National Bank of Cambodia Selects Oracle® FLEXCUBE as Banking Platform
Regulator Opts to Implement New Core Banking System to Support the Country’s Financial System and Help Meet Current Economic Challenges
Mumbai, India – June 30, 2009
Oracle Financial Services Software, a majority-owned subsidiary of Oracle, announced today that National Bank of Cambodia has selected Oracle® FLEXCUBE as the banking platform for its operations.
As the regulator, 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 viewed as a critical component of the development program and has the ongoing support of the Asian Development Bank.
Oracle FLEXCUBE will help automate National Bank of Cambodia’s current processes for operations across deposits, loans, foreign exchange, money markets, securities, funds transfer and asset management.
As a leading provider of banking applications to global financial institutions, Oracle will enable National Bank of Cambodia to take advantage of Oracle FLEXCUBE’s proven transaction-processing capabilities and process framework to help standardize operations and incorporate industry best practices into the bank.
The project includes two local partners, interFlex Co. Ltd and Neeka Ltd. interFlex will provide National Bank of Cambodia with environmental software and implementation services for the core banking implementation. Neeka, part of the Thakral Group of Companies, will provide the hardware infrastructure and support services for the project.
“We see technology as a key enabler in the modernization of our financial system and are taking steps to deploy a core banking system that provides a platform for effectively and efficiently managing growth,” said Mr. Thai Saphear, Head of the Governor’s Office, National Bank of Cambodia. “In Oracle FLEXCUBE, we have found a solution with the comprehensive functionality we require as a central bank. The overall solution offered an integrated technology set that we expect will enable a straightforward implementation and a platform that we can build on for future initiatives. We are also pleased to be able to use local partners, Interflex and Neeka, in combination with our strategic relationship with Oracle Financial Services Software.”
“National Bank of Cambodia’s efforts to modernize the banking industry in the country are extremely important,” said A. Srinivasan, Chief Operating Officer and Vice President, Sales, Asia Pacific, Oracle Financial Services Software. “We are confident that National Bank of Cambodia’s selection of Oracle FLEXCUBE will play an important role in ensuring that Cambodia is prepared for an era of growth and expansion.”
The National Bank of Cambodia’s (NBC), vision is to support the economic development of Cambodia by creating and sustaining a financial system that incorporates global models of regulation, risk and supervision. For more information visit www.nbc.org.kh
About Oracle Financial Services Software Limited
Oracle Financial Services Software Limited (referred to as "Oracle Financial Services Software") (Reuters: ORCL.BO & ORCL.NS) is a majority owned subsidiary of Oracle. Oracle Corporation [NASDAQ: ORCL] is the world's largest business software company. For more information, visit www.oracle.com/financialservices.
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