on a framework that could ensure continued compliance both as regulations change and as the bank develops new products.
And to live up to its ambitious vision, the new bank would require a strong and agile core system.
Discovering the Macao Development Bank-HSG Fit
The first thing that drew Macao Development Bank to HSG was MDB’s need for a mature core system. Nearly all the products they planned to roll out relied on it, and it was also central to their business development plan.
HSG’s core banking system was a natural fit.
Experience was also crucial, since Macao Development Bank realized while drafting their feasibility plan that they could potentially run into challenges across backend, frontend and middleware systems.
Similarly, Macao Development Bank realized HSG’s experience with ensuring regulatory compliance would be essential for getting the project running.
Hi Sun Banking Suite’s (HBS) experience in this regard is extensive both at home and abroad, with rich experience within mainland China and Hong Kong, and also across numerous regions. More than 30 overseas banks have adopted HBS’s core banking system.
Project Scope
The range of financial services Macao Development Bank planned to provide was expansive, meaning HBS needed to deploy much of the functionality of its core banking system.
The application framework included:
The entire application architecture system – which would provide the backing for the banking system, including multiple integrations to enable further functionality.
Channel services – which would be responsible for providing external banking services, facilitating connections and information sharing between servers outside the bank’s data ecosystem.
Customer service – an essential element for Macao Development Bank, since its primary focus was to offer unified customer-centric processing, so they could ensure a smooth, 24/7 customer experience.
Application products – the bank would continue to roll out products after its launch, and secure, agile application products would provide a foundation for it to do that while minimizing the challenges it would face.
Analysis and Decision-making – the business structure of the bank can only be managed through purposeful analysis that takes exhaustive, accurate and relevant data into account.
HBS was well-equipped to offer this comprehensive framework, with a critical technical benefit that would prove helpful to MDB far down the line.
Modules Used by Macao Development Bank
1. Online Corporate Banking
HBS could draw on its vast experience supporting banks with their online corporate banking services. Some of the major past clients here include Banco Nacional Ultramarino, Banco Tai Fung and the Bank of Communications Hong Kong branch.
One of the top priorities was ensuring compliance with Macao regulatory risk management requirements. HBS’s high security and high reliability made that process smoother than it tends to be.
The functionalities achieved by Macao Development bank include:
- Account inquiry
- Timed transfer
- Service applications
- Transaction authorization
- Enterprise information service
- Payroll processing
2. Mobile Banking
Mobile banking had always been one of the key elements of the project for MDB to truly fulfil its mission. CK Chang, the CIO, stressed the importance of giving customers the same professional services they’d come to expect at a bank counter, only with greater convenience and the empowerment of self-service.
It was just as important to ensure a fluid and intuitive user experience, so users could feel more encouraged to keep exploring mobile banking, especially with the integrations MDB planned to adopt.
The app they built on HBS’s banking system runs smoothly across iOS, iPad OS and Android.
It has the following functionality:
- Account inquiry
- Scheduled transfers
- Time deposits
- Personal information maintenance
- Security module
In addition, MDB also received support with card issuance and imaging management.
Project Duration and Implementation Approach
The day the project would launch was designated as ‘T’ day. Technical production was slated to be completed approximately four months after T. By T plus six months Macao Development Bank would have achieved regulatory approval and obtained all the needed licenses. External operations would begin approximately seven months after T.
All in all, the total project duration would be eight months.
It wouldn’t be HBS’s first time working against a tight deadline. Both sides in the partnership understood the need to deliver the product according to this carefully planned schedule.
HBS got to work planning an implementation approach that would fall neatly within that time frame, and give each stage of the process the attention it required.
In the end, all phases were all executed exactly per schedule. One phase after the other, HBS brought Macao Development Bank closer and closer to completion.
The bank launched successfully according to schedule, presenting the convenience of digital and mobile banking to the residents of Macao.
HBS service support after launch, so Macao Development Bank benefited from rich technical expertise across all functions, allowing it to live up to the mission it set out to achieve. Its streamlined, efficient and smooth operation continues, buttressed by a strong and nimble core system.
Macao Development Bank and HSG fit together well. The product vision matched HSG’s expertise and core banking system, and that was clear from project launch to when external operations began.
It’s pleasing to see how well the entire product and its integrations have been adapted to meet the specific market needs of the Macao region. It proves once again that innovative financial services can flourish if they’re backed by the right core banking system, which we stay committed to providing.
