Bank of Mongolia picks Intellect’s Central Banking Solution
Bank of Mongolia in tech revamp with Intellect Design Arena
Intellect Design Arena has been chosen to drive Bank of Mongolia’s digital transformation, reports Jane Connolly.
In partnership with IT Zone LLC, India-based Intellect’s Quantum Central Banking Solution will be implemented at Mongolia’s central bank to accelerate its digital agenda, the vendor says.
The new solution will support Bank of Mongolia’s initiatives under the Payment System Modernisation project funded by Asian Development Bank (ADB).
Intellect claims that its central banking solution is the world’s most comprehensive and robust – it is already used by central banks such as those of Sweden, Armenia, Indonesia, Ethiopia and India.
“Upgrading the central bank’s core banking system is a big step towards the transformation of the national economy,” says Bayartsaikhan Nadmid, honourable governor of Bank of Mongolia.
“As the result of the tender process, we selected the Intellect Quantum Central Banking Solution for Intellect’s experience in implementing core banking systems in central banks across the world, and its comprehensive range of banking operations and services to meet Bank of Mongolia’s requirements.”
K Srinivasan, president, APAC, South Asia, Middle East and Africa, Intellect Design Arena, says “winning a central bank engagement is a special feeling”.
He adds: “We are uniquely positioned with a contemporary technical architecture to reduce the complexity in such a large-scale transformation. Quantum Central Banking Solution comes with a real-time enterprise general ledger (GL) to fuel executive decision making, risk management and operational control in real-time.”
The solution’s integrated functional modules include enterprise general ledger, banking services, government services, monetary policies, credits and collateral management, currency life cycle management and many more.
IT Zone contributes a modern human resources management system (HRMS) solution.
