Finastra selected by Uzbekistan’s People’s Bank to transform risk management business

By Edil Corneille

Finastra announced today that People’s Bank, a retail and commercial bank in Uzbekistan, is deploying the Fusion Risk solution. The technology will automate the bank’s risk management business, enabling it to become more efficient, whilst managing all types of risk including credit, market, operational, liquidity, and interest rate. Finastra partners – FinExtra Group and Neoflex are carrying out the implementation, enabling the bank to meet local and international regulatory requirements.

Farkhod Salamov, Chairman, People’s Bank enunciated, “Finastra has a tightly integrated, best-in-suite product range that’s ideally suited to supporting People’s Bank’s risk management operations. It’s important that we can deploy a solution that integrates easily with our existing core banking system, that is cost-effective, and also scalable to grow with our needs in the future. Being able to work with partners on the ground who know local regulations was a key factor in choosing Fusion Risk. The tight collaboration between Finastra, the local partners and ourselves will be essential as we roll out the new functionality across the bank over the coming months.”

Fusion Risk is a fully automated, end-to-end risk and compliance solution that will be useful for People’s Bank in the management of the day-to-day operations and provide it with powerful analytics to address long-term strategic business planning. The solution will provide a single point of control, improving the user experience for its users. The full functionalities of Fusion Risk are expected to be implemented as part of the transformation, including asset and liability management of the bank (ALM), transfer-pricing calculation (FTP), and automation of various international regulatory requirements, such as IFRS 9 and Basel II/III.

Wissam Khoury, SVP and General Manager APAC and MEA, Finastra elucidated, “Fusion Risk will enable People’s Bank to eliminate the complexity around its resources and regulatory compliance. Working with the teams of experts from Neoflex and FinExtra Group, who are experienced in implementing complex information systems, means that we are able to implement a global solution that is tailored to the local requirements of Uzbekistan.”

FinExtra Group, a fintech based in Uzbekistan, is working with Finastra and People’s Bank to connect Fusion Risk to the bank’s own system. The solution’s built-in data extraction tool will enable data mapping between the two systems in an efficient and accurate way. Neoflex is responsible for ensuring the solution meets the requirements of the Central Bank.