Bank of Mongolia, the central bank of Mongolia, has engaged Intellect Design Arena for technology in banking, insurance, and other financial services, particularly the latter’s Quantum Central Banking Solution.
Intellect, in partnership with IT Zone LLC of Mongolia, will implement its solution to accelerate Bank of Mongolia’s digital transformation initiatives under the Payment System Modernization project funded by Asian Development Bank (ADB).
Based on ADB’s Asian Development Outlook (ADO) report of April 2019, Mongolia’s economic growth is expected to remain solid in the next two years. Bank of Mongolia’s digital transformation agenda is expected to create a sound and stable financial system and help further strengthen the country’s economic performance.
Intellect’s solution which comprises integrated functional modules such as Enterprise General Ledger, Banking Services, Government Services, Monetary Policies, Credits and Collateral Management, Currency life cycle management, Trade Finance, Banking Services Portal, Bullion Management, Treasury, Reserve Management, Budget Management, and Procurement Management.
IT Zone adds to this with a modern HRMS solution.
“Upgrading the central bank’s core banking system is a big step toward the transformation of the national economy,” Bank of Mongolia governor Bayartsaikhan Nadmid said.
“As the result of the tender process, we selected (Quantum) 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 requirements,” he added.
Mongolia adds to Intellect’s roster of central banks that are using Quantum, including those of Sweden, Armenia, Indonesia, Ethiopia and India.
K Srinivasan, president for global sales at Intellect’s consumer and central banking, treasury, wealth solutions and eGov business, said Quantum will accelerate Bank of Mongolia’s drive to become a model central banking institution in the region.