Polaris Financial Technology Sets its Footprint in the Emerging Nepalese Financial Market

CHENNAI, India and KATMANDU, Nepal, December 8, 2011 /PRNewswire/ --

 

Polaris Financial Technology Ltd. (POLS.BO), a leading global Financial Technology Company and Swift Technology, a leading technology consulting firm in Nepal, today announced that Social Development Bank (SDB), a national level development bank in Nepal, has gone live with Polaris' Intellect^[TM] Core Banking Solution (CBS). Intellect CBS is a comprehensive core-banking product with multi-currency, multi-branch and multi-banking capabilities which will transform SDB's banking technology platform enabling it to deliver modern banking services, gaining market share and expanding its reach.

The Banking industry in Nepal is seeing heightened activity on both commercial and development banking side.  This heightened activity along with spurt in number of banks has led to increased competition and fight for market share. In this scenario, technology becomes an important consideration for banks to realize their growth plans of increasing customer base. Polaris' entry is 'Just in Time' to leverage this opportunity and set up a partnership business model to present its cutting edge solutions to the emerging Nepalese market.

Intellect CBS will help banks in Nepal overcome the challenges of regulatory reporting, multi-channel banking (Internet, ATM and Mobile) and provide access to remote branches/areas. To cater to the larger Nepalese market, in addition to Intellect CBS, Polaris will also offer satellite solutions such as Anti Money Laundering (ATM) and Cheque Truncation System (CTS) in the country.

Amir Dhoj Pradhan, CEO, Social Development Bank (SDB), said, "SDB was incorporated with the objective of providing modern banking services with a social focus and we are happy to leverage the vast experience of Polaris, its distinctive edge in the financial technology domain and its long standing performance benchmarks in our growth journey."

K Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd., said, "Our entry into the banking industry in Nepal will boost Polaris' market awareness and its strong product suite in the region. We are extremely happy going live at Social Development Bank as it formalizes Polaris' foray into Nepal. Intellect CBS will support the future growth plans of SDB in meeting the evolving customer expectations and attaining the desired broad based growth. Intellect CBS is increasingly becoming popular among emerging markets after recent successes in Bangladesh and Sri Lanka."

For more info, contact: Dwaipayan Deb (+91-99625-36442; dwaipayan.d@polarisFT.com)

SOURCE Polaris Financial Technology Ltd