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FinanceBank of Maldives selects Finastra Essence to upgrade core banking systems
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Bank of Maldives (BML) has selected Finastra Essence to upgrade its core banking systems as part of its long-term digital transformation strategy. The move aims to accelerate the launch of new products and services, improve operational efficiency, and support both conventional and Islamic banking operations. Finastra's platform will simplify processes and enable straight-through processing, helping relationship managers respond to changing customer needs. BML CEO Mohamed Shareef called the partnership a pivotal step in the bank's digital transformation journey, providing an agile, future-ready foundation. Finastra Universal Banking EVP Siobhan Byron highlighted the strength of the open, flexible platform. The announcement follows Pollen Street Capital's agreement to acquire Finastra's Universal Banking business, which serves over 150 clients across more than 100 countries.
Source report
By: Vidhya Edwards Munnangi
Bank of Maldives (BML) has selected Finastra Essence to upgrade its core banking systems as part of its long-term digital transformation strategy.
The move is designed to help the bank bring new products and services to market more quickly, while also improving operational efficiency across both its conventional and Islamic banking operations.
According to Finastra, its platform will enable BML to simplify processes and support straight-through processing. The system will also help relationship managers respond to evolving customer needs with new offerings, while maintaining support for both conventional and Islamic banking products.
Mohamed Shareef, CEO and Managing Director of Bank of Maldives, 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."
Finastra noted that BML’s selection of the platform was driven by factors including Essence’s functionality, underlying technology, and adaptability.
Siobhan Byron, EVP of Universal Banking at Finastra, 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."
Related Development
Last month, Pollen Street Capital agreed to acquire Universal Banking, Finastra’s global core banking software business. The division provides technology for account and deposit administration, payments, lending, and treasury activities for retail, commercial, and corporate banks. Universal Banking serves more than 150 clients across over 100 countries.
This article was originally created and published by Retail Banker International, a GlobalData owned brand.
Source
Yahoo FinanceNeutral / independent
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Bank of Maldives taps Finastra to upgrade core systems