WeBank Powers Fusion Bank's Rapid Launch of a Next-Generation Core Banking System
SHENZHEN, China, Nov. 22, 2024 /PRNewswire/ -- Fusion Bank in Hong Kong has officially launched its next-generation core banking system following a series of successful data migration and business validation. Built on WeBank's cutting-edge digital banking technology framework, the new system brings benefits that enhance operational efficiency and enable the bank to adapt swiftly to market changes, laying a remarkable foundation for future innovation and business growth. The project marks a key achievement in the strategic partnership between WeBank and Fusion Bank, which was established since September 2023, and showcases the success of cross-border fintech collaboration between Shenzhen and Hong Kong.
To enhance its digital services and achieve sustainable business growth, Fusion Bank launched its new core banking system project in December 2023, with the support from WeBank. Aligning with Fusion Bank's new business strategy, the project encompassed over 150 subsystems across 5 core banking areas: retail deposits, retail loans, corporate deposits, corporate loans and foreign exchange services. In compliance with regulatory requirements and market standards, WeBank leveraged its proprietary, secure digital banking infrastructure technologies to integrate and transform the 150 subsystems within just 10 months. The system underwent thorough testing and the go-live switchover took only 15 hours to complete, minimizing disruption to users. Notably, during the 6-hour data migration window, complex data from legacy systems provided by multiple vendors was smoothly converted to the new platform, ensuring seamless integration of user data.
As a leading digital bank, WeBank has pioneered the world's first next-generation core banking system based on a fully distributed architecture, designed in-house using commodity servers and open-source technologies since its inception. As of September 2024, this system serves over 400 million individual customers and more than 5 million micro-, small- and medium-sized enterprises (MSMEs), handling a peak daily transaction volume of over 1.2 billion and achieving an annual product availability rate exceeding 99.999%. Furthermore, WeBank has reduced annual IT operational costs per account to just USD 0.30, less than one-tenth of the industry average.
WeBank is setting new standards in digital banking innovation with its advanced technology infrastructure. Built on an open, distributed architecture, the platform enables seamless integration of both legacy and modern systems. Leveraging features such as modular designs, AI-native capabilities, and parameterized product development, it accelerates the rollout of new financial products, enabling weekly launches and faster market entry. Its highly scalable and flexible framework supports on-demand capacity expansion and cost-efficient business deployment. With streamlined tech stacks, multi-cloud compatibility, and AIOps tools, WeBank delivers a groundbreaking solution that reduces operational costs while enhancing agility and efficiency.
Amid the global wave of digital transformation in the financial sector, institutions are increasingly turning to digital solutions to enhance customer experience while reducing costs and improving efficiency. Driven by customer demand, the digital finance solutions market is evolving toward more open technological frameworks, flexible deployment models, and diverse partnership opportunities. WeBank's successful support in the launch of Fusion Bank's next-generation core banking system not only demonstrates the continued effectiveness of WeBank's digital banking infrastructure in the international market but also offers a valuable reference for accelerating core system upgrades and advancing digital transformation in Hong Kong's financial sector.
In June of this year, WeBank established the fintech arm in Hong Kong — WeBank Technology Services. Moving forward, WeBank Technology Services will leverage WeBank's extensive experience in fintech and the successful deployment of Fusion Bank's core system to offer leading digital banking solutions to financial institutions undergoing digital transformation in Hong Kong and globally.
About WeBank
Launched in 2014, WeBank Co., Ltd. ("WeBank") is the first digital bank in China. WeBank provides more convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the general public, and continuously improves the quality of services in response to customers' specific needs. WeBank ranked No. 1 in The Asian Banker's Global Top 100 Digital Banks in 2022 and 2023. By June 2024, WeBank has served over 400 million retail customers and 5 million MSMEs.
About WeBank Technology Services
WeBank Technology Services was launched in Hong Kong in June 2024. WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.
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SOURCE WeBank Co. Ltd.
