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Newgen collaborates with ASEAN Business Partners to broaden its presence in Southeast Asia

ByYasmeeta Oon

May 23, 2024
Newgen collaborates with ASEAN Business Partners to broaden its presence in Southeast Asia

Newgen collaborates with ASEAN Business Partners to broaden its presence in Southeast Asia

Newgen Software has announced a strategic partnership with ASEAN Business Partners (ABP), marking a significant step towards enhancing the digital banking landscape across Southeast Asia. This collaboration focuses on deploying advanced banking solutions to markets in Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

Through this partnership, Newgen aims to leverage ABP’s extensive local expertise to introduce its low-code platform across the region, targeting improvements in onboarding, lending, and trade finance. The platform, known as NewgenONE, is designed to unify operations across the front, middle, and back offices of banks, infuse intelligence into their operations, and achieve large-scale automation throughout thousands of bank-wide applications and processes.

The NewgenONE platform is set to bring a transformative change to the banking sector by enabling a seamless integration of various banking processes. This integration aims to enhance customer experiences, improve operational efficiency, and ensure regulatory compliance. By implementing NewgenONE, banks in Southeast Asia will be better positioned to handle the complexities of modern banking operations, driving significant improvements in their service delivery.

To provide a clearer picture of the potential impact of this partnership, here’s a breakdown of the key features and benefits of the NewgenONE platform:

Low-code platformAllows for rapid development and deployment of banking applications
Unified operationsIntegrates front, middle, and back office functions for seamless banking operations
Intelligent automationInfuses AI and machine learning to automate and optimize banking processes
Enhanced customer onboardingStreamlines the customer onboarding process, reducing time and improving user experience
Improved lending processesAutomates and optimizes lending workflows, enhancing efficiency and decision-making
Trade finance solutionsProvides comprehensive solutions for trade finance, simplifying complex transactions

Sumit Dutta, Founder and CEO of ASEAN Business Partners, expressed his enthusiasm about this collaboration. “I am delighted to announce the partnership between Newgen and ABP. We are committed to identifying and introducing the best of global technology into the fast-growing ASEAN market and are privileged to partner with a global IT pioneer to add value,” said Dutta.

Pramod Kumar, Head of Business – APAC at Newgen Software, also shared his positive outlook. “We’re excited by the potential for a positive change. NewgenONE platform is designed to be a game-changer for banking leaders and teaming up with ABP brings even more expertise to the table, and we’re excited to accelerate digital progress in the region,” he said.

The strategic partnership between Newgen Software and ABP is poised to bring numerous benefits to the Southeast Asian banking sector. The collaboration aims to:

  • Enhance Digital Capabilities: Introduce cutting-edge digital banking solutions to enhance the overall capabilities of banks.
  • Drive Innovation: Foster innovation in banking operations through the integration of advanced technologies.
  • Improve Customer Experience: Streamline and enhance the customer onboarding and service delivery processes.
  • Boost Operational Efficiency: Achieve higher levels of efficiency in banking operations through intelligent automation.
  • Ensure Regulatory Compliance: Help banks comply with local and international regulatory standards.

The banking sector in Southeast Asia is undergoing a rapid transformation, driven by the increasing adoption of digital technologies. The collaboration between Newgen and ABP is set to play a pivotal role in this transformation by providing banks with the tools and expertise needed to navigate the complexities of digital banking.

One of the key areas where this partnership is expected to make a significant impact is in customer onboarding. The NewgenONE platform’s advanced capabilities will streamline the onboarding process, reducing the time taken to onboard new customers and enhancing their overall experience. This is particularly important in a region where customer expectations are rapidly evolving, and banks need to stay ahead of the curve to remain competitive.

In addition to improving customer onboarding, the NewgenONE platform will also bring significant improvements to lending processes. By automating and optimizing lending workflows, banks will be able to process loan applications more efficiently, make better-informed lending decisions, and reduce the risk of default. This will not only benefit the banks but also provide customers with faster access to credit, supporting economic growth in the region.

Trade finance is another critical area where the partnership between Newgen and ABP is expected to bring significant benefits. The NewgenONE platform provides comprehensive solutions for trade finance, simplifying complex transactions and reducing the risk of errors. This will enable banks to offer better trade finance services to their customers, supporting international trade and economic development in Southeast Asia.

As the partnership between Newgen and ABP unfolds, there are high expectations for the positive impact it will have on the Southeast Asian banking sector. Both companies are committed to working closely together to ensure the successful deployment of the NewgenONE platform and to support banks in their digital transformation journey.

The collaboration is also expected to drive further innovation in the banking sector, with both companies continuously exploring new ways to leverage advanced technologies to improve banking operations. This includes the integration of artificial intelligence, machine learning, and other emerging technologies to enhance the capabilities of the NewgenONE platform.

Furthermore, the partnership is likely to have a positive ripple effect across the broader financial services industry in Southeast Asia. By setting a high standard for digital banking solutions, Newgen and ABP are paving the way for other financial institutions to follow suit, driving overall improvements in the industry’s digital capabilities.

In conclusion, the strategic partnership between Newgen Software and ASEAN Business Partners represents a significant milestone in the digital transformation of the Southeast Asian banking sector. By leveraging their combined expertise and advanced technologies, the two companies are well-positioned to drive innovation, improve operational efficiency, and enhance customer experiences in the region. As the partnership progresses, it will be exciting to see the positive changes and growth it brings to the banking industry in Southeast Asia.

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Featured Image courtesy of DALL-E by ChatGPT

Yasmeeta Oon

Just a girl trying to break into the world of journalism, constantly on the hunt for the next big story to share.

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