Bank Simpanan Nasional, Malaysia's national savings bank, has selected FinArch's Financial Studio solution for its FRS 139 compliance.
Financial Studio is the first fully integrated Finance Resource Planning solution for banking and financial institutions. Financial Studio solves the specific needs of the finance sector and addresses all the factors involved in the convergence of risk management and accounting practices across all banking and financial disciplines.
The FRP concept sets out an integrated approach to the consolidation of data and business processes management across the finance and risk functions leveraging from one single source of data, 'One version of the truth'. This approach significantly enhances the financial institutions' ability to make good decisions and accurately report results based on consistent information across business and functional lines. The FRP approach is modular and allows financial institutions the flexibility to add value to the business units without the need to overhaul their existing systems and, at the same time, lay the foundation of an overall strategic platform.
Frederick Siew, SVP Finance of BSN, commented that BSN was very much impressed by FinArch in the Proof Of Concept: "This was further supported by the knowledge pool of subject matter specialists that gave the evaluation committee the confidence to select FinArch as the bank’s partner for this project. This partnership will enable the bank to enjoy the knowledge transfer from the experience and expertise of FinArch’s global talent pool."
"It is the knowledge supporting the technology that gave BSN the evidence that FinArch and Financial Studio provide the answer to their FRS139 implementation needs," Jeff Tan, VP Asia Pacific, stated. "This partnership with BSN clearly demonstrates our commitment to continued growth and unparalleled service provision for the Asia Pacific region," he added.
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