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Southtech Limited: Automating Banking & Finance through parameterized Web-based Solutions

When sophisticated information and telecommunication technologies come together with software applications, it enables financial institutionsto deliver more reliable, secure and sustainable services to their clients. It also empowers them to maintain a competitive edge over other less technology-savvy organizations.

In the mid90s the telecommunications infrastructure in Bangladesh was still in its infancy and most financial institutions and enterprises operated manually. Driven by an expanding middle class, a virgin market was simply waiting to embrace the use of technology. Identifying this potential for automation, Syed MamnunQuader and Syed MaqbulQuader together founded Southtech Limited in 1996 to provide software and IT solutions to the financial industry.

“Bangladesh has now largely overcome the telecommunications problem and hence we have transformed most of our solutions to centralized, web and cloud-based solutions. However, there remains a market for our unique ‘hybrid’ solutions in countries where telecommunications infrastructure continues to be weak,” explains Syed Mamnun Quader, Managing Director & CEO, Southtech Limited.

Southtech is a world leader for microfinance solutions but recently it has built Ascend Financial®, a one-stop, high-end, innovative solutionthat caters to commercial banks, NBFIs and sophisticated MFIs. It has pluggable alternative delivery channels such as ISO 8583 compliant ATM interface, Internet banking, mobile banking, and online and offline agent banking for financial inclusion of the unbanked.

Ascend Financials®, a centralized web and cloud-basedsolution,has rigorous built-in security, parameterized workflow management, comprehensive reporting and seamless consolidation. Together it produces exceptional ROI.
“By incorporating the most appropriate technologies in our solutions, we work tirelessly to ease the problems of our clients and make them competitive in their respective fields of business. Our development strategy has been to make our solutions highly modular, parameterized and flexible thus allowing us to meet clients’ needs more extensively than our competitors,” explains Mamnun.

Over the years, Southtech has also built ERPs that cater to the common needs of many enterprises such as retail-chain stores, restaurants, hospitals, universities, banks and non-banking financial institutions. These ERPs integrate complex disparate processes into simple integrated work flows by harnessing the best technologies available. Time consuming tasks such as the management of procurement, inventory, fixed-asset, product assembly and aggregation, multi-currency accounting, sales, audit, human resources, payroll, provident fund, staff appraisal, etc. are all automated.

Southtech’s hugely diversified practical experience has enabled it to work with over a hundred clients who required assistance in their technology-driven business transformations. From commercial banks, retail chains to restaurants, Southtech has proven domain knowledge in areas of process engineering, banking and finance, human resource managementand web-and mobile application development.

“Southtech’s hugely diversified practical experience has enabled it to work with over a hundred clients who required assistance in their technology-driven business transformations”

Southtech has successfully attained ISO 9001:2008 certifications since 2004 and CMMI L-3 assessments since 2008. Having never failed to implement a project in its 20-year journey, its core competency lies in project implementation. With clients in more than six countries, and sister concerns in the USA, UK, and Bhutan, the company envisions to deliver technology-driven solutions to medium to large organizations in developing and developed countries with a goal to offer innovative solutions that ease human effort and help promote financial inclusion for the underprivileged.