With rising foreign investment in Vietnam, VP Bank wanted to offer their corporate customers currency and interest rate swaps, but the banks’ core systems couldn’t handle the complexity. So 95% of the bank’s processes around derivative products - pricing, contracting and marking to market- were all manual. Before it could ramp this business, VP Bank needed a new Treasury system.
The new Kondor Treasury system gave them a more exact view of their financial risk and improved op risk by automating manual processes. More crucially, the system gave VP Bank an edge in its market as it became the only bank that could mark-to-market on a daily basis and only bank to conform with both Vietnamese Accounting Standards and IFRS.
We selected VP Bank to receive this award because they are a leading example of a risk management capability becoming a differentiation point for product sales.
