Intellect Design Arena, a global leader in financial technology for banking, insurance, and other financial services announces a prestigious engagement with the Bank of Mongolia, the Central Bank of Mongolia. In partnership with IT Zone LLC of Mongolia, Intellect will implement its award-winning Quantum Central Banking Solution. The solution is well poised to accelerate the Bank of Mongolia's digital transformation initiatives under the Payment System Modernization project funded by Asian Development Bank (ADB).

As per ADB's Asian Development Outlook (ADO) report of April 2019, Mongolia's economic growth is expected to remain solid in the next two years. The Bank of Mongolia's digital transformation agenda funded by the ADB will drive the nation's vision creating a sound and stable financial system and further strengthening the country's economic performance.

Intellect's Central Banking Solution is the world's most comprehensive & robust 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 powerful digital transformation arsenal with a modern HRMS solution.

Trusted by many Central Banks including those of Sweden, Armenia, Indonesia, Ethiopia and India, Intellect's Quantum Central Banking Solution will accelerate the Bank of Mongolia's vision of becoming a role model Central Bank institution and the best in the region.

The deal announced at a grand ceremony held at the Central Bank of Mongolia was attended by leaders from the Bank of Mongolia, Intellect Design Arena, IT Zone as well as prominent bankers.

Speaking on this partnership, Hon'ble Governor, Bank of Mongolia, Mr. 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".

Mr. K Srinivasan, President - APAC, South Asia, Middle East and Africa, Intellect Design Arena said, "Winning a Central Banking engagement is always a special feeling. We now have the honour of partnering with Bank of Mongolia on their nation-building agenda. We are uniquely positioned with a contemporary technical architecture to reduce the complexity in such a large scale transformation. Quantum Central Banking Solution comes with a Real-Time Enterprise GL to fuel executive decision making, risk management and operational control in real-time".

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.265.35 as compared to the previous close of Rs. 265.3. The total number of shares traded during the day was 13953 in over 337 trades.

The stock hit an intraday high of Rs. 269.3 and intraday low of 262.9. The net turnover during the day was Rs. 3721433.

Published Date:2019-06-24