Bank of Mongolia to drive digital transformation with Intellect Design Arena

Financial technologies major Intellect Design Arena on Monday announced an engagement with the Bank of Mongolia to implement its award-winning Quantum central banking solution.

The product will accelerate Mongolia's central bank's digital transformation initiatives under the payment system modernisation project funded by the Asian Development Bank (ADB).

According to ADB's Asian Development Outlook Report, Mongolia's economic growth is expected to remain solid in the next two years. The Bank of Mongolia's digital transformation agenda is expected to create a stable financial system and further strengthening the country's economic performance.

Intellect's central banking solution is a 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.

"We are uniquely positioned with contemporary technical architecture to reduce the complexity in such a large scale transformation," said K Srinivasan, Intellect Design Arena's President for the Asia Pacific, South Asia, Middle East, and Africa.