CIMB Niaga has gone live with FERNBACH’s FlexFinance software

CIMB Niaga has gone live with FERNBACH’s FlexFinance software
11.06.2015 01:00 am

CIMB Niaga has gone live with FERNBACH’s FlexFinance software


The Project Steering Committee of CIMB Niaga gave the green light for the official go-live of another important milestone in the introduction of FERNBACH’s FlexFinance FRC software. On this occasion, CFO Pak Wan Razly Abdullah (CIMB Niaga) congratulated EVP APAC Dr. Denis Diop (FERNBACH) on behalf of FERNBACH’s implementation team for the excellent project work that has been completed so far.

CIMB Niaga, which is one of the largest banks in Indonesia, chose FERNBACH in order to be compliant with International Financial Reporting Standards (IFRS) and to update and improve their solution for Indonesian accounting standards (PSAK 50, 55).

The project step, which was completed successfully, links the limited impairment solution in the core banking system with the FlexFinance Impairment Workbench. The web interface of the FlexFinance Impairment Workbench will be used to capture and maintain recovery information at individual deal level for non-performing loans in CIMB Niaga’s loan portfolio. For the treatment of non-performing assets, the FlexFinance Impairment Workbench offers workflow-supported processes such as watch lists, task lists and control lists. In this way, it documents responsibility and activities, while making them transparent and comprehensible. As such, it significantly improves the exchange of information between the finance and the risk departments of a bank.

With the completion of this project phase, FlexFinance is in place for the treatment of financial instruments in compliance with IAS/IFRS/PSAK, including the entire risk provisioning process. Furthermore, CIMB Niaga is perfectly prepared for the future: FlexFinance Impairment Workbench has already been configured for future IFRS 9 requirements and will support CIMB Niaga in the process of becoming one of the first banks to comply with IFRS 9 requirements.

Furthermore, regional banks are currently realigning their businesses ahead of the launch of the ASEAN Economic Community (AEC) by the end of this year and its upcoming Asean Banking Integration Framework. Amending regulations and cross-border tariffs has led to a high increase in regional trade. Therefore the AEC aims at establishing strong and well-managed banks in the ASEAN region that adhere to international best-practice approaches.

Related News

RBI publishes second edition of CEE Fintech Atlas

Today, Raiffeisen Bank International (RBI) is launching the second edition of its CEE Fintech Atlas. It provides a profound overview of 19 fintech ecosystems... Read more »

Robocash Group runs pre-IPO round to launch its Philippine neobank

Getting prepared for an initial public offering (IPO) on the Australian Stock Exchange (ASX) in December 2020, Singapore-headquartered ... Read more »

Cognitive Credit and IHS Markit enter strategic alliance to collaborate on global credit data services

Cognitive Credit, the UK-based credit analytics software company, is pleased to announce a new alliance that brings best-in-class credit market data from IHS Markit to the... Read more »

Sopra Banking Software signs strategic partnership with Tink

Sopra Banking Software (SBS), a global leader in digital banking and financing software, announces a strategic channel partnership with Tink, Europe’s leading open... Read more »

iProov to provide biometric technology to challenger bank Knab, part of AEGON

Today, iProov is proud to announce that its technology is to be deployed by Dutch challenger bank Knab, to provide an effortless online biometric experience to its nearly 500,... Read more »

FintechOS named the hottest FinTech Startup in Europe

FintechOS, the global provider of technology for the digital transformation of banks, insurance companies and other financial services organisations, is this year’s hottest... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel