Kingdom Botswana Ltd. (“Kingdom”) has licensed Financial Software Systems’ Spectrum Treasury System for its new Gabarone, Botswana, office. Kingdom will use Spectrum in its front-, middle-, and back-offices to manage all trading activity associated with foreign exchange and interest rate instruments. Spectrum will process Treasury transactions from deal-capture in the front-office to confirmations, payments, and general ledger accounting in the back-office. Kingdom has also licensed Spectrum’s limits management functionality for their middle-office risk management operations.
Kingdom is a new investment banking subsidiary of Kingdom Financial Holdings of Zimbabwe, and is the result of Kingdom Financial Holdings’ recent initiative to establish banking operations in Botswana. Botswana is a rapidly developing country that has enjoyed a stable legal and political environment for many years. Botswana has long established itself as a major producer of diamonds, and Gabarone – its capital city - is quickly becoming a banking center for southern Africa.
Kingdom will provide a variety of offshore and private banking services, such as deposit taking, lending, and foreign exchange trading, to high net worth clients in the region and beyond. Spectrum is now the system of choice for these operations.
Michael Snoek, Financial Software Systems’ Director of Sales for Europe, Africa, and the Middle East, stated, "It is gratifying to sign a license agreement with Kingdom for their new banking center in Botswana. Botswana has a fertile business climate for new and expanding companies, and we are pleased to be chosen as the sole treasury system for this new operation. Financial Software Systems has a number of clients in Africa and we are hopeful that this license agreement will lead to new opportunities on the African continent."
Irene Chamney, the Managing Director of Kingdom remarked, "Kingdom Botswana was seeking a treasury system that would not only meet our immediate needs, but one that would grow with us in the future. After investigating the alternatives, we short-listed four different systems for review. We chose Spectrum based on its ability to meet all of our needs, based on the strong support we received from the people at Financial Software Systems throughout our decision-making process, and based on the fact that Spectrum is a state-of-the-art system that has shown its reliability and usefulness at other banks around the world."
Kingdom is implementing Spectrum on Windows 2000 servers with Microsoft’s SQL 2000 database. Financial Software Systems also offers Spectrum on a Sybase database platform.
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