INDEXO to run the IT infrastructure of the new bank on Microsoft Azure ecosystem

INDEXO to run the IT infrastructure of the new bank on Microsoft Azure ecosystem
INDEXO Komanda

Pension management company IPAS Indexo (hereinafter – INDEXO) which is currently working on development of a new bank, has selected the bank’s cloud computing ecosystem – Microsoft Azure, and customer relations and business management will be conducted on this environment with the help of Microsoft Dynamics software. This choice has been made because Microsoft offers dynamic and modern solutions that meet the requirements of the future bank’s IT architecture.

“Versatile services that ensure good integration possibilities with different Microsoft and third-party applications and broad automation possibilities are important for us so that INDEXO is able to work as efficiently as possible. It is also important to flexibly and efficiently adapt solutions for the data volumes and processing capacities on everyday basis. We wish to ensure convenient and modern financial services experience for the bank users, and we believe that Microsoft Azure will be able to provide the necessary technological processes on top quality,” said Gints Ozoliņš, INDEXO Head of Technology Development. 

Starting from last fall, INDEXO team has conducted significant work in selecting a service provider that will ensure the Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) solutions. CRM system includes comprehensive customer management services, including maintenance of customer databases, customer service and communication solutions, analytics, management of different integrations. ERP ensures the necessary resources for the financial system, including accounting and its related processes, as well as broader functionality for efficient management of the company. Introduction of both services will be supported by the Latvian company Digital Mind.

As reported, in parallel to pension management, INDEXO is actively working on a new commercial bank project and recently submitted an application for the banking licence. In addition, INDEXO is working on development of services, IT systems and risk management model, as well as other issues related to the operation of the new bank.

Last summer INDEXO conducted its IPO where it successfully raised EUR 7.49 million and the company’s shares were oversubscribed by around EUR 2.5 million. In the IPO, investors acquired the pension management company’s shares, and it is planned that the new INDEXO bank will be a subsidiary of the pension management company. INDEXO shares were listed on July 15, 2022, on Nasdaq Riga Baltic Main List. The ticker symbol of INDEXO shares in IDX1R.

Bank (credit institution) license is subject to authorization granted by the European Central Bank based on the Bank of Latvia proposal.


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