The importance of more efficient and service oriented IT system of financial institutions is getting higher as the financial market of Cambodia rapidly changes in terms of competition and complexity of products and services as well. Banks and other finacial institutions are rushing to provide more convenient services to customers, especially being armed with digital channels.
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Chokchey Finance PLC recently launched a significant project to establish new core banking system, based on the full-ranged system of Phnom Penh Commercial Bank (PPCBank). Last May, PPCBank successfully completed the development of “next generation” core banking system with its implementation partner – Mobile C&C – which is called “APSARA” banking system. It is the first case in Cambodia to develop bank’s own core banking system without relying on package vendor solution.
“APSARA” banking system is a crystall of efforts to combine advanced banking system technology of Korea and practical business requirement of commercial bank in Cambodia. Mobile C&C, having its business presense in Cambodia and Korea, has co-worked with PPCBank to build a stable, flexible, expandible and full automated core banking system.
Mr. Shin Chang Moo, president of PPCBank, told “One of mission of PPCBank is providing more easy and convenient banking service to the customers, which shall lead to improve financial inclustion of Cambodia. Digitalization, higher accessibility and timely response to the market demand are the key elements to achieve this goal, and APSARA system shall be the solid infra to move forward in this direction.”
Mr. Park Cheon Gil, CEO of Chokchey Finance PLC. also told “it is very meaningful to adopt the advanced banking system into Chokchey Finance. As a Microfinace Institution, Chokchey Finance has shown notable growth during last few years, and we expect to acquire the capability to jump up to another stage, namely, mobile-based business process by establishing new core banking system. It will provide more flexible and open IT infrastructure to support our speed-oriented business stratgegy.” The expected “Go-Live” date of new core banking sytem of Chokchey Finance will be middle of next January.
The new core banking system of Chokchey Finance shall be implemented by Mobile C&C based on APSARA system, with customization for MFI requirements. Mr. Song Kil Mo, CEO of Mobile C&C Cambodia, told “APSARA system is already reflecting the market convention, specific features of products and services, and regulatroy standard of Cambodian banking industry. We will add more customization to meet the MFI specific requirements through Chokchey project. The same banking framework used in PPCBank shall be applied, which provide the capacity and capability to easily expand the business applicatiion and to build digital service channels.”