Nippon Wealth Limited (NWB) -- a wholly owned subsidiary of OJBC Co. Limited and an associate of Shinsei Bank --yesterday announced that it has deployed Temenos' core banking solution, T24, in its head office in Hong Kong.
NWB operates as a restricted licence bank in Hong Kong. According to the Hong Kong Monetary Authority (HKMA), such banks are principally engaged in merchant banking and capital market activities. They may take deposits of any maturity of HK$500,000 and above.
By offering end-to-end processing within a centralised system, T24 streamlines and optimises transactions across deposits, bond, mutual fund, insurance and loans, allowing NWB to deliver seamless banking services to its customers. T24 will also be used as NWB's general ledger, and to facilitate its compliance and reporting with regulatory bodies and industry institutions.
According to Ryutaro Uehara, NWB's Chief Technology Officer, the bank experienced operational efficiency within a few weeks of going live with T24. He added that this operational efficiency will lead to enhanced customer service, which will enable the bank to attract new customers and meet its goal of having 30,000 customers by 2020.
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