Sacombank and Aurionpro-Integro on Wednesday signed a contract for setting up a loan originations system (LOS) at the bank at a cost of over VND100 billion (US$4.4 million) to streamline lending, improve productivity, enhance credit quality and reduce risks. — VNS Photo

Sacombank and Aurionpro-Integro on Wednesday signed a contract for setting up a loan originations system (LOS) at the bank at a cost of over VND100 billion (US$4.4 million) to streamline lending, improve productivity, enhance credit quality and reduce risks.

The LOS that the Aurionpro-Integro will supply to Sacombank has three main systems: loan application origination, credit limit management and collateral managements.

It will help the bank better manage every aspect of the operation from customer profile creation, loan review and credit approval to collateral management, credit limit management and reducing the formation of non-performing loans to enable the lender to gradually meet international standards on risk management.

Sacombank will put into operation the LOS early next year.

Speaking at the signing ceremony, Phan Dinh Tue, Sacombank’s deputy CEO and director of the LOS project, said as one of the 10 banks selected by the State Bank of Viet Nam to pilot Basel II risk management norms, Sacombank constantly upgrades technologies to digitise processes and operations to ensure the safety of data and minimise errors. — VNS