PHNOM PENH, Cambodia, Feb. 23, 2021 /PRNewswire/ — Today, Asia-Pacific Development Bank Plc. (APD Bank), together with its long-term partner China UnionPay Data Services Co., Ltd (CUPD), announce that they have decided to take HiSun Global (HSG) as their core banking system vendor and close partner in the upcoming projects. The landmark agreement comes as APD mobilizes to consolidate its banking system in preparation for driving further growth in Cambodia.
Hi Sun Banking Suite (HBS) comprises extensive SOA based systems that have powered and supported the banking operations of more than 50 overseas customers with a 100% implementation success rate. Its broad customizability and nimble agility allow clients to fit the system to their market and unique offerings, and at the same time follow regulatory provisions in their region.
This seamlessly aligns with banking trends and recent developments in Cambodia, which has reformed regulations to foster a more conducive fintech environment. Through CUPD, HSG will be supporting APD Bank with local regulation compliance while further developing mobile banking and online banking systems that meet the evolving needs of the expanding Cambodian customer base.
All partners working together on this project have a long-standing commitment to providing innovative financial services.
China UnionPay Data Services Co., Ltd was established in 2003 and quickly became a leading outsourcing service provider. Had been prized by China’s Ministry of Industry and Information Technology with the honor of "Top 10 Leading Information Technology Service Enterprises in Financial Industry", CUPD specialize in financial account services, card-issuing systems and innovative value-boosting solutions for banks and financial enterprises. By the end of 2020, CUPD host more than 600 million cards for its 226 client banks and institutions, with the daily transaction amount exceed 8.5 billion USD.
APD Bank was established in 2016 as a specialized bank with offices in Phnom Penh, the capital of Cambodia, before upgrading to a commercial bank in 2019. The bank allows clients to hold balances in USD and KHR and its services are tailored to customers who need to perform numerous regular transactions, including deposits, withdrawals and payments to partners. This focus is what has necessitated a robust, extensive and rapid-scaling-capable system such as HSG’s core banking system.
Commenting on the project, the CEO of APD Bank remarked: "As the Cambodian market adopts mobile and digital banking at a rapid pace, it falls on us as APD Bank to deliver truly innovative banking products. However, we have to keep regulations in mind with each tactical move we make, and we also need a system that has the flexibility, agility and resilience to support our vision. This partnership with CUPD and HSG, also many more leading vendors in their respective areas, means we can move forward at a pace that allows to offer the quality and range of services we’re committed to."
Terry Liang, CEO of HSG, added: "Our experience supporting banks across different regions with our core banking system makes us a more impactful partner to APD Bank, whose needs resemble those we have helped customers navigate over our 20-plus years of experience. We are also aware of the unique terrain of Cambodia and its market, along with APD Bank’s distinct qualities, which the agility and customizability of HBS can easily account for. We are very pleased with the successful kick-off of this project, and, through our partner CUPD, we are excited to support APD Bank in the coming phases."
Hi Sun FinTech Global Limited (HSG) is a technology company specialising in FinTech solution, providing "turn-key" delivery from consultation to production. The company is one of the major subsidiaries of Hi Sun Technology (China) Limited (HKEX: 0818), a leading integrated solution provider for payment, finance and telecommunication in Mainland China. HSG came to Hong Kong in March 2020 to focus on overseas business opportunities, with an aim to embrace opportunities and enhance its presence in the overseas markets.
HSG is now actively expanding cooperation channels and serving major local and international financial services clients, with focus on creating modern customer experience, providing "plug & play" banking modules that can dramatically reduce development budget and provide faster time-to-market.