Phnom Penh – February 1, 2024: KB PRASAC Bank Plc., Cambodia’s new commercial bank that was formed with the merger of Kookmin Bank Cambodia Plc. and PRASAC MFI, has deployed its core banking system by adopting the latest version of Oracle FLEXCUBE 14.7. KB PRASAC Bank becomes the first commercial bank that has the newest version of in Cambodia. This strategic move underscores the bank’s commitment to modernization, enabling it to provide a comprehensive suite of banking services and products with enhanced efficiency, accuracy, and security.
The Upgrading of Oracle FLEXCUBE helps empower KB PRASAC Bank with a full range of banking modules, paving the way for creating innovative products and services. The adoption of automation and paperless solutions, including digitalization of its systems such as Mobile app, Merchant app, Corporate Internet Banking, Loan Supporting System (LSS), Internal Control System and Anti-Money Laundering (AML) integration, enables increased productivity and heightened security measures.
An Officer of KB PRASAC Bank, expressed his satisfaction with the core banking, digital banking modernization, and other supporting systems. He remarked, “This technological leap enables us to serve diverse client segments more effectively. We are excited about the potential to expand our service offerings and elevate our capabilities as a full-fledged commercial bank.”
He continued that KB PRASAC Bank is poised to become Cambodia’s digital bank, committed to offering cutting-edge digital solutions to the people. The upgraded core banking system aligns with this vision, allows the bank to provide a better digital banking systems. In conjunction with the core banking system upgrade, KB PRASAC Bank has launched three innovative mobile apps catering to different client segments:
- KB PRASAC Mobile: a mobile banking app designed for general users, offering seamless and secure access to banking services.
- KB PRASAC Merchant: a mobile Point-of-Sale (mPOS) app for businesses and merchants, facilitating convenient and secure payment acceptance.
- KB PRASAC Corporate Banking : tailored for business and corporate clients, this app provides advanced financial management capabilities.
Mr. Byoung-Joon Choi, LG CNS Project Manager, said that we are proud to be a System Integrator company in helping KB PRASAC Bank to implement the IT and Digital system integration project for the merger of Kookmin Bank Cambodia Plc. and PRASAC MFI. KB PRASAC Bank has maintained its strengths while actively introducing new IT technologies to become competitive as a commercial bank. The use of the latest version of Oracle Flexcube, a new Digital Banking and Loan Support System will strengthen sales competitiveness of the bank.
He added that the KB PRASAC has strengthened mobile app, enhanced mobile onboarding, overseas remittance, and mobile lending functions, and launched a new corporate internet banking for corporate customers and a merchant app for merchants. The bank has a reliable banking system with an internal control system and an AML system.
Mr. Vinayak Hampihalikar, Vice President of Oracle Financial Services, said: “By adopting Oracle Banking Suite at its core, the bank can scale its business, offer new services to its customers, and evolve those services more quickly and economically. In Oracle, KB PRASAC Bank has a partner of trust and for the long term, that could deliver a complex transformation program which also saw a merger for two banks – one microfinance institution and other a commercial bank. The project’s success is made possible with the efforts of KB PRASAC Bank, LG CNS, and Oracle bringing together a winning team to deliver high quality and timely transformation. The on time go-live enabled a cost-efficient transformation, allowing the bank to reach out to their customers faster and bringing innovative solutions in Cambodia.’’
About KB PRASAC Bank Plc.
KB PRASAC Bank has a commercial license from the National Bank of Cambodia and received the approval from the Ministry of Commerce to conduct its banking operations officially in August 2023; and is an affiliate of KB Kookmin Bank – Korea. The bank is dedicated to promoting financial inclusion, driving economic growth, and providing innovative banking solutions to its diverse clientele. For further information, please visit us at www.kbprasacbank.com.kh .
About LG CNS
Established in 1987, LG CNS is an IT service subsidiary of LG Group, providing technologies for DX (Digital Transformation) to various customers in 14 countries around the world, including Cambodia. LG CNS provides system development and operation services for public institution, manufacturing company, Telecom company, and financial institutions. LG CNS aims to expand its services to Cambodia with a focus on the Core system and digital transformation of banking, Card, insurance, and securities.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com