Source: Credence Analytics
Credence Analytics Pvt. Limited, the leading treasury and risk management solutions provider in banking and financial services arena, announced in Mumbai that Fullerton India Credit Company Limited has chosen its solutions suite iDEAL Finance & CALMs for managing its treasury operations (wholesale borrowings management) and the Asset Liability (ALM) management of its balance sheet.
Fullerton India is a subsidiary of Fullerton Financial Holdings Pte. Ltd., a wholly owned by the US $ 106 billion Temasek Holdings, Singapore. Temasek Holdings is one of Asia's biggest investment firms, with footprints across various industries ranging from telecommunications and media to financial services, transportation and logistics; energy and resources to infrastructure and engineering.
Fullerton India Credit Company Limited is engaged in providing retail financial services to the urban mass market in India through its widespread branch network across India. The company follows a customer centric, community based business model to achieve high penetration in the large Indian consumer base.
Fullerton India (FICC) was looking to implement a new solution to manage its complete treasury operations including wholesale borrowings management and Asset Liability management. The solution would cater to their requirements of liquidity management, of measuring, monitoring and managing risk for interest rate and foreign exchange, of managing banking relationships and back office treasury operations.
iDEAL Finance would be used for wholesale borrowings management and short term investments management. It would be used to keep track of wholesale liabilities namely debentures, bank loans, working capital loans, CP issuances, foreign currency loans and inter-corporate deposits. And CALMs would be used for asset liability management for regulatory reporting and managing interest rate risk. CALMs goes beyond mere regulatory reporting and is designed to serve as the central system for analyzing, monitoring & simulating the balance sheet and aid in Enterprise Wide Risk Management. Fullerton India has also bought the investment module of Credence iDEAL which will be used for short term investments in Liquid Mutual Funds.
"We were looking for complete treasury solution to match our incredible growth that we have witnessed during the year. For this we found Credence as the only provider that can match with our growing need and dynamic requirement. After our implementation experience with them and their ability to understand our business, we decided to go ahead with them" said Mr. Manish Chitnis, Vice President - Treasury, of Fullerton India.
"This mandate establishes Credence Analytics as a sole provider of treasury and risk solutions for the emerging NBFC segment in India. Our solution offers a unique 'single-view' perspective of the entire treasury operations of an NBFC which is very distinct from the 'asset only' view of any other treasury solution", commented Mr. C. K. Guruprasad, Director - Marketing, Credence Analytics.
Fullerton is expected to 'go-live' on the Credence applications before the end of this year.