Finastra, headquartered in London, UK, and Hangzhou Hundsun Lirong Software Co. Ltd. ("Hundsun Lirong"), a subsidiary of Hundsun Technologies Inc., have today announced a partnership to co-develop a Chinese version of Finastra’s Fusion Opics treasury solution, Hundsun Mangos.
Built on Hundsun Technologies’ cloud-based platform, the new solution will be tailored to the specific requirements of the Chinese market whilst also meeting international standards, enabling banks to develop and deliver high quality treasury operations and capitalize on opportunities.
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 RMB 6 trillion. 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: “As a software company focused on the development of banking treasury systems, Hundsun Lirong will partner with Finastra to develop an integrated banking treasury system called Hundsun Mangos, covering the whole value chain across front, middle and back office. 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. 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.”
Finastra’s Fusion Opics is used by over 180 customers in more than 300 sites around the world. The solution 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: “By combining the deep expertise and experience of Hundsun and Finastra we are creating exciting potential for the Chinese treasury market. 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 whilst meeting international standards. We are pleased to embark on this new partnership with Hundsun Lirong to help banks across China enhance their treasury operations and grow their businesses.”
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, which has gained many years of experience in implementing and maintaining Finastra’s Fusion Opics and Fusion Summit solutions, will work in close partnership 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 going forward, 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.