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 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."