Sacombank to use loan origination system

Created 12 January 2018
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HCMC – Saigon Thuong Tin Commercial Bank (Sacombank) clinched a deal on January 10 with a foreign consortium comprising Aurionpro Solutions and Integro Technologies to implement the Loan Origination System (LOS), a credit loan origination and risk management platform.

Sacombank deputy general director Phan Dinh Tue (L) and Nguyen Tan Dang, representative of Integro in Vietnam, Laos and Cambodia, sign an agreement to implement the Loan Origination System - PHOTO: MINH TAM

The platform is a leading software solution that is expected to help Sacombank achieve their business and risk management objectives to overcome limitations in their current credit management.

Sacombank deputy general director Phan Dinh Tue said the system which requires more than VND100 billion (US$4.4 million) is expected to be in service early next year.

The application of the LOS is aimed at shortening the time required to handle credit data because all the procedures such as creating customer files and approving loans will be automatically done.

For example, loan applications for purposes such as purchasing vehicles will take around eight to 24 hours compared with the current one to two days.

He stressed decisions on loan applications which will be made on the system will mainly take quantitative factors rather than qualitative ones into consideration. Therefore, the system will facilitate risk management at the bank.

Sacombank will be the third bank after the Bank for Investment and Development of Vietnam (BIDV) and the Vietnam Bank for Industry and Trade (VietinBank) to operate the system, thanks to the cooperation with the Aurionpro-Integro consortium.

 

Source: ThesaigonTimes

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