Yip In Tsoi & Co., Ltd. and FinArch Architects nv (FinArch) have signed a partnership agreement to market a new generation of financial management software.
FinArch's Financial Studio is the first fully integrated Finance Resource Planning (FRP) solution for banking and financial institutions. Financial Studio addresses the specific needs of the finance sector with the convergence of risk management and accounting practices across all banking and financial disciplines. This partnership strengthens Yip In Tsoi's position as a leading provider of integrated IT and value added solutions in the Thailand market.
"Yip in Tsoi continues to enhance the firm's vision in providing solutions most beneficial to our customers, especially in the finance & banking sector. Our goal is to accelerate and facilitate each financial institution's ability to implement a cost effective and reliable financial management platform to comply with International Financial Reporting Standards (IFRS), specifically the IAS 39 accounting standard by Bank of Thailand before 2011. With FinArch's proven record of over 140 successful implementations and in-depth understanding and strong knowledge of IFRS, it was easy for Yip In Tsoi to make the strategic decision to join hands with the company to market and offer the FinArch solution to our customers," stated Mr. Supak Lailert, Senior Executive Vice President, Professional Services, Yip In Tsoi & Co., Ltd.
This partnership agreement, between two reputable companies, today marks a strategic move for expanding the market reach and to build the foundation for excellent quality service. Yip In Tsoi & Co., Ltd.'s Mr. Lailert stressed, "Providing FinArch financial management software enhances the market position of our company as a full spectrum provider of software solutions, applications, hardware, and consultation - as a truly one stop solution and technology provider. Coupled with Yip In Tsoi's considerable experience in the finance & banking industry, and FinArch's technology, the company is now best positioned to offer solutions to many changing customers requirements and more importantly readily prepare them to meet the compliance to the new accounting standard announced by the central bank, Bank of Thailand."
While, Mr. Chris Puype, COO and co-founder, Financial Architects nv, said, "This agreement between FinArch and Yip In Tsoi will give the customers the confidence that they will enjoy the transfer of knowledge and continued support from a well established organization like Yip In Tsoi who has been serving the country in many diversified business segment for over 80 years. The adoption of IFRS is a continuously evolving process that is best reflected by the changing landscape of the banking industry. FinArch is confident that the strategic partnership with Yip In Tsoi's will further enhance its presence in Thailand."