A joint venture company by Intellect Design Arena Ltd, a leading global fintech group and Sonali Bank Ltd, the largest state owned & leading commercial bank, Bangladesh, with an aim to deliver state-of-the-art fintech solutions for Bangladesh market
CHENNAI, INDIA, November 30, 2018 /24-7PressRelease/ — Sonali Polaris FT Limited (SPFTL) today announces its corporate name change to Sonali Intellect Limited, a joint venture with majority share holding by Intellect Design Arena Limited. Sonali Intellect Limited is the only MNC vendor in the BFSI space that has a local development center in Bangladesh that brings the state-of-the-art financial technology to Bangladesh market. Intellect CBS has been made Bangladesh ready completely through its local development and support center.
Intellect Core Banking Solution is a leading digital banking technology product based on high end Design Thinking. The product has been completely designed around ”Customer in the Center” paradigm. What this translates to is Banks can now offer highly personalised products and experiences. Products can be very easily customised or bundled with quicker time-to-market, along with relationship-pricing capability.
Powered by Intellect, Sonali Bank Limited, the largest state owned leading commercial bank, Bangladesh has seen the successful roll-out of Intellect Core Banking Solution in all its 1212 branches becoming the largest automated bank in the market. The bank has outperformed the transaction processing performance setting a new benchmark in Bangladesh market, promising an extremely competitive total cost of ownership (TCO). 563 branches of Rupali Bank has been successfully migrated from disparate branch based banking systems and has been brought under one IntellectTM CBS central core platform.
Intellect CBS provides full business and functional coverage of the Bank’s requirement through one centralized solution, covering Retail, Corporate, Risk and Treasury with interfaces to all associated channels viz, BACH, BEFTN, RTGS, SMS, ATM, NPSB. IntellectTM CBS also provides all the regulatory reports mandated by Bangladesh bank completely through the Core platform.
Sarath Kumar, Chief Executive Officer, Sonali Intellect Limited, said: “At this important juncture of the corporate name change we also take pride in stating that Intellect CBS offers perhaps the most competitive Total Cost of Ownership compared to the solutions offered by other MNC CBS vendors. Our aim is to bring superior Financial Technology solutions through our rich product set of 15 and provide most cost effective services to the Financial Services industry in Bangladesh market. IntellectTM CBS fully complies with the guidelines published by Bangladesh Bank with respect to the features required in a Core Banking Solution.”
Mr. Banesh Prabhu, Chairman, Sonali Intellect Limited, said: “The name change is to reflect the current and future direction of the company. While the banking Industry in Bangladesh is going through a significant technological evolution, Sonali Intellect Limited has demonstrated the capability to deliver world class Banking products to support the rapid change taking place in Banking and Financial services markets globally. Sonali Intellect has declared dividend for the second consecutive year to all its share holders – 15% for the FY 2017-18 and 12.5% for the FY 2016-17.”
About Sonali Intellect Limited:
Sonali Intellect Limited, a financial technology solution provider, was incorporated as a joint venture company in 2012 by Intellect Design Arena Limited, a leading global financial technology group and Sonali Bank Limited to deliver high quality IT solutions. Sonali Intellect Limited provides cutting edge financial technology solutions to Banking, Financial Services and Insurance sectors in Bangladesh.
Intellect Design Arena Limited (IDAL) offers a plethora of product solutions to the global banking and financial services industry. These solutions address a wide banking scope area that includes Core Banking, Trade Finance, Treasury, Cash / Liquidity management, Supply Chain Finance, Cards Management, Brokerage, Wealth Management and so on. The key aspect is that each of the solutions and modules is enterprise ready which means that these can be deployed independently with or without Intellect CBS as the backend.
Sonali Intellect Limited has adapted the best practices around software product development, delivery and implementation from IDAL. It is also backed by IDAL’s global experience and world-class management practices. On the other hand, it has full-fledged development and support center in Bangladesh maintained by experienced local resources. These enable Sonali Intellect Limited to provide world-class solution and support services from its local development center to its customers in Bangladesh. The company is leading the modernization of the largest bank of Bangladesh- Sonali Bank Limited along with Rupali Bank Limited. Customer base of IDAL consists of 200+ Financial Institutions across the globe. (Reserve Bank of India, State Bank of India, HDFC Bank Limited, ICICI Bank, National Bank of Abu Dhabi, National Bank of Fujairah, Qatar National Bank, Bank of Ceylon, National Bank of Ethiopia, Central Bank of Lesotho, Bank of Bhutan Limited, Mashreq Bank, Exim Bank Tanzania and more).
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