Leading Microfinance Institution to Use Oracle FLEXCUBE to Support Transformation and Growth
Mumbai, India – June 30, 2009
Oracle Financial Services Software, a majority-owned subsidiary of Oracle, today announced that PRASAC Microfinance Institution (PRASAC) has selected Oracle® FLEXCUBE Universal Banking as its core banking solution.
PRASAC has transformed itself from a credit component of a European Union project to among the top ranked microfinance institutions in the world today.
With a permanent license to operate in Cambodia, PRASAC is now focused on strengthening its operations and processes to take on a larger role in the country’s financial development by providing financial services to rural communities and microenterprises.
Oracle FLEXCUBE is expected to help PRASAC view and manage its operations centrally. The institution currently has 95 offices in 17 provinces and cities across Cambodia.
With a fast-growing customer base, PRASAC has nearly 100,000 micro clients with $57 million USD worth of loans. The institution expects Oracle FLEXCUBE’s functionality to help it offer a more diverse range of products and services to its customers now and in the future.
“The financial services sector in Cambodia is growing rapidly and we believe that modernizing our core systems will enable PRASAC to build a competitive advantage and help us to better serve targeted customers across Cambodia,” said Ly Sopheaktra, Head of information Technology, PRASAC Microfinance Institution. “We expect that Oracle FLEXCUBE will meet our requirements and serve as a platform for future growth and diversification.”
“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,” said A. Srinivasan, Chief Operating Officer and Vice President, Sales, Asia Pacific, Oracle Financial Services Software. “We are confident that Oracle FLEXCUBE will help PRASAC renew and transform its operations for greater efficiency and growth.”
PRASAC is a licensed microfinance institution operating in Cambodia and is registered with the Ministry of Commerce as a private limited liability company. Its activities began as an offshoot of the PRASAC Credit Association (PCA), which was managed and funded by the European Union (EU). PCA was initially established in 1995 as a support program for the agricultural sector in Cambodia, covering 6 provinces around Phnom Penh.PRASAC MFI provides sustainable access to financial services for rural communities and micro-enterprises in Cambodia, through its headquarters and various provincial and district offices in the Kingdom of Cambodia. PRASAC obtained its first license from the National Bank of Cambodia to conduct business as a license micro-finance institution in the Kingdom of Cambodia.
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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