Cabinet approves new core banking system for BOC

The Cabinet has approved a proposal to initiate procurement for the implementation of a new core banking system at Bank of Ceylon (BOC), in a move aimed at modernising the country’s largest state-owned bank’s digital infrastructure.

BOC’s existing International Comprehensive Banking System, which has been in operation for 22 years, currently supports both retail and corporate banking operations, including the bank’s overseas branches. 

However, the authorities have identified that several features, functionalities and the underlying technology of the existing platform are no longer adequate to meet the evolving demands of the modern banking sector.

In light of these challenges, the board of directors of BOC has approved the establishment of a new core banking system, rather than undertaking further upgrades to the current platform.

Accordingly, the Cabinet approved a proposal submitted by President Anura Kumara Dissanayake, in his capacity as the Finance, Planning and Economic Development Minister, to proceed with the procurement process to select a suitable service provider for the implementation of the new core banking system.

The project, which is expected to be implemented over a five-year period, carries an estimated investment of US $ 10 million and will be financed through BOC’s own funds.