Latest FinTech Futures News
Jul 30, 2021
30th July 2021 Oracle Financial Services Software has released its latest results for the quarter ending 30 June 2021. Chet Kamat, the division’s managing director and chief executive officer, cites “strong wins globally” for Oracle’s broad range of solutions – the company signed $37.6 million worth of licences in the quarter (28% year-on-year growth) across 42 countries. Oracle FS signed $37.6 million worth of licences in 42 countries in the last quarter Makarand Padalkar, executive director and chief financial officer, says the vendor’s “balance sheet remains strong with a healthy cash and liquidity position”. Among the new wins is Addis International Bank in Ethiopia, which signed for several solutions including core banking, payments, trade finance, treasury, branches, and enterprise limits and collateral management. On the way out is understood to be the Finairo (formerly known as OmniEnterprise) core system from InfrasoftTech. FinTech Futures understands the main competitor for this deal was Temenos. Addis International Bank “aspires to be an inclusive bank that focuses on low and middle-income customers through cooperatives and microfinance institutions”, according to Oracle. It offers retail, lending, and international banking services. In Ghana, the vendor has won a deal to supply its flagship Flexcube core banking system plus a host of other solutions (digital delivery channels, payments, trade finance, treasury, and corporate lending) to OmniBSIC Bank. It is understood Temenos and Infosys Finacle also vied for this deal. Libya-based Arab Commercial Bank, which offers commercial and SME banking and Islamic finance, “decided to embark on a technology transformation journey by implementing a suite of Oracle’s financial services technology”, the vendor says. This includes the Flexcube core, digital channels and branches, payments, enterprise limits and collateral management, onboarding, trade finance, treasury, and analytics applications. FinTech Futures understands Oracle competed with Temenos and ITS for this deal. In India, Oracle’s new-name win is believed to be Bandhan Bank, which signed for digital banking software. Although the vendor does not name the bank in its published results, it cites “an innovative Indian bank” that is going to “enrich customer-centricity by implementing Oracle Banking Digital Experience to offer personalised retail, business, and expatriate banking services”. It is believed Infosys Finacle and FIS were also in the running for the deal. Elsewhere, a number of existing customers – including Barclays in the UK, Sberbank in Russia, and Wells Fargo in the US – extended their relationship with Oracle in the last quarter with more deals, FinTech Futures understands. Also in the quarter, 11 customers went live with Oracle’s tech, according to the published results.