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Polaris Wins Three Major Asian Banker Technology Implementation Awards 2013



  Polaris Wins Three Major Asian Banker Technology Implementation Awards 2013

   Receives Awards for Highly Innovative Core Banking, Lending Platform and
                   Central Bank Technology Implementations

Business Wire

CHENNAI, India & NEW YORK & LONDON -- May 9, 2013

Polaris Financial Technology Ltd, a leader in products, solutions and services
that enable unprecedented operational productivity for the global Financial
Services industry, announced that the company bagged three prestigious
Technology Implementation Awards at the 7th Asian Banker Awards ceremony held
in Jakarta, Indonesia. The awards ceremony was held in conjunction with the
Asian Banker Summit 2013, the foremost annual forum for global thought leaders
in the APAC financial services industry.

Polaris won the following awards:

  * The ‘Best Cross Border Core Banking Project’ award for its implementation
    at Saigon Hanoi Bank (SHB), for expanding the bank’s operations cross
    border into the two neighboring countries of Cambodia and Laos
  * The ‘Best Lending Platform Project’ award for its implementation at Abu
    Dhabi Commercial Bank (ADCB), that enabled the bank to enhance product
    offerings and customer servicing levels, and simplify operations of the
    retail lending portfolio
  * The ‘Best Central Bank Technology Project’ award for its implementation at
    the Reserve Bank of India (RBI) for providing the bank superior functional
    coverage and future ready architecture with the capability of handling 100
    million transactions per day

According to Ms. Carol Wheatcroft, Associate Director Research (Technology &
Operations), The Asian Banker, “The awards programme, administered by The
Asian Banker and refereed by prominent global bankers, IT consultants and
academics, is the most prestigious of its kind. A stringent three month long
evaluation process determined the winners from across the Asia Pacific and the
Middle East region. The awards highlight Polaris’ growing presence in the FT
space along with its ability to cater to diverse markets.”

Commenting on the win, Mr. Arun Jain, Chairman & CEO, Polaris Financial
Technology Ltd,  said,  “We are extremely delighted to receive three
prestigious awards in the Financial Technology space as this is yet another
validation of the unprecedented productivity that our Intellect suite of
products have driven. We are privileged to serve banks of the calibre of the
Reserve Bank of India, Saigon Hanoi Bank and Abu Dhabi Commercial Bank where
Polaris has provided the vital connect between business, technology and
operations. It is a tribute to our Product teams that they match superior
design thinking with the rigour of delivery excellence."

‘Best Cross Border Core Banking Project’ award for its implementation at
Saigon Hanoi Bank (SHB): For an implementation that took just under two
months, delivering the project 28 days ahead of schedule, Polaris’ Intellect^®
Core Banking Solution (CBS) has provided Saigon Hanoi Bank (SHB) the
technology that will allow the bank to expand and operate in two new
countries. In its endeavor to expand into foreign markets, SHB had decided to
launch operations into neighboring countries of Cambodia and Laos and leverage
its existing core banking system from Polaris. The core banking platform had
already been instrumental to the bank’s growth in Vietnam and was capable of
coping with the regulatory and operational demands of the two new markets
which are quite distinct from Vietnam. As a result of the successful
implementation, SHB is currently experiencing strong rates of growth to its
business in both countries, enabled by the technology.

‘Best Lending Platform Project’ award for its implementation at Abu Dhabi
Commercial Bank (ADCB): Polaris’ Intellect^® Loan Management System, as a
single-instance loan servicing platform, has enabled the bank to have a
consolidated view of its customers’ loan portfolio across different business
lines, streamlining its entire loan servicing operations. The bank derived
both financial and operational benefits from the project. Cost reduction has
been achieved through savings on core banking license fees and a reduced
headcount due to the additional automation that the new lending platform
provides. The improved functionality enables the bank to tailor its loan
products more specifically to the Middle East market, manage and track loans
more efficiently, and gain better control of the management of delinquent
loans. Furthermore the new platform offers greater flexibility in how fees and
charges are handled, enabling the bank to develop a new revenue stream by
re-scheduling charges.

‘Best Central Bank Technology Project’ award for its implementation at the
Reserve Bank of India (RBI): The implementation of Polaris’ Intellect^® Core
Banking Solution (CBS), specifically designed for Central Banks, has already
demonstrated significant business impacts for RBI; the end of year balance
sheet is now generated in a few minutes whereas the process took 8-10 days in
the legacy system; inter-office suspense accounts which previously ran to
several million dollars have been eliminated; and the Government now has a
unified view and centralized control over the government’s cash resources
which further has a positive impact on the cost of government borrowing. The
solution, benchmarked to 105 million transactions per day, covers RBI’s needs
for banking and accounting/ GL functionality and supports its deposit accounts
departments, public accounts department and public debt office.

Over 60 financial institutions from 17 countries across the Asia Pacific and
the Gulf region were evaluated as part of the Technology Implementation Awards
2013. The banks and their vendor partners were honored at a glittering event
that recognised their efforts in using the best technology to run their
institutions and bring superior products and services to their customers.

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic
business intelligence to the financial services community. The Singapore-based
company has offices in Singapore, Malaysia, Hong Kong and Shanghai as well as
representatives in London, New York and San Francisco. It has a business model
that revolves around three core business lines: publications, research
services and forums. For more information, please visit
www.theasianbanker.com.

About Polaris Financial Technology Ltd

Polaris Financial Technology Limited is a global leader in Financial
Technology for Banking, Insurance and other Financial Services. With over 25
years of expertise in building a comprehensive portfolio of products, smart
legacy modernization services and consulting, Polaris owns the largest set of
Intellectual Properties for a comprehensive product suite, Intellect^® Global
Universal Banking (GUB) M180. Intellect^® is the world's first pure play
Service Oriented Architecture (SOA) based application suite for Retail,
Corporate, Investment banking and Insurance. Its acclaimed products, solutions
and services enable unprecedented operational productivity for the global
Financial Services Industry by Building, Maintaining, Expanding and Extending
highly complex and Integrated Financial Technology Infrastructure.

This makes Polaris the chosen partner for 9 of the top 10 global banks and 7
of the top 10 global insurance companies. The company has a global presence
through its 40 relationship offices across 30 countries, 6 international
development centers and 8 fully owned Business Solution centers. Polaris has a
talent strength of over 13,000 solution architects, domain and technology
experts. For more information, please visit http://www.polarisFT.com/.

Contact:

Polaris Financial Technology Ltd
For Media related info, please contact:
Minal Sahani
Mob: +91 91766 26468
minal.sahani@polarisFT.com
or
For Investor related info, please contact:
G. Sunanthy Devi
Mob: +91 8939933564
sunanthy.g@polarisFT.com
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