SOFGEN Holdings, the Geneva, Switzerland-based IT consultancy and AMRET Microfinance Cambodia (AMRET) said that AMRET’s microfinance and community banking application, T24 MCB, has gone live in Cambodia, implemented by SOFGEN.
The system is already in use in 31 branches and provincial offices across Cambodia and is gradually being rolled out to the remaining 102 locations
“After deciding to acquire T24 as our core banking platform, we looked for the right partner who not only understands the system but also understands microfinance and is flexible enough to adapt to Cambodia’s particular cultural environment, said Dinn Dos, deputy chief executive officer (CEO), AMRET. “SOFGEN’s microfinance team came highly recommended.”
AMRET started operations in 1991 first as credit only institution and provides microfinance to rural population in the Kingdom of Cambodia. In 2001, it was licensed as a deposit taking institution by National Bank of Cambodia. AMRET has grown to become a major financial institution serving over 300,000 customers.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.