Finastra, Hundsun Lirong to co-develop treasury solution for Chinese banks
The solution aims for a more efficient domestic treasury system.
London-based fintech, Finastra, and Hundsun Technologies, Inc.’s subsidiary, Hangzhou Hundsun Lirong Software Co. Ltd. (Hundsun Lirong), partnered to co-develop a Chinese version of Finastra’s Fusion Opics treasury solution, Hundsun Mangos, which will streamline treasury operations of Chinese banks.
In a media release dated 8 July, Finastra said the new solution, built on Hundsun Technologies’ cloud-based platform, will be developed in line with specific requirements of the Chinese markets whilst catering to international standards.
It said that there is still a “sizeable gap” between treasury solutions in China and abroad, noting that interbank market transactions in China continue to expand, serving more than 30,000 institutional investors from over 50 countries with an average daily trading volume of RMB6t as of end-2020.
“The solution will support the self-reliant and steady development of domestic treasury systems, as well as being a key initiative in Hundsun Technologies’ strategy to increase international expertise,” Fan Jingwu, executive president of Hundsun Technologies and chairman of Hundsun Lirong, said.
Eric Duff, president and global head of operations at Finastra, said that Hundsun Mangos “will enable banks to benefit from streamlined treasury operations with integrated and automated systems.”
Finastra said Fusion Opics covers all aspects of a bank’s treasury options such as deal inception through to settlement and accounting, “making treasury operations more cost-effective and increasing overall profitability,” whilst Hundsun Mangos will include compatibility with Chinese domestic treasury products and will ensure being “cloud-ready” in anticipation to more banking systems shifting to cloud.
Hundsun Lirong will manage Finastra’s existing Fusion Opics customers in mainland China, Hong Kong, and Macau, and their overseas branches as part of the partnership. It will also continue to be Finastra’s partner for the Fusion Summit in mainland China, Hong Kong, and Macau.