The win valued at over US$2.3 million, positions 3i Infotech as the market leader
in the BFSI segment in Kazakhstan
Mumbai - February 07, 2006 – 3i Infotech, a global provider of IT solutions and one of India’s largest and the fastest growing software product companies*, today announced that it has been awarded an order for its Universal Lending Solution, TRITON™, from Bank TuranAlem (BTA), the leading retail bank in Kazakhstan, and a premier banking institution in the CIS region (winner of the Euromoney 2005 Award for The Best Bank in the CIS). BTA will implement TRITON to assist its operations in loan origination, management and collection. After the successful rollout in Kazakhstan, BTA will implement TRITON at seven of its subsidiaries across the CIS region.
The deployment of TRITON will further emphasize Bank TuranAlem’s status as the leading retail bank in Kazakhstan. Under the terms of the agreement, 3i Infotech will also provide in-depth business and technology consulting services to support the bank’s retail ambitions.
“Bank TuranAlem is already the leading retail bank in Kazakhstan. Having achieved this goal, we now want to further expand our horizons, create innovative retail products to further enhance our market leadership, and replicate the same success in new markets whilst simultaneously bringing value to our customers. For this purpose we were looking for a new generation technology solution, which was highly functional, adaptable and scalable. 3i Infotech’s TRITON has all these attributes and, in addition, 3i Infotech is known for its domain expertise in retail banking consulting. TRITON’s USP lies in its compatibility with conventional and Islamic (Takaful) retail banking products and procedures, covering mortgages, personal loans, auto and insurance agents as well as credit bureaus,” said Mr. Bolat Baimirov, Deputy Chairman - Retail, Bank TuranAlem.
Opining on this significant achievement by 3i Infotech, His Excellency, Mr. Asoke Mukerji, the Indian Ambassador to Kazakhstan, said, “I am happy to be informed about the contract. This contract marks a concrete step forward in the visionary path of cooperation between India and Kazakhstan in the IT sector, which was identified during the visit of the President Nazarbayev of Kazakhstan to India. It comes at a time when IT companies of our two countries have been actively interacting during the past year.”
He further added, “While we look forward to cooperating closely with Kazakhstan in setting up the IT infrastructure in the proposed Almaty Software Technology Park project, the success of 3i Infotech in winning this contract demonstrates that Indian IT companies have superior products which are required by the local market and which will in turn help companies and businesses in Kazakhstan to expand and grow and become more profitable. This is a major development of a small and medium enterprise sector, where India can be a major partner for mutual benefit.”
Commenting on the deal, Mr. Hari Padmanabhan, Deputy Managing Director, 3i Infotech, said, “We are pleased to be working with Bank TuranAlem, a world-class organization. Bank TuranAlem has impressive growth plans. These include enhancing its retail banking portfolio and expanding its presence in other CIS countries too. We believe that TRITON will provide the right technology platform for it to excel in its business.”
“This win further strengthens our commitment to increase our presence in the CIS region. We already work with Valut Tranzit Bank and Temirbank for TRITON, and this third and significant win, along with our customer base of 5 insurance companies in Kazakhstan, has established our market leadership in the BFSI (Banking, Financial Services & Insurance) segment in Kazakhstan and, for that matter has positioned us well for our foray into the CIS region,” he added further.