FERNBACH partners with IBM GCG to bring leading IFRS software to banks in China

26 August 2008

FERNBACH, a leading provider of solutions for IFRS accounting and Enterprise-wide Value and Risk Management, has entered into a partnership with IBM China. Together, FERNBACH and IBM China will introduce FERNBACH’s FlexFinance® IFRS software for banks to China.

FERNBACH’s FlexFinance® IFRS is a standard-compliant solution for double-entry bookkeeping which enables banks to implement state-of-the-art accounting processes that are compliant with IFRS. The software is based on a centralised Data Management Suite, which ensures that all ratios and reports can be traced to the underlying transactions, and enables different reporting and compliance requirements to be satisfied using the same database. The FlexFinance® software supports IFRS-compliant accounting entries, hedge accounting and regulatory reporting, and is provided with standard templates that greatly accelerate implementation.

Under the new partnership, IBM GCG will localise FlexFinance® IFRS for the Chinese market, resell it to banks in China and provide maintenance and first-line support.

Boon Hien Tan, Partner & Leader of Financial Services Sector, IBM Global Business Services, GCG, said: “IFRS is a top priority for IBM China over the next three years and FlexFinance® IFRS from FERNBACH is the most comprehensive solution for the complex compliance project banks are facing. We have already established a local team dedicated to supporting FlexFinance® IFRS, and have begun translating the documentation for Chinese banks. FlexFinance® IFRS is already installed in our data centre, so we are ready to provide consulting and implementation service for Banking client in China. In the last two years, we have had extensive experience in general ledger projects for Chinese banks, and together with FERNBACH, we have an opportunity to enter the complementary domain of IFRS. With a stable financial accounting architecture built on FERNBACH software, Chinese banks will be able to easily comply not just with IFRS but also with any new regulations introduced in future.”

Arnaud Picut, Director of Asia/Pacific region at FERNBACH-Software, said: “This is an important partnership for FERNBACH. We understand the importance of localisation and local support, and IBM is in the ideal position to provide both. The IFRS project requires a double competency: both accounting and IT. IBM has proven expertise of implementing accounting systems and setting-up robust and reliable IT architectures. IBM’s in-depth expertise about IT infrastructure will be vital for supporting IFRS processes that govern several million transactions a day. This is the latest stage of our regional growth plans, which have seen FERNBACH investing heavily in China. In January, we set up an office in Hong Kong, hiring local IFRS experts, and we will be establishing an IFRS Excellence Centre in China to help Chinese banks to migrate to IFRS.”

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