Bangkok--23 Apr--G-ABLE Group
G-ABLE Group is the first IT service provider in Thailand to offer innovative financial software solution to help local banks transform its system to support IAS 39 standard.
G-ABLE Group, a local professional IT service provider, joins hand with a leading Belgium-based financial management software provider, FinArch, to deliver FinArch’s innovative financial management software solution to help banking sector in Thailand to transform its existing IT system to support the so-called IAS 39 standard.
International Accounting Standard 39, or IAS 39 for short, is financial instruments for recognition and measurement. The standard was developed by International Accounting Standards Board to establish principles for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items.
IAS 39 financial instrument is now applied to use in financial institutions all over the world. To leverage Thai banking standard, Bank of Thailand, in late 2006, announced that all banks operated in Thailand have to adjust their system to comply with IAS 39 standard within January 1, 2011.
Under BOT’s condition, all the banks have to accumulate comparative accounting log files for two years backwards. So, to start the system’s transformation process, the banks need to begin collecting related accounting data from January 1 this year.
“Data and the way to collect and integrate data systematically are regarded as critical parts for IAS 39 transformation,” said Trairatt Chaisamran, Executive Director of G-ABLE Group. “If the banks did not yet start data collection process from now and had not good enough IT system to facilitate the transformation, they may not be able to shift their system to serve IAS 39 standard according to BOT’s enforcement deadline.”
Trairatt said that as a leading IT services provider especially for financial and banking sector, the company had worked with FinArch to bring its world-class standard financial software solution to help Thai banking sector to adjust the system to comply to IAS 39 standard smoothly and completely.
FinArch is a global value leader in providing a new generation of financial management software. With its domain expertise as an auditor, the company blended its unique know-how to develop innovative financial solutions. Designed to meet the overall strategic objectives in financial reporting, FinArch’s software so far is recognized and used by the world’s leading financial institutions and banks in Belgium and Europe.
Having been a partner with FinArch for over two years, Trairatt said G-ABLE this year would focus on bringing FinArch’s software to penetrate Thai banking sector by offering FinArch IAS 39 software system and implementation service as a total solution. Developed to serve the new accounting standard, the software comes with a guideline and knowledge-based system that can offer users essential data and formula calculation method to help them make better financial reporting.
“With FinArch’s solution, we can help banking sector to transform their system to meet BOT’s regulations effectively and we hope to gain the most market share in IAS 39 market in Thailand,” Trairatt said.
The company plans to deliver the IAS 39 solution focusing on local small- and medium-size commercial banks, which require using software solutions provided by local vendors.
“The enforcement of IAS 39 announced by BOT is opening us a new opportunity to deliver the world-class standard software solution to Thai banking market,” Trairatt said, adding that even though some banks were now trying to write a new program added on top of the existing system by themselves, with no IAS 39 knowledge, the efforts may cause a problem to the bank’s system. So, using software package from FinArch would be a better answer to help IAS 39 transformation process go smoothly.
To ensure all the implementation processes, G-ABLE has spent the whole year to prepare its team to help customers transformation process. It has worked closely with FinArch to select a proper solution that meets BOT’s regulations and measurements. Meanwhile, the company also trains and improves the staff’s technical skills, implementation method and consultancy service so that the team will be able to make the transformation process and data integration to go in line with IAS 39 standard completely.
Trairatt added that the company last year gained the highest market share in Thai banking and financial sector. In 2008 alone, the company generated Bt1.5 billion of revenue and it hopes to grow at around 15 to 20 per cent this year.
“In a midst of economic downturn, many banks are looking for the ways to adjust their internal working process to improve working efficiency as they believed that the change will help them increase competitiveness as today, they’re competing not only with local banks but also international banks from aboard. IT, therefore, is regarded as a key tool to enable them to get more improvement and this is also a good chance for us to bring IT to assist them to achieve the goal,” Trairatt said.
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Chutima Seeda (ชุติมา สีดา)
Public Relations Dept. CDG Group
202 Nanglinchee Rd., Chongnonsee, Yannawa, Bangkok 10120
Tel : 0-2678-0200 ext. 2998 Fax : 0-2678-0213