Oracle’s Flexcube Finds First Adopter in Slovenia

US-based software provider Oracle has achieved a milestone in Slovenia by securing the first adopter for its Flexcube core banking solution. The recipient of this advanced banking technology is SID Bank, a promotional development bank and export credit agency (ECA) based in Ljubljana, established in 1992. SID Bank operates on behalf of the Republic of Slovenia, providing insurance and financing to support the internationalisation efforts of the country’s export companies.

In a broader initiative to bolster Slovenia’s international business competitiveness, SID Bank has entered into a comprehensive agreement with Oracle. This deal, as outlined in Oracle’s recent financial statement, encompasses the adoption of Oracle’s core banking, payments, trade finance, treasury, and corporate lending applications by SID Bank.

This move follows a trend where Oracle’s banking technology has been embraced by financial institutions worldwide. Previous adopters include FDB Bank in Myanmar, the London Stock Exchange Group (LSEG) in the UK, and more recently, CSB Bank in India. SID Bank’s collaboration with Oracle positions it as the first bank in Slovenia to partner with the Texas-headquartered software vendor.

Despite SID Bank not responding to FinTech Futures’ request for comment on the implementation details, the bank’s recent activities underscore a growing demand for powerful banking technology. In the past year, SID Bank was designated as a direct implementing partner of EU centralised financial instruments for the European Commission in April. Furthermore, it announced significant financing deals with the European Investment Fund and the German development bank KfW in June, highlighting the bank’s strategic positioning and commitment to utilising advanced technology to support its financial initiatives.