Fusion Bank, a virtual bank based in Hong Kong, has successfully launched its next-generation core banking system, developed in collaboration with China’s WeBank.

The system, designed to enhance operational efficiency and enable quicker adaptation to market changes, marks a major milestone in the strategic partnership between the two banks, which began in September 2023.

The core banking project, initiated in December 2023, encompassed the integration of over 150 subsystems across key areas, including deposits, loans, and foreign exchange services for both retail and corporate clients.

Leveraging WeBank’s proprietary digital banking technology, the project was completed within 10 months, complying with all relevant regulatory requirements and market standards.

The transition to the new system was completed with minimal disruption, with data migration and system switchover achieved in 15 hours.

Notably, during a 6-hour window, complex data from Fusion Bank‘s multiple legacy systems was seamlessly migrated to the new platform, ensuring continuity for users.

WeBank contributed its expertise in developing distributed architecture systems using open-source technologies and commodity servers.

This approach has been proven at scale, supporting over 400 million individual users and 5 million businesses as of September 2024, handling a peak daily transaction volume exceeding 1.2 billion with 99.999% annual availability.

Furthermore, WeBank has achieved low IT operational costs, averaging US$ 0.30 per account annually.

With its new fintech arm, WeBank Technology Services, established in Hong Kong earlier this year, WeBank aims to extend its digital banking solutions to other financial institutions both locally and internationally.

Featured image credit: Edited from Freepik