The T24 CoreBanking Transformation Project is a core technology project in LPBank’s strategy for the 2024 – 2028 period, aiming to make drastic changes, achieve overall efficiency, promote sustainable and prudent development, and help improve business performance, along with flexibility in designing applications, products, and customer-oriented services. To ensure the project is implemented on schedule, with the expectation of creating many innovations and breakthroughs in the Bank’s operations and development, LPBank has focused all its resources, working throughout the holidays of April 30th and May 1st. Also during this occasion, the Governor of the State Bank of Vietnam (SBV) Mr. Le Hoang Chinh Quang – Deputy Director in charge of the Information Technology Department, along with staff from the Department, visited LPBank and gave gifts to the members of LPBank’s T24 Corebanking Transformation Project Team.
Mr. Le Hoang Chinh Quang – Deputy Director in charge of the Information Technology Department of the State Bank of Vietnam, along with staff members, visited LPBank and gave gifts to the members of LPBank’s T24 Corebanking Transformation Project Team.
On behalf of LPBank, Vice Chairman of the Board of Directors cum General Director Ho Nam Tien gave a brief report on the T24 CoreBanking Transformation Project. Based on this report, Mr. Quang expressed his encouragement and highly appreciated LPBank’s transformation of its core technology platform. The project was not only heavily invested in by the Bank but also professionally and distinctly implemented, decisively and effectively, with strictly controlled transformation processes in a short period of only 7 months to put the new T24 CoreBanking system into stable operation. This is considered a remarkable achievement in the Vietnamese banking industry, while similar projects usually take about 2 years. This demonstrates LPBank’s potential and affirms its position in the digital transformation process, while closely following the policies and orientations of the Party and Government on taking the initiative in national digital transformation and the strategy for sustainable development of the banking sector.
At the same time, Mr. Quang also emphasized that during the transition to the new T24 CoreBanking system, LPBank needs to be cautious and prioritize the issues of security, safety, and confidentiality of customer information when recently, fraud, forgery of banking information, data encryption, and ransom demands (ransomware) have been on the rise.
The T24 CoreBanking Project Team’s focused and urgent working atmosphere.
CoreBanking transformation is a mission of particular importance in the integration and sustainable development process of a bank. LPBank focuses on strictly adhering to transformation procedures, having a large-scale implementation strategy, scientific and methodical implementation methods, closely cooperating with partners, and professional project management, while also focusing on the accuracy and integrity of data and security issues before, during, and after the new platform is officially put into use.
From April 29, 2024, LPBank’s services and transaction systems on the new technology platform – the new CoreBanking system (T24) are ready to serve customers.
In the coming time, LPBank will enhance its capacity to master the technology system and increase the utility of its products and services, meeting all the financial needs of customers, partners, and shareholders, towards successfully fulfilling its mission of becoming a leading sustainable and prudent Vietnamese retail bank – a bank for everyone.
