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International Finance Investment and Commercial Bank (IFIC), moving from Equation (which it has run since mid- 2000s) to Bankfusion Equation. The activity in Bangladesh in 2014 was mainly around


implementations, with no additional selections in 2015 as well.


Cambodia


Activity in Cambodia peaked at six in 2009, seemingly inspired by regulations, but saw just single deals in 2010 and 2012, with three in 2011, back up to three in 2013 and one in 2014. The falling away in 2010/11 might well have been linked to a much tougher environment for the banks after a number of years of rapid but unsustainable growth. This is a country of considerable strength for Oracle FSS. In 2009 it had picked up two deals, at National Bank of Cambodia and Prasac Microfinance Institution, following on from a 2008 win at Advanced Bank of Asia. The latter went


live with Flexcube in the first half of 2009, which


presumably helped Oracle FSS’s cause. In 2010, Oracle FSS added Maruhan Japan Bank (which rather suggested that this bank’s selection the previous year of Neptune’s Rubikon did not go ahead).i 2011 brought further openings for Oracle FSS (Hattha


Kaksekar and Sathapana). Hattha Kaksekar is one of Cambodia’s


largest MFIs, with around 100 branches


and over 1000 staff. Oracle FSS also had the only win in Cambodia in 2012, at Vattanac Bank. This was to replace the system of regional supplier, FPT Information System, which has around 20 Smartbank customers in the country. The supplier added Kredit Microfinance in 2013, but Polaris and Temenos also gained deals. Oracle was the sole winner in 2014, with a start-up, Khmer Specialized Bank, heading its way.


Another supplier to previously gain a look in has been


Infopro (at new entrant, Hwang DBS Commercial Bank, in 2009). Infopro’s other Cambodian customer is Maybank. Temenos’s tally in recent years includes Bank for Investment and Development Cambodia (BIDC) in 2009, followed in 2011 by Amret Microfinance. The latter is another large player, with 110+ branches; the central system went live in October 2012, followed by the roll-out to the branch network, with the somewhat delayed completion set for the end of 2013. According to the Association of Banks in Cambodia, the


market is made up of 30+ commercial banks of which 22 are local incorporated and the rest are foreign bank operations (the latter have been increasing, with Taiwan Cooperative Bank and Hong Leong Bank arrivals in 2013), seven specialist banks including one state-owned bank, 32 MFIs, of which seven are eligible to collect customer deposits


(GIZ’s 198


MBWin is widely used here), and 29 NGOs involved in rural credit activities. At the end of 2011, the four largest banks accounted for 70 per cent of deposits and loans. These are Acleda Bank (a long-standing customer of Temenos), ANZ Royal, Cambodia Public Bank (Campu) and Canadia Bank (another taker of Temenos’ T24, signing in 2006). Temenos won 1 more deal in 2015, for T24 . Apart from this Misys opened an account in Cambodia with a sale to small size bank.


India The Indian market


has seen


almost wall- to-wall core


system replacements among the biggest banks in the last decade or so, followed by considerable activity in the mid and lower tiers. The vast majority of the high-end deals have gone to the traditional Indian heavyweight suppliers, with other domestic suppliers entering the fray for the smaller deals. It is arguable that there has not been another country that has seen comparable activity. For outside vendors, the pickings have been few, despite the fact that they often have considerable development resources in the country. There have been a few selections of treasury and capital market systems, while the few Indian banks that have not gone for Indian suppliers for core banking have mostly had bad experiences and have ultimately headed this way as well in the end. The high-end


Indian deals were prompted by


heightened competition in the market as a result of the arrival of a number of new banks. The entrants turned to packages and this in turn forced the lumbering, typically decentralised existing banks to do so as well, from State Bank of India downwards. Infosys won the largest slice of the market, followed by TCS and I-flex/Oracle FSS. The resultant projects have been rolling on ever since, with some more successful than others. One or two of the high-end Indian projects failed and


have seen the banks opt for different systems. Punjab & Sind Bank actually selected three core banking systems, the latest being Infosys’ Finacle, in 2010. In 2006, the bank, with almost 1000 branches, had originally gone for Symbols from System Access (now owned by Sungard) but gave up. It then opted for Oracle FSS’s Flexcube as an alternative route, with Satyam as the integrator, but a new tender was then issued and this time the contract went Wipro’s way. The ten-year deal, worth nearly $22 million, saw Wipro implementing and supporting Finacle. Although low-end, Equitas Micro Finance India signing in 2009 for Temenos’ T24 was notable as it was the first ever incursion for this supplier in India (despite a large Indian support operation). This was followed by an off-the-record


Market Dynamics Report www.ibsintelligence.com


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