The Vietnam Bank for Social Policies (VBSP), a government owned bank taking the lead in policy and microfinance has gone live with Polaris' Intellect Core Banking Solution (CBS) in all its 692 branches spread across Vietnam. VBSP chose Polaris Financial Technology, a leader in products, solutions and services that enable unprecedented operational productivity for the global Financial Services industry, to implement its core banking, lending and offline solutions, enabling them to handle traditional banking products in an integrated and efficient manner.
The solution allows the bank to efficiently evaluate the success of various socio-policy lending programs. Intellect's CBS has been deployed in a centralized data centre in Vietnam and can be accessed by all the 692 branches across the country. The solution with shared infrastructure costs will reduce the total cost of ownership significantly. The Intellect's Offline system allows the bank to support operations in around 11,000 transaction points and the solution enables the seamless management of over 16 million accounts.
Commenting on this initiative, Duong Quyet Thang, general director, Vietnam Bank for Social Policies said, ''As the chief tool of the Vietnamese Government to fight against poverty and to enable financial inclusion of the poor and policy beneficiaries, we required a centralized, robust and scalable solution that will enable us to promote policy and microfinance in Vietnam. Polaris' Intellect solution now helps us in our transformation towards effective operations and financial self sustainability. The rollout of the new integrated Core Banking platform has created the technological framework to cater to all requirements of VBSP and support our ambitious plans to diversify and expand operations in the future.''
Commenting on the successful implementation, Jaideep Billa, CEO, Global Universal Banking, Polaris Financial Technology said, ''We are extremely happy that VBSP, a government owned bank taking the lead in policy and microfinance has gone live with Polaris' Core Banking Solution across all branches in the country. Polaris' highly scalable solution has paved the way for VBSP to not only improve their operational efficiency in bank-specific requirements that very unique, but also support all its requirements of a modern commercial bank. Our Intellect solution is a seamlessly integrated platform covering Core Banking and Lending that manage banking operations with ease and comfort. Polaris' solution and central deployment will provide VBSP the flexibility required to support commitment to the people of Vietnam and its aggressive growth plans.''
Shares of the company declined Rs 1.20, or 0.58%, to trade at Rs 205.30. The total volume of shares traded was 134,959 at the BSE (12.39 p.m., Friday).
