The Korean company KT FDS and Fernbach, a provider of award-winning solutions for IFRS, are delighted to announce a strong alliance in South Korea.
The basis of the partnership is formed by KT FDS being the reseller of FlexFinance(r) products for Korean banks, which desire to acquire the leading IFRS Accounting Generator by FERNBACH.
KT FDS is a reliable enterprise providing comprehensive solutions for financial information systems, financial consulting, and providing solutions for management and operations. At present, it provides a full-range of services including developing advanced IT technology for operations and maintenance in order to fulfil the various needs of its clientele.
The role of KT FDS will be extended to the localisation of product, maintenance and customer support level 1 and will also propose some outsourcing programs for long-term maintenance of FlexFinance(r).
Arnaud Picut, Managing Director APAC at FERNBACH, said, 'For FERNBACH, this is an important step to properly address the Korean market. FERNBACH desires to offer various opportunities for the maintenance and support of its IFRS solution. Localisation is key, and KT FDS is our backbone to locally support our activity. Furthermore, we will take benefit of KT FDS's strong expertise on IT infrastructure, which is required to support IFRS process of several million transactions every day.'
The standards-compliant FERNBACH solution FlexFinance(r) IFRS for double-entry bookkeeping will provide Korean banks with an accurate state-of-the-art accounting system which adheres to IFRS while decreasing processing times. By maximising the transparency of the audit trail and taking advantage of the pre-defined templates provided by FERNBACH, Korean banks will significantly reduce both project risks and costs.
For KT FDS, it is an excellent opportunity to leverage its growing presence within the Korean financial sector, which is underlined by Mr Hoon Chae, Director Financial Division, KT FDS, 'KT FDS has clearly defined IFRS as its main priorities for the next three years. We have decided to invest in IFRS domain by building a pool of resources capable to support FlexFinance(r). FlexFinance(r) appears to us as the most comprehensive solution to cope with this complex project. Clearly our main domains of expertise are the sizing and implementation of reliable and strong IT architecture capable to support a financial software like FlexFinance(r). Convinced that being local is essential, we have started the translation of several key documentations and website to help the Korean bankers to better understand the package. FlexFinance(r) has already been installed within our data centre, we are ready to start.'
An additional goal of FERNBACH will be the construction of an IFRS Competence Center in South Korea, where potential customers become acquainted with FlexFinance(r) IFRS in a showroom. The IFRS solution from FERNBACH will be installed on the computers in the Competence Centre, thus simulating 'real' banking applications in both the front and back offices. This will help Korean banks to migrate their existing accounting towards IFRS.