LG CNS Leads Export of K-Banking System···Global Entry Intensifies

[Financial News] AX specialist company LG CNS is accelerating its market penetration by implanting a cutting-edge Korean-style digital banking system into the global financial sector.
LG CNS announced on the 28th that it has won a contract to build the next-generation card system for Sinarmas Bank, a commercial bank in Indonesia, and will officially enter the Southeast Asian financial IT market. 
This project is the first project won in the financial sector since the establishment of the joint venture 'LG Sinarmas' with the Sinarmas Group last year, and it is the first case of building a next-generation system for a local overseas financial company. The project duration is a total of 6 years, with 1 year for system construction and 5 years for maintenance services.
Sinarmas Bank operates separate systems for debit (check) card and credit card management. This has led to difficulties in system operation and management, and high maintenance costs. LG CNS plans to integrate Sinarmas Bank's debit card management system and credit card management system into a next-generation card system using its own card business solution 'CardPerfect' to improve operational efficiency and reduce costs.
This solution contains LG CNS's know-how in designing, building, and operating next-generation card systems. When users use cards through various channels such as ATMs, internet, smartphones, and payment terminals, it quickly processes payments and provides functions to assist financial institution employees with card management tasks such as card product type management, card issuance management, credit rating management, card payment approval, and delinquency post-management. The multi-language support function also enhances the usability for global financial institutions.
LG CNS plans to use this project as a bridgehead to expand its business into Southeast Asia, including Vietnam and Cambodia, as well as Indonesia. 
An LG CNS representative said, "It is significant that we have won a contract to build a next-generation card system for an overseas local financial company beyond the domestic market," adding, "We will provide differentiated value to global financial customers with a solution that was verified early in the domestic market."

jiany@fnnews.com Yeon Ji-an Reporter