Oracle Leans on India for Financial Services Business

Oracle plans to make its Indian subsidiary a hub for its strategy for the financial services market. I-flex solutions, the Indian banking software subsidiary of Oracle, said that it will change its name to Oracle Financial Services Ltd.

The new branding reflects the importance that Oracle attaches to the financial services sector according to a notice to the Bombay Stock Exchange which quoted Charles Phillips, Oracle’s president, and a director of i-flex. Oracle Financial Services will be a focal point for Oracle’s investment in innovation and leadership in financial services.

I-flex also announced Friday its plans to acquire the entire stake in Flexcel International, a joint venture it had set up with HDFC Bank in Mumbai to offer its banking software in an application service provider (ASP) model to small banks.
Source: The Standard

This doesn’t bode well for Infosys’ sole product - Finacle, a banking software.