g
Head office: Lot 5.04, 5th Floor, Menara 1, Faber Towers, Jalan Desa Bahagia, Taman Desa, 58100 Kuala Lumpur, Malaysia Tel: +603 7983 2288
Email:
customersupport@silverlakeaxis.com Other offices: Singapore Website:
www.silverlakeaxis.com Contacts: Thang Boon Cheng, Senior EVP, SIBS Channel Product Development & Solutions Founded: 1989 Ownership: Silverlake Axis Group is listed on the Singapore Exchange (SGX) Number of staff: 1500+
A Middle East drive
A win in Thailand came in 2006, with Islamic Bank signing. Then, as part of a Middle East drive, the company established representative offices in the region. A breakthrough came in late 2006 at Dubai- based Commercial Bank International (CBI). The bank was intent on shifting its focus from corporate banking to full retail banking, and saw SIBS as the way forward, rejecting Infosys’ Finacle in the process. It went live in early 2008 with the bulk of the functionality. Islamic banking support was to follow as a subsequent phase, with CBI awaiting a licence at the time of the cutover. That expansion duly occurred, with the project to support an Islamic banking window starting in January 2009. Nonetheless, by early 2011, it seemed CBI’s Islamic banking window was still a work in progress, with the bank’s website stating that its planned launch was at an ‘advanced stage’. Silverlake gained a second major deal for SIBS in the Middle East in July 2007, with Amlak International, a Saudi Arabian real estate finance company. Amlak was a start-up Islamic mortgage financier based in Riyadh. It claimed to be the first real estate finance company licensed by the central bank of Saudi Arabia (SAMA) with a focus on the mortgage and leasing business for retail and corporate customers. In the first half of 2007, Silverlake also added another local player, Bank Kerjasama Rakyat Malaysia. The vendor was contracted to
deliver support for the bank’s Islamic credit card programme by providing the data centre and technology infrastructure, its Islamic credit card application software and credit card operations services. The same year, Bank Mega Syariah Indonesia, Bank Pertanian (now Agro Bank) in Malaysia (which originally came on board in 1997), and Bank Bumiputra Indonesia all took SIBS or upgraded. Underlining this period of intense activity, the vendor also won a major conventional deal at Malaysia’s largest bank, Maybank. The bank was already using SIBS in Singapore, Brunei and the Philippines but now signed to standardise on the system for all of its international operations in the region, within a project it had dubbed ‘MBS-Tiger Hubbing’. In a first phase, SIBS was to be installed in a number of other countries, including Indonesia, Vietnam, and Hong Kong. The second phase would be to centralise the operations, bringing them onto a single platform. There was an interesting episode at Bank Islam in Malaysia. By late
2007, the bank had decided to replace SIBS and I-flex’s (now Oracle FSS) internet banking system at the front with Temenos’ T24 to support its operations in 90 branches and online. However, Silverlake claimed to have gained a new contract by early 2009. Silverlake managing director, Dr Raymond Kwong, estimated that 15 per cent of his company’s business came from former customers returning to the fold after failed implementations. No one from the bank was available to comment; Temenos’ manager for the region only talked generically about its commitment to the Malaysian market and cited
Islamic Report
www.ibsintelligence.com 214
company details
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266
