Polaris signs MoU With Sonali Bank Bangladesh

Polaris Software, a global Financial Technology Company,
and Sonali Bank, the largest Nationalized Commercial Bank in Bangladesh and
Bangladesh Commerce Bank (BCBL) announced that they have selected Intellect
Core Banking Solution (CBS) to replace their existing solutions.

To this effect the companies signed a MoU to form a Joint
Venture Company Sonali Polaris Financial Technology Ltd (SPFTL) where Polaris
will hold a 51percent 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 and expansion
strategies, and both banks chose a unique model of creating a Financial
Technology company with Polaris to service their requirements.

“Sonali Polaris FT Ltd., will herald a new beginning
in the Banking Technology segment of Bangladesh,” said Md Humayun Kabir,
managing director and CEO, Sonali Bank.

Owing to Polaris’ hands-on experience in implementing
Financial Technology solutions in both mature and 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,” Kabir added.  

“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,” said Arun Jain,
chairman and CEO, Polaris Software.

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,” Arun added.

By Telecomlead.com Team
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