BDFCL and Southtech Limited Sign New Agreement

6 October 2010

Southtech Limited and Bhutan Development Finance Corporation Limited (BDFCL) recently signed an agreement to deploy a new version of Southtech Ascend Banking (Version-5.4.0) in all of the 26 branches of BDFCL. The implementation process will be rolled out in a single phase and it will be completed by the end of 2010.

BDFCL’s Managing Director Mr. Nawang Gyetse and Southtech’s Managing Director Mr. Syed Mamnun Quader signed the agreement at the Embassy of Bhutan on behalf of their respective organizations. The signing ceremony was attended, among others, by the Ambassador of Bhutan in Bangladesh His Excellency Dasho Bap Kesang and Southtech’s Chairman Mr. Syed Maqbul Quader.

BDFCL has recently been licensed to offer all types of deposit products and other banking services to the public by the RMA, Bhutan’s capital bank and accordingly BDFCL felt the need to acquire new modules and features of Southtech Ascend Banking which include treasury management, document management, collection of loan instalments and savings using PDA and smart phones, SMS and Internet Banking, easy remittance throughout the branch network, and collection of all types of utility bills using mobile technology. Many of the innovations that will be introduced to the Bhutanese market by BDFCL through Ascend Banking will revolutionize the way people do financial transactions and will perhaps be the first of their kind in the world.

Built with cutting-edge Microsoft Technology, Ascend Banking is a sophisticated banking solution for retail and microfinance banks. It has been independently assessed by World Bank affiliated CGAP and rated as one of the best. It has been installed in a host of different financial institutions ranging from development organizations to multinational banks in Bangladesh, Afghanistan and Bhutan.
Southtech Limited is a Gold Certified Partner of Microsoft and an Oracle Gold Partner. It is also a CMMI Level 3 appraised and an ISO 9001:2008 certified ICT company.

BDFCL was incorporated by the Royal Charter, in January 1988, with assistance of ADB to function as a development finance institution (DFI). It is now functioning as a domestic bank with cheque facilities after obtaining its banking license in March, 2010. BDFCL is the only bank that gives focus to the rural farmers. On obtaining the banking license BDFCL immediately assumed responsibility for the nationwide credit program, which mainly provides seasonal, small and medium term loans to the country’s small farmers. It had also commenced its industrial lending operations providing term finance and working capital for industrial and agro-based ventures. Mobile Banking is also introduced to the clients in the rural areas, where the field officers visit the farmers for loan disbursement, collection, deposit, withdrawal etc, at fixed places and time periods.

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