Intellect Design Arena strikes deal with Bank of Mongolia

Financial technology provider Intellect Design Arena Tuesday said it has struck a new deal with Central Bank of Mongolia to implement its quantum central banking solution. According to the deal, a press release said, the solution would accelerate the digital transformation initiatives of the bank under the payment system modernisation project funded by the Asian Development Bank.

According to Intellect Design Arena, the Bank of Mongolia's digital transformation agenda would aim at a stable financial system besides strengthening the country's economic performance, the release said. A report of Asia Development Outlook had said in April 2019 that Mongolia's economic growth was expected to remain solid in the next two years, it said.

Bank of Mongolia Governor Bayartsaikhan Nadmid and Intellect Head-APAC Indranil Chaudhury exchanged documents of the deal recently, the release said. "...we selected the Intellect Quantum Central Banking Solution for Intellect's experience in implementing the core banking systems in central banks across the world, and its comprehensive range of banking operations", Nadmid said.

Intellect Design Arena's global sales (Consumer and Central Banking) president K Srinivasan said, "Winning a central banking engagement is always a special feeling. We are uniquely positioned with contemporary technical architecture to reduce the complexity in such a large-scale transformation". Quantum Central Banking Solution is a real-time enterprise to fuel executive decision-making, risk management and operational control on a real-time basis, he said.