i-flex expands presence in Asia-Pacific Announces new office in China

Shanghai, China – October 28, 2004 – i-flex solutions, a leading provider of IT-solutions for the global financial industry today announced its decision to open a new office in China. As demand for i-flex solutions products and services has increased in Asia, it has already opened offices in Singapore and Japan and China was the logical next step.

“As China liberalizes its financial system, Chinese banks need to better understand and globalize their operations as well as comprehend the opportunities and risks they face. We believe we can help them because of out specialized knowledge of the financial services industry and our experience in over 105 countries, “says Kishore Kapoor, CEO, i-flex solutions pte ltd.

i-flex solutions flagship product FLEXCUBE is the choice of over 185 financial institutions worldwide for retail, consumer, corporate, investment and internet banking, asset management, and investor servicing. FLEXCUBE addresses the entire gamut of banking operations: cash, trade finance, treasury, securities, derivatives, automated teller operations and a host of other business segments.

Specifically for China, FLEXCUBE offers double-byte language representation, necessary for the multi-character Chinese language. Because of its ability to support local languages, a bank in China using FLEXCUBE could offer its customers in China the ability to access its systems in Chinese while customers of its branches in other countries could use the local languages there.

FLEXCUBE can support multi-bank, multi-currency and multi-channel operations. Internationally reputed publication “The Banker”, part of the Financial Times Group, London, judged it “Application of the Year” and Core Banking Solution of the Year. International Banking Systems (UK), a publication that tracks core-banking solutions globally, has also ranked FLEXCUBE as the largest selling core banking solution for two years in a row (2002 and 2003). Its most recent accolade was that it won the 2004 Global Entrepolis @ Singapore Award for innovation organized by the Far Eastern Economic Review and the Singapore Economic Development Board.

i-flex invests over 80,000 man hours every year in enhancing the features and capabilities of FLEXCUBE every year. It also has alliances with leading software and hardware companies like IBM, Microsoft, Intel, HP and Oracle.

That means that banks have access to a software that is based on open architecture and have a great deal of flexibility in their choice of hardware, middleware and operating systems As FLEXCUBE is modular, banks can start with what modules they need and add on more modules as they grow thereby considerably protecting their investment.

As a result of an alliance between i-flex and IBM last year, i-flex will soon release a new version of FLEXCUBE that will run on IBM’s database DB/2. Large retail banks that run on mainframes would find using this version of FLEXCUBE to replace or upgrade their existing banking systems attractive.

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