CIMB Niaga selects FERNBACH’s FlexFinance software for PSAK 50/55 and IFRS 9

(PresseBox) ( Frankfurt am Main, )
Singapore, 27 June 2013 – FERNBACH-Software, the leading worldwide provider of Finance & Risk Management Solutions, has announced today that they have been selected by CIMB Niaga to implement FERNBACH’s FlexFinance.

CIMB Niaga, one of the largest banks in Indonesia, chose FERNBACH-Software through a comprehensive and competitive selection process. They will be implementing FERNBACH’s FlexFinance Financial Risk Management solution to adhere to International Financial Reporting Standards (IFRS) and to update and improve their current solution for Indonesian accounting standards (PSAK 50, 55) in compliance with Bank Indonesia (BI) Regulations.

CIMB Niaga will also be one of the first banks in Indonesia to implement IFRS 9 and as such will be under close scrutiny not only from the regulator, Bank Indonesia, but also from all the peer banks in Indonesia.

CIMB Niaga’s CFO, Pak Wan Razly said, “We selected FERNBACH as a provider because they not only have a very excellent product, but also a reputation for their commitment to their customers and delivering projects quickly and reliably. CIMB Niaga is growing very rapidly and so our chosen solution needs to grow with us and to be able to handle our requirements into the future. FERNBACH fulfils all our criteria.”

“We are excited and proud that we have been selected by CIMB Niaga. It shows that, after banks perform a thorough selection process with due diligence, FERNBACH is defined as the vendor of choice for finance and risk”, said Anthony Campbell-Brown, MD APAC. “Our customer centricity is our top priority and we are committed as a supplier to long-term engagements and relationships with our banking customers. We are focused on delivering high-quality solutions and projects to financial institutions of all sizes, not only in Indonesia but right across APAC.”
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