FIS™ (NYSE: FIS), the world's largest provider of banking and payments technology, consulting and outsourcing solutions, today announced it has been selected by Thailand's TISCO Bank Public Company Limited to provide its Profile® core banking system.
The deal underlines FIS' dominance in the Thai banking market, where five of the top 13 banks in the country are now using the FIS Profile core banking platform.
TISCO Bank, a subsidiary of Thailand's leading financial services firm, TISCO Financial Group Public Company Limited (TISCO), is a growing bank in Thailand. It's continuously improving information technology, while also moving to a real-time, customer-centric banking solution in order to shift efficiency in business operations to provide quality service with maximum benefits to customers. With FIS' Profile® core banking solution, which is already the country's most widely used core banking platform, TISCO Bank will increase its flexibility and efficiency when providing services to customers.
"The world of banking is changing, with more and more banks looking for cost economies, without compromising on functionality," said Raja Gopalakrishnan, Group Managing Director - APAC, FIS. "FIS allows banks to focus on their customers, support high-volume growth and provide real-time integration with all delivery channels. The Asia Pacific region is one of the fastest growing for FIS. Our dominance in this dynamic region is based on our unrivalled delivery capability and world-class product offering."
"TISCO Bank was pleased with the comprehensive capabilities and ease of customization that FIS' core banking suite offers," said Yutiga Sonthayanavin, executive vice president, TISCO. "An integrated, hosted solution that provides us highest-quality processing was something we required as we continued to grow our banking services. FIS provided a track record of success that we could depend on."
FIS' success in Thailand is being mirrored across the region. As banks in Asia seek to grow their businesses, deliver innovative new products and maintain a secure, compliant environment, they are increasingly turning towards managed services such as this. TISCO Bank joins a broad cross-section of banks around the world that rely on FIS as their technology partner.
TISCO was established in 1969 as the first investment bank in Thailand. It pioneered several financial services as it grew to meet the economic needs of the country before upgrading its status to a full service commercial bank in 2005. TISCO Bank operates banking business in Retail Banking, Private Banking, Corporate Banking, Commercial Banking, Cash Management Services and Corporate Investment. It has assets of $10 billion (U.S.) and serves customers across Thailand through a total network of 137 branches.