Thursday, 25 July 2013 00:43
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Housing Development Finance Corporation Bank of Sri Lanka (HDFC) signed a contract with OpenArc for the implementation of the OpenArc ‘SkyLease’ leasing software solution, integrating the entire branch network of HDFC.
HDFC Bank has been in existence for the past 30 years, playing an active role in the housing finance industry. The bank is more focused in providing housing finance to low and middle income segments in the country.
While keeping housing as the core business the bank is diversifying its business to other areas. With the fast growth of the industry, HDFC is expanding its business in to finance leasing business sector in line with its business strategy.
HDFC has selected the ‘SkyBank’ of OpenArc as the preferred software solution to support its finance leasing business after a comprehensive evaluation of available products through a standard RPF tender.
OpenArc Systems is the No. 1 application software and service provider in Sri Lanka in the leasing, merchant banking and finance markets and OpenArc holds a 75% market share in Sri Lanka. OpenArc is determined to provide the best support services to its clientele with its lifetime guarantee. This has been possible with its very strong human resource pool that has been built up by OpenArc through its own IT education arm – the OpenArc School of Business & Technology.
“As a part of our diversification program, finance lease is a priority area.
HDFC Bank has already obtained approval from the Central Bank of Sri Lanka to carry out finance lease and we are in the process of finalising all arrangements to commence this product in September 2013.
We consider the tie-up with OpenArc Sky Bank Solution is unique as they are the pioneers in the market with application solution and service provider and we are confident that we could maintain a strong partnership in the long term,” commented Nimal Mamaduwa, General Manager/ CEO of HDFC Bank.
OpenArc Systems CEO Daya Hettiarachchi said: “With the experience in the software industry for over two decades, primarily as a successful product based company, OpenArc has captured the market leadership in Sri Lanka for their products in many sectors and earned a reputation as a long term quality IT service provider.
OpenArc specialises in business software for merchant banking and finance, stock markets, manufacturing and trading sectors and develops totally integrated Sri Lankan software solutions on current technology platforms such as Java, .Net, Progress, and Open Source.”
OpenArc is a CMMI assessed software company with a professional team qualified in multidisciplinary industrial sectors such as engineering, IT, accountancy and management.
