Finastra is excited to announce that Sonali Bangladesh UK (SBUK), a UK-based financial institution specializing in trade finance services for Bangladesh, has selected its solutions to transform the institution’s banking operations. By implementing Finastra Essence, a feature-rich, Software as a Service (SaaS) core banking solution deployed on Microsoft Azure Cloud, SBUK aims to provide a diverse array of digital products and services for its corporate and banking clients. This implementation will support both Shariah-compliant and conventional banking, catering to the varied needs of its customer base.
To celebrate this collaboration, the leadership teams from SBUK and Finastra Universal Banking convened at Finastra’s London office for a signing ceremony.
“SBUK has been serving the Bangladeshi community for over 50 years, and we have ambitious plans to grow and evolve our institution,” stated Masum Billah, CEO of Sonali Bangladesh UK. “We required a core banking platform that is highly agile and can meet the sophisticated demands of our community. With its rich features and extensive functionality, Finastra’s market-leading solution will enhance the services we provide to corporates and banks for both Islamic and conventional finance while facilitating our long-term growth. Together with Finastra’s management and expertise, we are optimistic about the future of SBUK.”
Finastra Essence is a cloud-first, next-generation core banking solution that merges deep functionality with advanced technology to increase enterprise agility, reduce costs, and improve operational efficiency. Powered by an open, microservices architecture, Essence’s comprehensive banking functionality enables institutions to swiftly deploy market-leading products and services. The solution caters to both conventional banking and the unique requirements of Islamic Financial Institutions (IFIs) when offering Sharia-compliant products and services, allowing institutions like SBUK to effectively serve both demographics through a single core banking platform.
“Running two separate core banking systems to support Islamic and conventional banking can lead to challenges, including increased costs, risks, and a diminished customer experience,” explained Siobhan Byron, EVP of Universal Banking at Finastra. “By implementing Essence via the cloud to serve both segments, SBUK mitigates these risks while seizing new opportunities, such as expanding market share and providing scalable, hyper-personalized services enabled by truly digital banking. The combination of the right technology and a deep understanding of both banking sectors will help SBUK future-proof its business and accelerate growth, all while reimagining banking. This aligns closely with Finastra’s Open Finance ambition to help transform societies and provide more people access to the banking services they need to thrive.”
