ICBC licenses Fernbach risk and compliance platform

Source: FERNBACH-Software

FERNBACH-Software, a global leader in IFRS compliance and enterprise-wide value and risk management systems, today announced that its FlexFinance IFRS solution has been purchased by Industrial and Commercial Bank of China (ICBC) Asia to fulfill all of the bank's IFRS requirements, including cash flow generation, effectiveness testing, calculations, posting and reporting.

ICBC (Asia) is a group member of ICBC, and is the 6th biggest bank in terms of total assets among banks listed in Hong Kong.

FERNBACH's FlexFinance IFRS solution was chosen following the usual selection process. High on the list of deciding factors that helped Fernbach clinch the deal included the company's robust data management architecture, its ability to cover extensive IFRS-related processes from data enrichment through to posting, plus its guaranteed accuracy.

Because of FlexFinance IFRS's unique ability to incorporate transaction orientated parallel accounting and an IFRS implementation methodology based upon templates that covered 80 per cent of the bank's portfolio, FERNBACH could also ensure ICBC (Asia) a rapid implementation time. The implementation project is run by FERNBACH's regional partner COL, a leading computer services company in Hong Kong with over 34 years of experience. COL is integrated with Wharf T&T, a core member of the Wharf Group.

"As a forward-looking banker, ICBC (Asia) is well-prepared for IFRS compliance in accordance with the international financial standard. With the adoption of Fernbach's FlexFinance IFRS solution, our credential to our customers in this region will be enhanced. The compliance also indicates our firm vision and commitment for the solid growth of Hong Kong banking industry." says Mr. Stanley Wong, Director and Deputy General Manager of ICBC (Asia).

This deal marks a significant leap forward in FERNBACH's strategy of international expansion. ICBC (Asia) joins FERNBACH's roster of prestigious European banking customers which include UBS, Credit Suisse, Commerzbank, DaimlerChryslerBank and many other major financial houses.

Günther Fernbach, founder and CEO of FERNBACH said: "We have a strong presence in Europe but the reporting and visibility provided by our technology makes it relevant to the global banking industry as a whole. ICBC (Asia) is an important, respected and market-leading institution. This is a great win for us."

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