lending) front-to-back office. CCSB, a subsidiary of the Chief Holdings group based in Hong Kong, offers loans to the country’s farmers but it had plans to become a full service commercial bank focusing on corporate loans and microfinance. The selection process spanned around two months.


There was no formal RFI/RFP, said Angkearith, and instead the bank took a recommendation for Polaris from its parent company, followed by detailed product walkthroughs. CCSB was looking for a solution which met the local government and central bank requirements. It also sought a vendor with a ‘good implementation track-record in the region’ and a solution which was ‘capable of supporting the bank in its future expansion’, he commented. CCSB signed for Intellect in September 2013 with a number of modules including for lending, trade finance, treasury, internet banking, integration and securities. Angkearith concluded: ‘Looking at how fast this implementation process was, I would not say it is hard to deploy a core banking solution in Cambodia. For CCSB, it was of particular ease because we did not have any legacy systems to migrate from.’ Another 2013 win was at an additional Bangladeshi bank, Rupali Bank, a large state-owned universal player which took Intellect core banking across its 517 branches. ‘All the private banks have automated with centralised, online core banking solutions. The nationalised banks lag behind, but Rupali Bank is now taking action to go for automation,’ said Debasish Chakrabarty, general manager of IT at Rupali Bank. In place at many Rupali branches was a decentralised system known as the Infinity Banking Solution, from a local firm called Infinity Technology International. Polaris was selected in October 2013, at least two years


after the bank started looking for a new system. This was the third attempt after two earlier selection processes failed, with concerns from suppliers about the transparency of the process. ‘We have to follow public procurement rules which private banks are not obligated to follow. That’s why the first two tenders fell through,’ said Chakrabarty. The bank considered factors including functionality, flexibility, security, operational performance, total cost of ownership, local market readiness and customer references. Involved in the selection process were individuals from the IT and operational sides of the bank, plus an external consultant. Eleven core system suppliers had initially shown an interest


by purchasing the tender schedule. Polaris was chosen ahead of Temenos at the shortlist stage. Polaris scored higher on the technical evaluation, said Chakrabarty, but also customer references counted against Temenos. Agrani Bank, another state-owned commercial bank, took Temenos’ T24 in 2008


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and was yet to finish the project. ‘We talked to users of the two systems before selecting Polaris,’ Chakrabarty stated. In terms of local market readiness, Polaris had it joint venture in the country with Sonali Bank to manage its projects. Rupali wanted Intellect to be rolled out in two years. The


project plan was for a first phase of 20 branches, one of the bank’s nine divisional offices and 16 ATM booths live in six months. A second phase would be for a further 90 branches, along with another divisional office and a few more ATMs, and a third phase would see the roll-out extend to the rest. The Islamic functionality was sourced from a local core banking supplier, Millennium Information Solution, although ‘Polaris will be responsible for this’. There were also in 2013 new-name wins for Intellect in Sri Lanka, at Central Finance, to cover savings, and one in Indonesia. This was aside from a number of domestic low- end Indian wins (42-branch Palakkad District Cooperative Bank, for instance, went live in early 2014). The company also announced something called the 8012 FT Design Center, touted as a collaborative development facility. The following year, the vendor made progress with its


treasury offering, notching two new-name wins in India and one in Sri Lanka. Also, Sweden’s central bank, Sveriges Riksbank, signed with the vendor to implement its Intellect Quantum Collateral Management System (QCMS). One long-running project neared completion in 2014. This was


at the aforementioned Vietnam Bank for Social Policies (VBSP). By September 2014, the main core implementation was complete, with Intellect now in production across VBSP’s 692-branch network and 16 million accounts, but there was still some work to do before the project was completed entirely, said Hoang Minh Te, deputy CEO and CIO at the bank. He expected that the finishing touches would be finalised in the next month or so. The project at VBSP dated back to 2010, when the bank


received approval from the State Bank of Vietnam to replace its legacy core system, Smartbank, from local supplier, FPT Information System (FPT was the contracted supplier for the State Bank’s core T24 roll-out, by the way). ‘The system that we had was very basic. We are a big bank in Vietnam, so we needed a core banking system that is similar to those being used by other commercial banks in the market,’ said Te. VBSP conducted a full selection process with a range of suppliers, including Temenos, with help from a third party contractor. ‘There were three main elements for selecting the core system. The system had to cover all of the business requirements, at the best price and the shortest time for implementation,’ recalled Te. ‘All of the vendors had the same functionality and business features,’ but Polaris scored best


Universal Banking Systems Market Report | www.ibsintelligence.com


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