Breaking News and Top Stories
National Australia Bank (NAB) is nearing the completion of an overhaul of its global trade finance business with Misys' Trade Innovation. Its New Zealand-based subsidiary, BNZ, is expected to go live in September this year, after the system was rolled out to its Asian locations over the last 15 months.Read More
Latest Publications Updates
- Back Office Systems Guide
- Islamic Systems Guide
- Payments Guide
- 17 March 2014
- 17 April 2014
- 7 March 2014
Also in the News
A round-up of recent orders in the financial technology sector worldwide. New deals for Programbank, Sungard and Trust Systems & Software.
At around the halfway stage in the year, is there any sign of a pick-up in the core banking systems sector? Green shoots are difficult to identify. The region that we highlight in this edition, South-East Asia, shows more activity than most others, while Africa still seems to be relatively busy.
The Australian Payments Clearing Association (APCA) and several of the major Australian banks have begun an industry-wide programme to upgrade the domestic payments system to a new real-time platform. The project's steering committee will draw up requirements and an implementation timeframe in the next six months, with a 2016 roll-out date provisioned.
Siam Commercial Bank, the third largest commercial bank in Thailand, is undergoing a technology revamp including enhancing its core banking system as well as implementing a new payments hub and trade finance system. The latter, Imex from Surecomp, has now gone live representing the vendor's third live site in the country and its first in nearly a decade.
Siam Commercial Bank (SCB) is the third largest commercial bank in Thailand, offering retail, corporate and wholesale banking, foreign exchange, trade finance, cash management and investment banking across its 100-branch network in South East Asia. It is midway through a major technology revamp, implementing a new payments hub and core banking system. In 2009, it also decided to replace its incumbent trade finance system, Eximbills from China Systems, with Surecomp's end-to-end solution, Imex for back office trade finance and the Allnet front-end application.
Varanitch Ujjin, project manager from SCB, says the bank was looking for...continues (login/register/subscribe).
Bank Muamalat is one of the largest Islamic banks in Indonesia, with a branch network totalling 500 and over three million customer accounts. It is also the only bank in Indonesia to be a fully-fledged Islamic institution without a conventional parent. In 2009 it underwent an extensive business transformation plan, which included overhauling its in-house legacy core banking system, replacing it with Oracle FSS's Flexcube.
Bank Muamalat was established in 1992 as a fully-fledged Islamic bank, focusing in the SME and commercial sector. It expanded to become one of Indonesia's largest Islamic banks, but did it the hard way. During the mid-90s, the bank was hit by the banking crisis in the country, enduring losses of IDR105 billion ($10million), and had to reach out to new Middle East investors, mainly the Islamic Development Bank based in Saudi Arabia, to remain afloat.
By 2009 it had recovered and grown to 200 branches. However, that year the major shareholders in the bank, now primarily from the Middle East, decided to overhaul the businesses approach which included...continues (login/register/subscribe).