PRASAC Microfinance Institution selects Oracle Flexcube Universal Banking

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Updated: 30/06/2009 | 12:00 AM IST

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Capital Market

Tuesday, June 30, 2009 (New Delhi)

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Oracle Financial Services Software, a majority-owned subsidiary of Oracle has announced that PRASAC Microfinance Institution (PRASAC) has selected Oracle Flexcube Universal Banking as its core banking solution. PRASAC has transformed itself from a credit component of a European Union project to among the top ranked microfinance institutions in the world today.

With a permanent license to operate in Cambodia, PRASAC is now focused on strengthening its operations and processes to take on a larger role in the country's financial development by providing financial services to rural communities and micro enterprises.

Oracle Flexcube is expected to help PRASAC view and manage its operations centrally The institution currently has 95 offices in 17 provinces and cities across Cambodia. With a fast-growing customer base, PRASAC has nearly 100,000 micro clients with $57 million worth of loans. The institution expect Oracle Flexcube's functionality to help it offer a more diverse range of products and services to its customers now and in the future.

The company made this announcement during the trading hours today, 30 June 2009.