State Bank of Mauritius gets Miles ahead for wealthtech
The State Bank of Mauritius (SBM) has chosen Miles Software’s technology platform MoneyWare for wealth management and banking options.
Mauritius
According to Miles, MoneyWare will offer private wealth, custody, valuation and accounting, registrar services, asset management and portfolio management for brokerage clients.
Samir Khare, SBM’s CIO, says: “We are confident that the MoneyWare suite, some of the modules we have already implemented and are live, will enable SBM to offer products and services to its customers and a better banking experience.”
For its main core banking system, SBM uses Finacle from Infosys.
SBM Group is an investment holding company listed on the Stock Exchange of Mauritius. It has a market capitalisation of MUR 23.4 billion ($672 million) as at 30 April 2018.
SBM is engaged in banking, non-banking financial services as well as non-financial investments. The group is present in Mauritius, Kenya, India and Madagascar.
Last year, and in a separate deal, SBM and SALT, creator of a blockchain-backed loan platform, entered into an exploratory relationship to use blockchain assets as collateral for lending services.
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