Oracle Financial Services Software, a majority owned subsidiary of Oracle, today announced that PRASAC Microfinance Institution (PRASAC) has completed its roll out to 79 branches for its technology transformation with Oracle FLEXCUBE as its core banking solution.
PRASAC has transformed itself from a credit component of a European Union project to a leading microfinance institution in Cambodia and is today among the best ranked microfinance institutions in the world.
PRASAC is now strengthening its operations and processes to take on a larger role in the country’s financial development by providing innovative financial services to rural communities and microenterprises. The company has also received a deposit-taking license from the regulator, National Bank of Cambodia, in September 2010 and is now a Microfinance Deposit Taking Institution (MDI). PRASAC is preparing to launch new services by training employees and applying for processing permits at all branch networks, which are expected to be granted by next quarter.
Oracle FLEXCUBE has centralized PRASAC’s operational offices in all provinces and cities in Cambodia, enabling the institution to view and manage its operations centrally. With Oracle FLEXCUBE, PRASAC has provided online banking to its customers across branch networks, and its product teams accommodated new business requirements quickly.