Oracle Financial Services Software, a majority owned subsidiary of Oracle, today announced that Prasac Microfinance Institution (Prasac) has completed its roll out to 79 branches for its technology transformation with Oracle Flexcube as its core banking solution.
PRASAC has transformed itself from a credit component of a European Union project to a leading microfinance institution in Cambodia, among the best ranked microfinance institutions in the world. With a permanent license to operate in Cambodia, PRASAC is now strengthening its operations and processes to take a larger role in the country's financial development by providing innovative financial services to rural communities and microenterprises.
PRASAC has also received a deposit-taking license from the regulator, National Bank of Cambodia, in September 2010 and is now a Microfinance Deposit Taking Institution (MDI). PRASAC is preparing to launch new services by training employees and applying for processing permits at all branch networks, which are expected to be granted by next quarter.
With Oracle FLEXCUBE as the core banking platform, PRASAC has launched 79 branches online in Cambodia with more in progress. PRASAC has achieved its goals of becoming the largest microfinance institution in Cambodia and providing financial assistance to entrepreneurs and small-scale industries.
With Oracle FLEXCUBE, PRASAC has significantly expanded its loan product portfolio and plans to launch savings and deposit products and foreign currency loans soon.
Oracle FLEXCUBE has centralized PRASAC's operational offices in all provinces and cities in Cambodia, enabling the institution to view and manage its operations centrally. With Oracle FLEXCUBE, PRASAC has provided online banking to its customers across branch networks, and its product teams accommodated new business requirements quickly.
Interflex, the local partner for Oracle Financial Services Software, played a key role in securing the engagement and assisting in the rollout.
"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. With Oracle FLEXCUBE, PRASAC will be able to acquire more customers, improve efficiency and take deposits in addition to its current loan portfolio to meet its ambitious plans," said Sanjay Deshpande, Vice President, Customer Fulfillment, Oracle Financial Services Software pte Ltd.
"PRASAC was an early adopter of Oracle FLEXCUBE in Cambodia; we made our choice at the same time as National Bank of Cambodia. Oracle FLEXCUBE is enabling us to expand our product offerings very quickly, helping us add new customers and services as we transform ourselves. Oracle FLEXCUBE has the capability to effectively support microfinance institution requirements such as enabling small value transactions, managing multiple interest rates and group lending," said Sim Senacheert, President and CEO, PRASAC