Published Date: March 03, 2004
Bangalore, March 3, 2004 Infosys Technologies Ltd., Export-Import Bank of Thailand (EXIM Bank) and Yip In Tsoi & Co. Ltd, Thailand, today announced that they have signed a strategic partnership to revamp the Bank’s core technology platform with Finacle®, the universal banking solution from Infosys. Under the agreement, EXIM Bank will deploy Finacle across retail and corporate banking, trade finance and treasury operations of the bank.
EXIM Bank aims to be amongst the top Corporate Banks in the country, leveraging new-generation cutting edge technology to derive benefits through innovation and product differentiation, and retain and expand its business and customer base. Finacle is at the heart of this technology driven business transformation strategy of the Bank. On this occasion, Mr. Sataporn Jinachitra, President, EXIM Bank said,” EXIM Bank clearly views this as a strategic initiative to address the bank’s new business requirements, respond to market changes, enhance its customer experience and empower its employees. After a thorough evaluation of several global solutions, we chose Finacle for its unmatched flexibility and rich functionality. What really differentiated Infosys was its proven and consistent implementation track record. We believe that Finacle provides us the right tools to achieve our business objectives and to enhance our image as the dependable ally to Thai exporters.”
Commenting on this, Merwin Fernandes, Vice President and Global Head-Sales and Marketing, Infosys’ Banking Business Unit, said, “We are delighted and excited with this partnership with EXIM Bank. This is a very important milestone in our journey in the ASEAN market and marks our entry into a new, highly potential and competitive Thai market. We view this region as a strategic focus area for our banking solutions and are making significant investments in the product and delivery capability for the region. We believe that Finacle will provide a unique business value to EXIM Bank to achieve its vision. We are also confident that this strategic breakthrough will accelerate our market penetration in Thailand as well as the region as a whole.”
Export-Import Bank of Thailand is a financial institution wholly owned by the Royal Thai Government under the Ministry of Finance’s supervision. EXIM Bank was established by the Export-Import Bank of Thailand Act B.E. 2536 (1993) which became effective on 7 September 1993 with initial capital of 2,500 million baht. Following rapid business expansion, the Bank’s capital was increased with the Ministry of Finance’s additional contribution of 2,500 million baht and 1,500 million baht in April and July 1998, respectively. EXIM Bank officially started its operation on February 17, 1994. The bank’s key objective is to provide financial services to strengthen the competitive edge of Thai businesses in the Global marketplace. The bank aims to support the export of goods and services from Thailand, facilitate imports or investments, which enhance the country’s export and help promote overseas investments to expand Thailand’s commercial bases.
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys’ Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has over 21,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com or www.finacle.com.