Indian company bags contract for Bank of Mauritius tech overhaul

The Bank of Mauritius, the country’s central bank and regulator, has reportedly offered a top contract to an Indian company to conduct an overhaul of its technology platform.

The deal for an undisclosed amount with Chennai-based Intellect Design Arena’ is increasingly being talked about among international specialist media. The Bank of Mauritius has not publicised the deal.

As part of the Bank of Mauritius’ major “IT infrastructure transformation”, Intellect Design Arena will implement its “Quantum banking tech solution” – said to have been designed for central banks, monetary authorities, and debt offices.

According to a report by World Finance News, the software will replace the current tech at the Bank of Mauritius, including its Bankmaster core banking system from Finastra.

Another specialist publication, Fintech Futures, said the platform’s DIY principle will require the Bank of Mauritius to create its own products.

The Indian company generally offers its platforms according to the Software-as-a-service (SaaS) model.

This means that the provider will either host the application and related data using its own servers, databases, networking and computing resources, or it may be an ISV that contracts a cloud provider to host the application in the provider’s data centre. 

With inputs from World Finance News, Fintech Futures