Oracle Financial Services Software, a majority-owned subsidiary of Oracle, has announced that National Bank of Cambodia (NBC) has selected Oracle FLEXCUBE as the banking platform for its operations.
It has reported that Oracle FLEXCUBE Core Banking helps banks to overcome the challenges of the industry. In addition, the solution complies with Basel II and Anti-Money Laundering provisions of the US Bank Secrecy Act through a secure data management system, which can also integrate with third-party solutions.
It says that Oracle FLEXCUBE will help to automate NBS’s current processes for operations across deposits, loans, foreign exchange, money markets, securities, funds transfer and asset management. This will enable NBC to take advantage of Oracle FLEXCUBE’s transaction-processing capabilities and process framework to help standardize operations and incorporate industry practices into the bank.
Thai Saphear, Head of the Governor’s Office, National Bank of Cambodia, said: “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.”
Srinivasan, Chief Operating Officer and Vice President, Sales, Asia Pacific, Oracle Financial Services Software, said: “National Bank of Cambodia’s efforts to modernize the banking industry in the country is extremely important. 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.”
