Life Insurance and Bank Rakyat Indonesia, respectively. Another win came from the Perth Mint Treasury and Depository. However, there was then a downturn in 2010. Having recorded five new customer sales in 2008 and four in 2009, only one customer was found in this year, at Panin Bank in Indonesia. For the financial year ending in June 2010, CCK made a loss of $350,000, which it put down to a number of factors including exchange rate movements but also fewer new contracts and reduced maintenance revenue. The firm was trying to expand, however, and underwent a rights issue late in the year, aiming to raise about $3 million. The purpose was to raise cash to pay for the kitting out of offices and recruitment of local staff in Indonesia and the Philippines. There was a shortfall in the issue but since it was partially underwritten, CCK still raised the funds it required. Its expansion plans also saw it signing new distribution agreements with a firm called AsiaDecision Information, in Taiwan, and with Rubik Financial, a reseller of Temenos’ T24 based in Australia. The focus of this partnership was on Rubik’s client base. Rubik also took a minority stake in CCK in early 2010. Wins in Indonesia, with Bank Papua, and the Philippines, at the country’s central bank - Bangko Sentral ng Pilipinas (BSP), in 2011 were signs that the investment was paying off. The latter was its first central bank win and the project was carried out through 2012, with an expected go-live in early 2013. However, the company’s financial results to 30th June 2011 made worse reading than the previous year’s, with CCK announcing a post-tax loss of AU$2.6 million on revenues of AU$2.14 million (albeit with write-offs of its older software).
By early 2012, CCK had its sights set on countries such as South Korea, China and Japan. A fully multi-lingual version of Guava was brought to market, which was to allow all screen labelling to appear in any language. Although previous versions of the system enabled data storage in different languages, this latest version was felt to be ‘a major leap forward’. Language control could now be applied location-by-
Functionality of Guava
GL, FX, MM, loans and deposits, bonds, coupon securities, discount paper, swaps, FRAs, futures, exchange-traded options, mortgage and asset- backed securities, repos, OTCs, equities, electronic banking, Swift message formatting, nostro and vostro management, confirmations, message management, limits management, exceptions processing. Workflow management, front office support.
Number of known Islamic users for Guava: 6 Total number of known Guava users: 23
90 Islamic Report
www.ibsintelligence.com
location, so a regional bank could have different languages set up for users in different branches. Local branches could now diversify further and add local dialects and business terms into the translation (labels can be edited by the client). There is also multi-lingual support for regulatory and management reporting and it can support double- byte character set (DBCS) languages (such as Japanese, Korean and Chinese) which Wong felt was often a stumbling block for Western software vendors which bring their offerings to Asia. CCK had also entered into a partnership agreement by this stage with Bloomberg to target the regional market. The two parties signed a development agreement, to integrate Guava’s back office component with Bloomberg’s TOMS front and middle office system and to offer the resultant product as a single package. ‘In Asia, many banks prefer an integrated front to back office solution, so we see a lot of potential here,’ said Wong. There were two wins again in 2012. One was a breakthrough in a new country, Sri Lanka, with a deal at the central bank and the other provided CCK with its fifth gain in the Philippines, at Philippine Business Bank. There have been no new announced financial sector takers in 2013. It was the same story again in 2014, with the one deal coming outside of the banking space. This was another Sri Lankan deal, at Lanka Orix Leasing Company. 2015 was a lean year for CCK as it reported no deals for this year. 2016 was a better year for the vendor as it recorded two new deals for the year, both of them coming in Philippines. The first deal was with Sterling Bank of Asia which is a thrift bank set up in the year 2007. The other deal was with Bank of Philipine Islands (BPI) an universal bank. The suppliers success in the Philippines market continued in 2017 as a solitary deal win at Development Bank of the Philippines. The clutches of users in the Philippines, Indonesia and Malaysia point to a good track-record. Nevertheless, there have not been any new additions from Malaysia in recent years and, as the vendor’s sole source of Islamic wins to date, this has meant little progress has been made in this area in terms of new signings.
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