PRASAC Microfinance Institution approves deals to purchase variations of Oracle's Flexcube software from local subsidiary of California-based software giant Oracle.

PRASAC has transformed itself from a credit component of a European Union project to among the top ranked microfinance institutions with a permanent license to operate in Cambodia, PRASAC is now focused on strengthening its operations and processes to take on a larger role in the country’s financial development by providing financial services to rural communities and microenterprises.

With a fast-growing customer base, PRASAC has nearly 100,000 micro clients with $57 million USD worth of loans operating in 95 offices in 17 provinces and cities across Cambodia. The institution expects Oracle FLEXCUBE’s functionality to help it offer a more diverse range of products and services to its customers now and in the future.

"We have many offices and this software uses a centralized database, which makes it easy to administer transactions," Sim Senacheert, PRASAC’s general manager said, adding that the software cost US$1 million with annual fees of US$72,000. This is a hug investment but we are preparing ourselves to become a commercial bank in the next five years, so we are starting to get ready now.

“We believe that modernizing our core systems will enable PRASAC to build a competitive advantage and help us to better serve targeted customers across Cambodia," said Ly Sopheaktra, Head of information Technology, PRASAC Microfinance Institution.

"As the leading microfinance institution in Cambodia, PRASAC is playing an important role in providing financial services to rural, mid-sized businesses while also developing them into long-term customers," said A. Srinivasan, Chief Operating Officer and Vice President, Sales, Asia Pacific, Oracle Financial Services Software. "We are confident that Oracle FLEXCUBE will help PRASAC renew and transform its operations for greater efficiency and growth."

PRASAC was the first local microfinance institution to use another of Oracle's Flexcube offerings, Universal Banking, for its transaction records at the same time of National Bank of Cambodia chooses Oracle Flexcube as banking platform as well.