Jakarta – Bank Niaga and DST International (DSTi) announced today that Bank Niaga has reaffirmed its commitment to DSTi and will convert to DSTi’s Investment Accounting Solution - HiPortfolio/3 – the leading fund accounting solution globally, for its Custody Division.
Bank Niaga is the largest local custodian bank and is awarded "The Most Active Custodian Bank" for 2003 and 2004 by Surabaya Stock Exchange. Over the past year, Bank Niaga has reviewed its internal systems and processes, and has selected DSTi’s Investment Accounting Solution, particularly the HiPortfolio/3 component, to provide a long term infrastructure that can support its future growth and requirements. Bank Niaga has earlier selected DSTi’s HiTrust for its mutual fund administration operations, as part of the total systems review.
Bank Niaga’s decision has further consolidated DSTi’s leadership position in the Indonesian custodian and fund administration market. DSTi is the only international provider that has successfully established its presence in Indonesia over the past decade. DSTi now has over 10 leading Indonesian institutions using its solutions and has opened a new office in Jakarta last year. The choice of HiPortfolio/3 will enable Bank Niaga to enjoy the depth and breadth of functionality offered by a global solution, as well as benefit from the expertise DSTi has in the local investment industry.
Bapak Teddy Punu, Bank Niaga’s Senior Vice President of Investment Services, said, "Bank Niaga was the first custody institution in Indonesia to adopt HiPortfolio/2 more than 10 years ago. We strive to be forward looking. We adopt the use of modern technology of international standards to improve the service offering to our clients. HiPortfolio/3 utilises a whole new platform than HiPortfolio/2 and allows us to do much more. We are very pleased with the quality of product, support and services that DSTi has been providing to Bank Niaga."
Rhonda Lepsch, DSTi’s CEO of Asia, said, “Bank Niaga's strategic decision to adopt the HiPortfolio/3 component of DSTi's Investment Accounting Solutions is a tribute to the product's leading position in the Indonesian market. HiPortfolio/3 is unique in that it is a global solution that meets domestic requirements as well. It is the perfect strategic fit for Bank Niaga because it is robust and flexible. This means that HiPortfolio/3 can rapidly implement new financial instruments and global best practices as the capital markets in Indonesia continue to evolve and mature, ensuring that Bank Niaga will maintain their leadership position in the market. Bank Niaga is a truly innovative company and we look forward to continuing our close partnership for many years to come"
Bank Niaga joins a growing list of local and global customers committed to benefiting from the advanced technologies behind DSTi’s Investment Accounting Solutions with recent customer conversions including BNP in Australia; Bank Thai in Thailand; Trustees Executors in New Zealand; Fiji National Provident Fund and The Reserve Bank of Fiji; JPMorgan Investor Services and MedInvest in South Africa; Asset & Resource Management Company in Nigeria; Daiwa SB Investments in the United Kingdom; and Daiwa SB Investments (HK) Ltd.Ends