Surecomp, a leading provider of global trade solutions for the financial services community, announced today that DBS Bank, one of the largest financial services groups in Asia, has successfully implemented IMEX, Surecomp’s trade finance solution, at its UK and Taiwan operations.
The implementation of IMEX at DBS UK and DBS Taiwan underscores the growing relationship between the bank and Surecomp, according to Ng Peng Khim, Managing Director of DBS’s Technology & Operations (Institutional Banking & Emerging Markets).
“We have achieved many firsts with the deployment of IMEX in the UK and Taiwan,” Ng said. “While it was DBS’s first trade finance venture outside of Asia, it certainly will not be our last. In 2010, we plan to roll out IMEX at our US and Gulf region operations, as well as in other Asian cities where we operate, thereby aligning our trade solutions across the region.
“This is also the first time we’ve been able to standardize and streamline our trade finance processes, including providing automated intra-day and end-of-day cash flow management reporting for our businesses,” Ng said.
The bank’s proven track record with Surecomp has shortened DBS’s time to market, according to Wallace Chen, Head of DBS’s Solution Delivery Management Group. “Leveraging our experience with Surecomp has enabled us to bring new DBS location entities to production at record-breaking speed,” Chen said.
“This has been achieved by detailed planning, implementation of QA-tried-and-tested interfaces, and the dedication and professionalism of the joint DBS/Surecomp team. With these three elements in place, we’ve been able to develop an entity template that enables us to achieve location entity production far more quickly than in the past.”
“Developing a real sense of partnership with our customers is central to our success,” said Surecomp President Eyal Hareuveny. “This means continually reviewing feedback to determine what our customers really need in order to remain competitive and succeed. Information sharing benefits everyone, which explains why our solutions are always evolving, and, as a result, improve return on investment, lower total cost of ownership and significantly shorten time to market.”
About DBS Bank
DBS is the largest bank in Singapore, a leading bank in Hong Kong and is one of the largest financial services groups in Asia. Headquartered in Singapore, DBS has operations in 16 markets and is a well-capitalized bank with “AA-” and “Aa1″ credit ratings, one of the highest in the Asia Pacific region.
As a bank that specializes in Asia, DBS leverages its insights, deep understanding of the region and appreciation of local cultures to serve and build lasting relationships with its clients. DBS provides a full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. DBS will leverage its growing presence in China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows in the Greater China region. The bank is also focused on extending its footprint and facilitating capital flows in fast-growing Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities.
For more information, please visit www.dbs.com.