Bank of Maldives (BML) has chosen Finastra Essence for an upgrade of its core banking systems, as part of its long-term digital transformation plans.
The move is set to support the bank’s efforts to bring new products and services to market more quickly as well as boost operational efficiency across its conventional and Islamic operations.
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According to the tech vendor, its platform will help BML simplify processes and enable straight-through processing.
The system is also intended to help relationship managers respond to changing customer requirements with new offerings, while maintaining support for both conventional and Islamic banking products.
Bank of Maldives CEO and managing director Mohamed Shareef said: “At Bank of Maldives, our strategy is anchored in continuous innovation and delivering lasting value to the customers and communities we serve.
“Our partnership with Finastra Essence represents a pivotal step in our digital transformation journey providing the agile, future-ready foundation we need to accelerate innovation, drive operational excellence, and expand our ability to deliver world-class financial services to customers nationwide.”
A host of factors such as Finastra Essence’s functionality, underlying technology, and adaptability determined BML’s selection of the platform, noted the tech provider.
Finastra Universal Banking EVP Siobhan Byron said: “Bank of Maldives is a cornerstone institution in the country’s financial sector, and we are delighted to support its modernisation journey.
“The selection of Finastra Essence reflects the strength of our open, flexible core banking platform and our ability to help financial institutions innovate at pace, while maintaining resilience and operational excellence. We look forward to helping the bank achieve its ambitious growth and transformation objectives.”
Last month, Pollen Street Capital agreed to buy Universal Banking, Finastra’s global core banking software business.
That division supplies technology for account and deposit administration, payments, lending and treasury activities for retail, commercial and corporate banks. Universal Banking has more than 150 clients across over 100 countries.
