Polaris Software Signs MoU With Sonali Bank, BCBL in Bangladesh to Form Financial Technology Company
Poster: SySAdmin
Posted on July 18, 2011 at 7:42:01 AM
Polaris Software Signs MoU With Sonali Bank, BCBL in Bangladesh to Form Financial Technology Company
DHAKA, Bangladesh and CHENNAI, India, July 18, 2011/PRNewswire-FirstCall/ --
Polaris Software (POLS.BO), a leading global Financial Technology
Company, Sonali Bank Ltd., the largest Nationalized Commercial Bank in
Bangladesh and Bangladesh Commerce Bank Ltd. (BCBL) today announced that
they have chosen Intellect[TM] Core Banking Solution (CBS) to replace their
existing solutions. To this effect the companies signed an MoU to form a
Joint Venture Company Sonali Polaris Financial Technology Ltd (SPFTL) where
Polaris will hold a 51% stake in the new company.
The end-to-end Intellect Core Banking Solution will allow the bank to
run a single application for all its different functions, thereby
facilitating easy operations for its customers.
As part of its transformational strategy, Sonali Bank wanted to
implement On-line Real Time Banking (ORTB) solutions in order to achieve
efficiency in operations and improve customer satisfaction by ensuring
better internal control and compliance. After extensive due diligence and
multiple deep dive sessions, Sonali Bank, lead member of the consortium,
chose Intellect CBS. BCBL too selected Intellect CBS to architect their
modernization & expansion strategies, and both banks chose a unique model of
creating a Financial Technology company with Polaris to service their
requirements.
Md Humayun Kabir, Managing Director & CEO, Sonali Bank, said, "Sonali
Polaris FT Ltd., will herald a new beginning in the Banking Technology
segment of Bangladesh. Owing to Polaris' hands-on experience in implementing
Financial Technology solutions in both mature & dynamic markets to emerging
markets globally, we chose Intellect CBS, a completely SOA based solution to
help modernize the bank. SPFTL will benefit the banking sector in Bangladesh
as it will give them an opportunity to adopt new banking technologies and
practices with an assured local support system."
Speaking on the occasion, Arun Jain, Chairman & CEO, Polaris Software,
said: "I admire the foresight of Sonali Bank and BCBL to set up such an
innovative business model, which will enable Polaris to present its cutting
edge solutions to the emerging Bangladesh market. This innovative
'Co-Creation Model' has helped us transcend the traditional vendor role
allowing us to effectively partner with local banks to offer highly
efficient and flexible products and services that will give our customers
the competitive edge in the FT space, and thereby drive their success in the
future."
For more info, contact:
Dwaipayan Deb: dwaipayan.d@polaris.co.in (+91-9962536442)
Source: Polaris Software Lab Ltd.
.
DHAKA, Bangladesh and CHENNAI, India, July 18, 2011/PRNewswire-FirstCall/ --
Polaris Software (POLS.BO), a leading global Financial Technology
Company, Sonali Bank Ltd., the largest Nationalized Commercial Bank in
Bangladesh and Bangladesh Commerce Bank Ltd. (BCBL) today announced that
they have chosen Intellect[TM] Core Banking Solution (CBS) to replace their
existing solutions. To this effect the companies signed an MoU to form a
Joint Venture Company Sonali Polaris Financial Technology Ltd (SPFTL) where
Polaris will hold a 51% stake in the new company.
The end-to-end Intellect Core Banking Solution will allow the bank to
run a single application for all its different functions, thereby
facilitating easy operations for its customers.
As part of its transformational strategy, Sonali Bank wanted to
implement On-line Real Time Banking (ORTB) solutions in order to achieve
efficiency in operations and improve customer satisfaction by ensuring
better internal control and compliance. After extensive due diligence and
multiple deep dive sessions, Sonali Bank, lead member of the consortium,
chose Intellect CBS. BCBL too selected Intellect CBS to architect their
modernization & expansion strategies, and both banks chose a unique model of
creating a Financial Technology company with Polaris to service their
requirements.
Md Humayun Kabir, Managing Director & CEO, Sonali Bank, said, "Sonali
Polaris FT Ltd., will herald a new beginning in the Banking Technology
segment of Bangladesh. Owing to Polaris' hands-on experience in implementing
Financial Technology solutions in both mature & dynamic markets to emerging
markets globally, we chose Intellect CBS, a completely SOA based solution to
help modernize the bank. SPFTL will benefit the banking sector in Bangladesh
as it will give them an opportunity to adopt new banking technologies and
practices with an assured local support system."
Speaking on the occasion, Arun Jain, Chairman & CEO, Polaris Software,
said: "I admire the foresight of Sonali Bank and BCBL to set up such an
innovative business model, which will enable Polaris to present its cutting
edge solutions to the emerging Bangladesh market. This innovative
'Co-Creation Model' has helped us transcend the traditional vendor role
allowing us to effectively partner with local banks to offer highly
efficient and flexible products and services that will give our customers
the competitive edge in the FT space, and thereby drive their success in the
future."
For more info, contact:
Dwaipayan Deb: dwaipayan.d@polaris.co.in (+91-9962536442)
Source: Polaris Software Lab Ltd.
.