Banking & Payments
Hundsun gets Finastra tech for Chinese banks
Finastra and Hundson Lirong will tailor Finastra’s Fusion Opics treasury solution for Chinese banks.
UK-based fintech vendor Finastra and a Hundsun Technologies subsidiary in Hangzhou called Hundsun Lirong have today announced a partnership to co-develop a Chinese version of Finastra’s Fusion Opics treasury solution. The product will be called Hundsun Mangos.
Built on Hundsun Technologies’ cloud-based platform, the new solution will be tailored to the specific requirements of the Chinese market while also meeting international standards, enabling banks to develop and deliver high quality treasury operations and capitalize on opportunities, according to the partners.
Hundsun Technologies is best known in China as a provider to the buy side, supporting capital-markets transactions for fund managers. Hundson Lirong is targeting the treasury side of banking.
As of the end of 2020, China’s interbank market served more than 30,000 institutional investors from over 50 countries and regions around the world, with an average daily trading volume of more than Rmb6 trillion ($926 billion).
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As interbank market transaction volumes continue to expand, and as institutions deepen and broaden their participation in this space, banks are raising the standards required of their treasury systems. However, given the highly specialized nature of the industry, the complexity of domestic and international business use cases, and the fact that markets outside of China have been developing treasury software for longer, there remains a sizeable gap between domestic and foreign treasury solutions.
Fan Jingwu, executive president of Hundsun Technologies and chairman of Hundsun Lirong, said Hundson Mangos will support treasury functions from front to back. “This will be done by leveraging Finastra’s experience in the treasury operations space, combined with Hundsun Technologies’ technical and commercial expertise in front office transactions,” he said. The partnership is also viewed as part of Hundsun Technologies’ ambitions to develop international business.
Finastra’s Fusion Opics covers all aspects of a bank’s treasury operations on a single platform, from deal inception through to settlement and accounting, making treasury operations more cost-effective and increasing overall profitability. Hundsun Mangos will include compatibility with Chinese domestic treasury products, as well as being cloud-ready in anticipation of more banking systems moving to the cloud in the future.
Eric Duffaut, president and global head of operations at Finastra, said, “Hundsun Mangos will enable banks to benefit from streamlined treasury operations with integrated and automated systems, all within a platform that is tailored for China’s specific local requirements while meeting international standards.”
As part of the new partnership, Hundsun Lirong will take on the management of Finastra’s existing Fusion Opics customers in mainland China, Hong Kong, and Macau, as well as their overseas branches. The Hundsun Lirong team will work with Finastra’s China team.
Hundsun Lirong will continue to act as Finastra’s partner for Fusion Summit in mainland China, Hong Kong, and Macau, providing differentiated treasury solutions for banking clients of all sizes, across large state-owned banks, joint-stock banks, city commercial banks and rural commercial banks.