Southtech assists financial institutions in writing off bad loans using Robotic Process Automation
2 July, 2020
Yearend closing is the time when financial institutions look towards cleaning up their balance sheets by taking their bad loans off their loan portfolio for financial prudence and compliance with regulatory authorities.
Normally, a lender is allowed to set-off bad loans against any deposit accounts or proceeds from collaterals. The process of writing off of loans therefore, when carried out one by one, can be quite a laborious and time consuming activity. First the user has to check whether there is any legal case associated with the loan, in which case, it cannot be touched, whether there is any account balances that can be set off against the bad loan, do the accounting vouchers to transfer balances, etc.
Southtech has now introduced Robotic Process Automation (RPA) to overcome this labor intensive process for its clients. RPA is a business process automation technology using software robotics to carry out a series of manual activities that a human would do by mimicking those same human activities, but only more accurately. Using this technology, Southtech has helped its clients identify loans that can be written-off against a set criteria and adjust 4,000+ loans against deposit accounts and written off 3,500+ loans on June 2020 year-end closing, saving approximately 1,000 man hours of the clients’ work. i.e., about 140 man-days.
Priyo Bazar Signs agreement for EasyComm
4 June, 2020
After a journey of three years with Southtech’s EasyPOS, Priyo Bazar, one of the leading super shops in Dhaka recently signed an agreement for our one-stop e-commerce solution EasyComm. With this, Priyobazar will now be able to serve its customers digitally. Regarding implementing the new solution from Southtech, Mr. Mahmud Hasan, Managing Director of PriyoBazar stated- “Since we have previously used Southtech’s POS solution, we know that no one can beat the service and quality of their product in the market. We believe that Southtech EasyComm will be able to serve our customers better.”
Southtech Signs Agreement With LDDP, Government Of Bangladesh
28 May, 2020
Southtech recently signed an agreement for Consulting Services for Computerized Project Management and Information System (CPMIS) with the Livestock and Dairy Development Project (LDDP). The project is headed by the Government of Bangladesh under the Department of Livestock Services. The LDDP project shall promote climate resilient productivity growth, enhance market access, and improve risk management among smallholder farmers and agro-entrepreneurs by providing support for climate smart production systems, farmer empowerment and commercialization. The project shall foster a market-led transformation of livestock production, while ensuring that the supply response to growing demand is sustainable, inclusive, safe, and environmentally conscious.
To this end, the project shall improve the ecosystem for value chain development by financing key infrastructures including markets, and access to market, insurance and financial products and services, capacity building and knowledge.
Southtech (Bhutan) Private Limited Gets Awarded As The Best Employer Brand!
30 Mar, 2020
Southtech’s Bhutan wing recently got recognized for its efforts in developing the IT workforce of the country. Southtech (Bhutan) Private Limited was awarded in the ‘Best Employer Brand Awards 2020’ category. Dr. R. L. Bhatia, Chief Editor & Founder, World CSR Day, handed over the award at a grand event organized on 1st March, 2020 at the Taj Tashi Hotel. Around 40+ different institutions were present to receive awards in different categories.
60 Branches Of RDRS Automated With Southtech's Microfinance Software In Just One Month!
18 Mar, 2020
So far, Southtech has already successfully implemented Ascend Financials, its flagship microfinance solution in 121 branches of RDRS out of the total 242. Southtech takes pride in being a part of RDRS’s continuing progress. A week long training session was held in Thakurgaon and Jashore recently.
Southtech gets appraised At CMMI L5: V2.0
15 Mar, 2020
We just became the first and only company in the country to be appraised at CMMI L5: V2.0. We had been previously appraised at CMMI L5: V1.3, back in 2017. We believe that this achievement has been made possible due to our never-ending dedication towards practicing the best practices for maintaining quality processes. Implementing CMMI practices in our software development projects help us to serve our clients better than anyone else. To know more, click here!
Southtech at BASIS SOFTEXPO 2020
16 Feb, 2020
Southtech participated in the 16th BASIS SOFTEXPO 2020 which is the largest private-sector exposition aimed at showcasing IT and ITES products and services in Bangladesh. At this year’s BASIS SOFTEXPO, Southtech had two stalls. One is the mini pavilion where they demonstrated all their products and the other one is in the VAT zone. As an NBR enlisted software company, they had a separate stall dedicated to their exclusive VAT software EasyVAT.
Southtech Participates In The 2019 PKSF Fair
22 Nov, 2019
The ‘Development Fair-2019’ hosted by PKSF (The Palli Karma-Sahayak Foundation) was held on 14th November 2019 to 20th November 2019 in Dhaka. In this seven day-long fair, alongside many other PKSF program participants, Southtech was also presented. Southtech exhibited their flagship product Ascend Financials that have helped many microfinance institutes in the country like, RDRS, SSUS, Srizony, who work with PKSF, to help build a better future for the people in need.
Southtech's Ascend Financials gets Awarded by BASIS
Southtech received the 2nd runner-up award in the BASIS National ICT Awards 2019, under Business Services (HC-BS)- Finance & Accounting Solutions (Fintech) category for their advanced microfinance solution Ascend Financials. BASIS National ICT Awards 2019, took place at the Radisson Blue Water Garden Hotel on 12th October, 2019. The project team members of Southtech Ascend Financials received the award from Zunaid Ahmed Palak, State Minister for ICT Division.
SOUTHTECH INAUGURATES NEW OFFICE IN ASHKONA, DHAKA
2nd October 2019 -The Group Managing Director & Chief Executive Officer of Southtech, Mr. Syed Mamnun Quader officially launched their new office in Ashkona by a ribbon-cutting ceremony. This new office is especially dedicated to the Networking and Hardware (NHD) wing of Southtech.`
Mr. Syed Mamnun Quader Recognized As CIP-2017
07 Sep, 2019
The MD & CEO of Southtech Group, Mr. Syed Mamnun Quader received the CIP (export) card 2017 for making significant contribution to Bangladesh’s export trade. On September 7, A card giving ceremony was organized by the Government of the People’s Republic of Bangladesh at CIP Export and Trade-2017 at the Hotel Intercontinental at Shahbag, Dhaka. Honorable Commerce Minister Tipu Munshi presented him with the honor card on the occasion
Panel Discussion Event On Microcredit Organized By Southtech
08 July, 2019
Southtech organized a Panel Discussion titled “Financial Inclusion through Digitization of Microfinance”. The event was held on the 29th of June at a hotel in Uttara. It was headed by Gouranga Chakraborty, MF-CIB Project Director of Microcredit Regulatory Authority (MRA). One of the highlights of the event was the launch of the whitepaper titled- “SOS Signals from Six Areas that Financial Inclusion Could Rescue”. Read more here.
SOUTHTECH HELPS THE UNDERPRIVILEGED PREPARE FOR WINTER
11 Dec, 2018
Southtech organized a Winter Clothing Distribution on 11 December, 2018. A Winter Clothing Drive was arranged prior to the distribution where Southtech employees donated warm clothes and cash. The items of clothing included socks, jackets, sweaters, mufflers, caps, shawls, pants, etc. for both adults and children. Volunteers from Southtech distributed the clothes amongst orphans in Sonaigazi Hafizia Madrasa and Orphanage and residents of Tun Tongir Char, Shimulbari Union, Fulbari Upazila in Kurigram.
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