KUALA LUMPUR, 22 AUGUST 2010 -- To better handle a growing portfolio, government technology investor Malaysian Debt Ventures (MDV) has signed with Innovation Associates Consulting to help procure, develop, and implement the larger volumes of loans-related transactions.
MDV managing director and chief executive officer, Md Zubir Ansori Yahaya, said Innovation Associates Consulting would manage the SAP Loans Management For Bank for MDV.
Being the country's innovative financier and development facilitator, we realise there is a need to improve our system to accommodate the growing number of loans we have to process each year," said Zubir. "The new system will enable us to be more efficient, operationally.
He said the system is of international standards and has been used by various financial institutions in the US and Europe. This new system is required to cater for MDV's growth as the economy picks up and more locally incorporated companies are seeking to secure financing.
"[This is] in line with the government's efforts to move the emerging sectors up the value chain. MDV supports and recognises the local information communications technology (ICT) companies," he said. After a thorough procurement process, we have chosen to use IA's expertise as they have proven to be very experienced in this sector and offers competitive products.
"MDV would also be deploying IA's SAP Islamic Banking solution, which is a Malaysian-developed product while IA would be employing only local human resources for the project," he said.
Incorporated in 2002 as a wholly-owned subsidiary of the Ministry of Finance, Inc., Malaysia Debt Ventures (MDV) is the financier and development facilitator for the information and communication technology (ICT), biotechnology, and emerging technology sectors in Malaysia.
IA Group (A) is a management consulting, technology and outsourcing company with offices in Malaysia, Indonesia, India and Saudi Arabia. Its client base includes large Malaysian companies, financial institutions, and multinationals.
Home-grown Islamic banking solution
Zubir said the new project was expected to complete within six months. "Currently, MDV employs its own internally-built system, the Integrated Core Financing Solution (ICFS) for loans management and administration which involves loans creation, disbursement, repayment, refund, monitoring and accounting. The system is unable to cope with the company's growing portfolio."
We are proud to be part of MDV's system development growth," said IA Group chairman, Halim Haji Din. "Our home-grown Islamic banking solution is developed with intellectual property (IP) for the Islamic component. We look forward to deploying this solution in MDV, while together contributing towards the realisation of the Centre of Excellence for Islamic Finance in Malaysia. This is also the precursor of our entry into the global Islamic market with the Islamic Core Banking solution offering.
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