The National Bank of Cambodia, the central bank in charge of implementing the Kingdom of Cambodia's monetary policies, has gone live with Oracle Flexcube Universal Banking as its core banking platform.
The Central Bank had signed an agreement to implement Oracle FLEXCUBE in February 2009.
As the national banking regulator, the National Bank of Cambodia plays an important role in the design and implementation of the financial sector development program for the Kingdom of Cambodia.
National Bank of Cambodia's implementation of a new, integrated core banking system is a critical component of the development program and has the ongoing support of the Asian Development Bank.
Oracle FLEXCUBE will help automate the National Bank of Cambodia's business processes, including deposits, loans, foreign exchange, money markets, securities, funds transfer and asset management.
National Bank of Cambodia will also take advantage of Oracle FLEXCUBE's proven transaction-processing capabilities and process framework to help standardize operations and incorporate industry best practices across its operations.
Oracle partner interFlex Co. Ltd. provided the environmental software and implementation services for the core banking platform. Oracle partner Neeka Ltd., part of India's Thakral Group of Companies, provided hardware infrastructure and support services.
"We see technology as a key enabler in the modernization of our financial system. The deployment of a modern core banking system platform to help us effectively and efficiently manage growth is an important step toward this goal," said Thai Saphear, head of the governor's office, National Bank of Cambodia. "Oracle FLEXCUBE's comprehensive functionality and integrated technology set has provided us a platform that we can build on for future initiatives."
"The National Bank of Cambodia's roll-out of Oracle FLEXCUBE Universal Banking can help boost the country's efforts to modernize its banking industry," said Joseph John, Executive Vice President, Banking Products, Oracle Financial Software Limited. "Oracle's experience in supporting more than 400 banks in more than 125 countries means that we and our partners can help the National Bank of Cambodia adjust to dynamic customer expectations, adapt to demanding regulatory requirements, enable competitive differentiation, and manage cost-to-income ratios to prepare for growth and expansion."