National Bank of Cambodia deploys Oracle soln

BANGALORE, INDIA: Oracle Financial Services Software, a majority-owned subsidiary of Oracle, announced today that National Bank of Cambodia has selected Oracle FLEXCUBE as the banking platform for its operations.

As the regulator, National Bank of Cambodia plays an important role in the design and implementation of the financial sector development program for the Kingdom of Cambodia.

The implementation of a new, integrated core banking system is viewed as a critical component of the development program and has the ongoing support of the Asian Development Bank, said a press release.

“We see technology as a key enabler in the modernization of our financial system and are taking steps to deploy a core banking system that provides a platform for effectively and efficiently managing growth,” said Thai Saphear, Head of the Governor’s Office, National Bank of Cambodia.

He added that in Oracle FLEXCUBE, we have found a solution with the comprehensive functionality we require as a central bank.

Oracle FLEXCUBE would help automate National Bank of Cambodia’s current processes for operations across deposits, loans, foreign exchange, money markets, securities, funds transfer and asset management.

The company would enable National Bank of Cambodia to take advantage of transaction-processing capabilities and process framework to help standardize operations and incorporate industry best practices into the bank.

The project includes two local partners, interFlex Co. Ltd and Neeka Ltd, said the release.

interFlex will provide National Bank of Cambodia with environmental software and implementation services for the core banking implementation. Neeka, part of the Thakral Group of Companies, would provide the hardware infrastructure and support services for the project.

“National Bank of Cambodia’s efforts to modernize the banking industry in the country are extremely important,” said A. Srinivasan, chief operating officer and vice president, Sales, Asia Pacific, Oracle Financial Services Software.

He added that they are confident that National Bank of Cambodia’s selection of Oracle FLEXCUBE would play an important role in ensuring that Cambodia is prepared for an era of growth and expansion.