Polaris Financial Technology, a leading global financial technology company is escalating its grip in India and adjacent countries via deals with large banks. The company has bagged ten deals in the region in the last 18 months, where a lot of state-run financial institutions are upgrading their technology systems.
The company is looking to partner local players for deal execution. For instance, in Sri Lanka, it has tied up with Millennium IT, which is part of the London Stock Exchange Group, to implement the Intellect Core Banking solution at Regional Development Bank. This is the largest development bank with a network of 253 branches.
In Bangladesh, Polaris has formed a joint venture with Sonali Bank, Sonali Polaris FT, in which Polaris will hold a 51% stake. Polaris will implement its core banking solution at Sonali Bank, which is the largest state-owned commercial bank in Bangladesh with 1,188 branches and operations in the UK, the US, West Asia and India. Polaris is not only a vendor for Sonali but also a partner to implement the Intellect solution in other banks. While Sonali will act as the front-end, Polaris will be the implementation partner.
Company Name | CMP |
---|---|
TCS | 3863.50 |
Infosys | 1420.55 |
HCL Tech. | 1470.00 |
Wipro | 444.30 |
Tech Mahindra | 1179.85 |
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