Cambodian microfinance firm to implement Oracle Flexcube
01 July 2009 | 1629 views | 0
Oracle Financial Services Software, a majority-owned subsidiary of Oracle, today announced that PRASAC Microfinance Institution (PRASAC) has selected Oracle® FLEXCUBE Universal Banking as its core banking solution.
PRASAC has transformed itself from a credit component of a European Union project to among the top ranked microfinance institutions in the world today.
With a permanent license to operate in Cambodia, PRASAC is now focused on strengthening its operations and processes to take on a larger role in the country's financial development by providing financial services to rural communities and microenterprises.
Oracle FLEXCUBE is expected to help PRASAC view and manage its operations centrally. The institution currently has 95 offices in 17 provinces and cities across Cambodia.
With a fast-growing customer base, PRASAC has nearly 100,000 micro clients with $57 million USD worth of loans. The institution expects Oracle FLEXCUBE's functionality to help it offer a more diverse range of products and services to its customers now and in the future.
"The financial services sector in Cambodia is growing rapidly and we believe that modernizing our core systems will enable PRASAC to build a competitive advantage and help us to better serve targeted customers across Cambodia," said Ly Sopheaktra, Head of information Technology, PRASAC Microfinance Institution. "We expect that Oracle FLEXCUBE will meet our requirements and serve as a platform for future growth and diversification."
"As the leading microfinance institution in Cambodia, PRASAC is playing an important role in providing financial services to rural, mid-sized businesses while also developing them into long-term customers," said A. Srinivasan, Chief Operating Officer and Vice President, Sales, Asia Pacific, Oracle Financial Services Software. "We are confident that Oracle FLEXCUBE will help PRASAC renew and transform its operations for greater efficiency and growth."