Temenos (SIX: TEMN), the market leading provider of banking software, today announced that Bank of China International Limited (BOCIL), a wholly owned subsidiary of BOC International Holdings Limited (BOCI), has launched private banking operations in Hong Kong on Temenos T24 (T24) Model Bank running on Microsoft SQL Server 2008.
BOCIL will deliver a comprehensive suite of high-end wealth management services exclusively for affluent private banking clients with net assets of US$ 1 million and above.
As a complete front to back platform, T24 will centralise BOCIL's operations to deliver a 360 degree customer view, coupled with sophisticated, customer centric reporting and analytics so investment managers can deliver high quality, personalised services through interactive dashboards. An enterprise wide view of the business will also give BOCI a clear picture of risk exposure real time. Leveraging Temenos' modular platform will also deliver significant efficiency and associated cost gains for BOCIL as it reduces the number of systems that needs to be maintained.
Andreas Andreades, CEO, Temenos, comments: "We are delighted to be part of BOCIL's success as they make headway in the Hong Kong wealth management sector, one of the world's premier wealth management centres and Asia's largest private banking market. This project reaffirms T24 as the solution of choice across a wide range of banks looking to capitalise on the attractive opportunities in the wealth management market both in Asia and beyond. We are seeing a growing global trend among private banks in implementing out of the box solutions which offer the pre-configured, end to end functionality to run an agile, low cost business model compared to custom developed applications. We expect our product superiority to continue to open many doors for Temenos in this market across APAC, which is positioned as the fastest growing wealth management market in the world."
A joint Temenos and BOCIL team implemented T24, employing Temenos Application Management (TAM) Services for code development. BOCIL's T24 runs on Microsoft SQL server which further reduces the cost while improving
"As the private banking market matures, high net worth clients are becoming more demanding about the services they require, seeking holistic advice from wealth managers and often wanting a more pro-active role in their investments," said Karen Cone, General Manager, Worldwide Financial Services Sector, Microsoft, "T24 running on Microsoft SQL Server 2008 will drive new levels of operational efficiencies for BOCIL and provide full support for its enterprise requirements at a much lower total cost of ownership."