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Ayudhya JF Asset Management to implement i-flex’s FLEXCUBE as technology solution for fund operations

i-flex solutions set to expand presence in Thai Banking and Financial Services Industry

Bangkok, Thailand, September 3, 2004: Ayudhya JF Asset Management (AJF), one of the largest mutual fund companies in Thailand with over US$ 1.5 billion of funds under management, has selected i-flex solution’s FLEXCUBE Investor Services, as the technology platform for its Unit Trust management operations. AJF is a joint venture between Bank of Ayudhya, the fifth largest bank in Thailand, and JP Morgan Fleming Asset Management, one of the world's largest investment management companies.

FLEXCUBE’s built-in functionalities will provide high scalability to AJF and help it in its exponential growth plans, by providing a platform for effective fund marketing; management of intermediaries and time bound handling of investor transactions.

FLEXCUBE Investor Services is part of the FLEXCUBE product suite, the flagship product of i-flex solutions. FLEXCUBE is an end-to-end product suite for Banking and Financial Services Institutions. It has been ranked the world’s largest selling banking solution for two years in a row (2002 and 2003), this ranking was done by International Banking Systems (UK). FLEXCUBE has over 190 customers in 85 countries; Citibank, International Monetary Fund, Development Bank of Singapore and Shinsei Bank, Japan are some of its customers. Citibank has implemented FLEXCUBE in Thailand as part of global roll -out of FLEXCUBE in over 100 countries.

Commenting on the selection of FLEXCUBE, Mr Reungvit Nandhabiwat, Managing Director, AJF, said, “We are experiencing fast growth in the Thai Mutual Fund market and we needed a highly scalable and flexible solution to enable us to increase customer base quickly, without worrying about the solution’s ability to scale. In our evaluation of FLEXCUBE we found it the most scalable and flexible solution and a good fit with our requirements. i-flex’s track record of having implemented the solution globally will help us incorporate international best practices”

Commenting on the implementation, Mr. Kishore Kapoor, CEO, i-flex solutions pte ltd, said, “Thailand’s banking and financial services industry is a major market for us. With a vast, proven portfolio of solutions built on its experiences from around the world, i-flex can help financial institutions meet such challenges. With FLEXCUBE, AJF will have the technology to set new standards in customer service, improve operational efficiency and provide it the flexibility for launching new funds”