Bank of Mongolia, the country’s central bank, has collaborated with Indian software firm Intellect Design Arena to support its digital transformation efforts.

These efforts are part of the payment system modernisation project financed by the Asian Development Bank.

The central bank has opted for the vendor’s Quantum Central Banking Solution.

Intellect Design Arena president of global sales, consumer and central banking, treasury, wealth solutions and eGov K Srinivasan said: “Quantum Central Banking Solution comes with a Real-Time Enterprise GL to fuel executive decision making, risk management and operational control in real-time.”

The Central Banking Solution incorporates a range of modules.

Among these are enterprise general ledger, banking services, government services, monetary policies, credits and collateral management, currency life cycle management, trade finance, bullion management, reserve management, and budget management.

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Bank of Mongolia Governor Bayartsaikhan Nadmid said: “Upgrading the Central Bank’s Core banking system is a big step toward the transformation of the national economy.

“As the result of the tender process, we selected the Intellect Quantum Central Banking Solution for Intellect’s experience in implementing core banking systems in Central Banks across the world, and its comprehensive range of banking operations and services to meet Bank of Mongolia’s the requirements.”

This February, Emirates NBD turned to Intellect Design Arena to modernise its transaction banking business.