Chennai, July 19
POLARIS Software Lab has entered into an agreement with Polaris Financial Group of Taiwan to provide banking software to Bank of Overseas Chinese, a member of the group.
Announcing the agreement at a news conference, Mr Arun Jain, Chairman, Polaris Software, clarified that it was just a coincidence that both companies shared a name.
Under the agreement, Polaris Software will deploy its banking software, Intellect Suite, in Bank of Overseas Chinese.
According to Mr Jain, the deal is important to Polaris Software because this will be the first time the company will be offering total solution to a bank's entire operations through Intellect Suite.
As of now, Polaris Software has offered only limited solutions for particular areas of operations such as Treasury operations or credit card business to large banks in Europe and Japan, he added.
Mr Jain also saw the deal as a means to gain a foothold in the larger market in neighbouring China.
"The experience gained in Taiwan and the new partner would pave the way for Polaris Software's entry into the larger market."
The size of the deal would be between $5 million and $10 million.
Polaris Software staff will first assess the bank's specific needs and then customise Intellect Suite as required.
"This could take a few months and once the assessment is done, the project would be finalised and the pace would pick up," he said.
Mr Wayne Pai, Chairman of Polaris Financial Group, said that the group recently acquired Bank of Overseas Chinese, a public sector bank.
The plan is to upgrade the IT infrastructure at the $10-billion bank, which has over 55 branches in Taiwan and 1,800 employees.
Mr Pai said that Taiwan itself is a growing market with global leadership in IT and financial services. Polaris Financial Group has interests in banking, insurance, securities, and futures.