TISA signs for Flexcube core banking system & applies for banking licence
Teachers Savings and Loan Society (TISA), the largest savings and loans society in Papua New Guinea and the largest credit union in the Pacific, has embarked on a technology transformation.
TISA in tech revamp with Oracle FS and Profinch. Image source: TISA
TISA is in the process of becoming a bank and has applied for a banking licence.
Last year, it went to market to find a new core banking solution and settled on the Flexcube offering from Oracle FS, becoming the system’s first known taker in the country.
In its latest financial results, Oracle FS refers to an unnamed Papua New Guinea-based financial institution “that has signed a landmark deal to usher in a new age of digital banking with Oracle to implement the Oracle Flexcube Universal Banking suite of products”. This is understood to be TISA.
Profinch, an implementation partner of Oracle FS, will deliver the project.
It is understood Flexcube will replace the legacy Ultracs core banking system from an Australian banking tech supplier, Ultradata.
