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Uzbekistan-based People's Bank, Finastra partner for risk management business

Monday 3 August 2020 12:49 CET | News

UK-based fintech Finastra has partnered with Uzbekistan’s People’s Bank for deploying Fusion Risk, a technology feature used for automating risk management business.

Fusion Risk will enable People’s Bank to manage various types of risk including credit, market, operational, liquidity, and interest rate. Finastra partners, local fintech FinExtra Group and IT solution developer Neoflex, are carrying out the implementation, enabling the bank to meet local and international regulatory requirements. 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.

FinExtra Group is a Uzbekistan-based 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, according to the official press release. 

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Keywords: Uzbekistan, People’s Bank, Finastra, risk management business, fintech, Fusion Risk, automation, FinExtra Group, Neoflex, single point of control, user experience, ALM, FTP, IFRS 9, Basel II, Basel III
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: Uzbekistan
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Banking & Fintech