Leading Thai financial institution Selects IFRS Solution to Automate IAS39 Reports
Wolters Kluwer Financial Services announced today that leading Thailand financial institution, Thanachart Bank, has selected its IFRS solution in order to comply with the Bank of Thailand’s requirements for international accounting standards, IAS 39 through an automated and certified system. Upon implementation of the solution, Thanachart Bank will benefit from a fully automated process which will apply specific IFRS calculations (amortized cost, impairment), run IFRS-GAAP ledger, whilst reducing costs through the adaption into a single system.
After a thorough selection process, in which several vendors were assessed, Wolters Kluwer Financial Services’ solution – which was officially recognized by Chartis Research as leading provider of IFRS technology solutions in 2012 – was selected by Thanachart Bank due to its demonstrable understanding and expertise of the Bank of Thailand IAS 39 requirements.
“We decided to implement the Wolters Kluwer Financial Services’ IFRS solution to achieve compliance with IAS 39, from transaction to disclosure” said Kh. Anuwat Luengtawekul, executive vice president of Finance at Thanachart Bank Public Company Limited. “Wolters Kluwer Financial Services was the vendor of choice because they provide more than just a package solution. Through a clear understanding of the local compliance requirements and a strong commitment to the region, their certified solution provides the most comprehensive offering to Thanachart Bank.”
By evolving from a manual process to an automated system, Thanachart Bank will see the following business benefits:
- Reduced manual interventions and operational risk.
- Accelerated IFRS implementation and reduced costs.
- Faster closing and disclosures to regulators, groups and markets.
- Streamlined and consolidated accounting processes through a single system.
- Instantaneous drill-back functions provide a transparent audit trail.
The solution is underpinned by the South East Asia support office in Bangkok which allows Wolters Kluwer Financial Services to provide the highest level of service to its clients and prospects whilst also demonstrating its strong commitment to the region.
“Financial institutions in Asia are preparing for the ever-changing and challenging requirements that the regulators set upon them. With our leading certified IFRS solution and supporting regulatory reporting capability, we are on hand to assist firms implement tactical as well a strategic finance and risk solutions which best fits their business model,” said Chris Puype, managing director of Asia Pacific at Wolters Kluwer Financial Services. “Thailand is a key strategic area for financial services firms and therefore also for Wolters Kluwer Financial Services and we are delighted to be providing our IFRS solution to a leading financial institution in the region such as Thanachart Bank.”
As part of the implementation, YIP IN TSOI Co. Ltd, will be providing professional consulting and services by working collaboratively alongside Wolters Kluwer Financial Services’ consultants. YIP IN TSOI Co. Ltd has been a partner of Wolters Kluwer Financial Services since 2009 and aims to accelerate and facilitate each customer’s ability to implement a cost effective and reliable financial management platform to comply with International Financial Reporting Standards (IFRS). YIP IN TSOI Co. Ltd also assists Wolters Kluwer Financial Services in bringing its solutions to the Thai market as well as the implementation of these solutions.
“We are delighted to be partnering with Wolters Kluwer Financial Services on providing Thanachart Bank with the licensed software, as well as professional services for the implementation of this solution,” said Danai Wangsiri, vice president of Financial Services Industry of YIP IN TSOI Co. Ltd. “Financial Institutions in Thailand are looking for a comprehensive IFRS solution from a leader in its field, and Wolters Kluwer Financial Services fits the requirement effectively. Their local domain expertise means that they have a clear understanding of what is required of financial institutions in order to meet Bank of Thailand IAS 39 guidelines.”
About Wolters Kluwer Financial Services
Whether complying with regulatory requirements or managing financial transactions, addressing a single key risk, or working toward a holistic enterprise risk management strategy, Wolters Kluwer Financial Services works with more than 15,000 customers worldwide to help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. Wolters Kluwer Financial Services provides audit, risk, finance and compliance solutions that help financial organizations improve efficiency and effectiveness across their enterprise. With more than 30 offices in 20 countries, the company’s prominent brands include: FRSGlobal, FinArch, ARC Logics for Financial Services, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and solutions provider with annual revenues of (2012) €3.6 billion ($4.6 billion) and approximately 19,000 employees worldwide. Please visit our websitefor more information.
About Thanachart Bank Public Company Limited
Thanachart Bank Public Company Limited is Thailand’s sixth-largest bank by assets size and the country’s leading automobile lender. With more than 600 branches nationwide, Thanachart Bank offers a full range of financial services to over 4 million customers including Retail, Hire Purchase, Corporate and SME banking, Insurance, Life Assurance, Securities Brokerage and Fund Management. As of Mar 31, 2013, Thanachart Bank’s total assets exceeded 1 trillion baht.
About YIP IN TSOI & Co Ltd
Yip In Tsoi is a leading provider of integrated solutions including software, applications, hardware and consultation to its customers covering broad base of industries with strong proof of success in leading industries such as finance & banking, telecommunications, government sector and private alike for over 3 decades. The company also provides customers with complete IT services including network maintenance, computer peripherals and accessories with quality service. The company works with its customers to provide solutions that are best fit their requirements, giving them competitive advantages and peace of mind. Providing such solutions, Yip In Tsoi partner with top notched technology providers worldwide.