had the largest banks in Malaysia, Singapore and Indonesia as clients. Although Silverlake seemed to come out of the consolidation reasonably well, there has been some shrinkage of the SIBS user list due to bank closures and mergers, particularly in Malaysia and Indonesia. In 2001, Silverlake gained wins in the Philippines and Vietnam. In the former, a user of I-flex’s Microbanker, Philippines Bank of Communications (PBCOM), opted to replace this with SIBS. In fact, Silverlake was hopeful of gaining other takers in this country. A fair number of the long- standing users of Systematics were seemingly starting to look to replace it, although a fair number had also been renewing their contracts of late. The Vietnam success was in the form of a project funded


by the World Bank via an arrangement with the State Bank of Vietnam. This saw Maritimebank select SIBS as its new core banking solution. Headquartered in Haiphong, Maritimebank identified a requirement for a new core solution to span its retail and commercial banking operations and to underpin its declared objective of becoming a major commercial bank offering financing and capital management services to the major industrial and economic sectors within Vietnam. The bank is a key player in corporate trade finance for the aviation, telecommunications and transportation industries and, as its name suggests, has a strong presence in the shipping sector. The implementation of SIBS commenced in January 2002. The system was to act as the bank’s foundation as it sought to become a full service retail and consumer bank. SIBS replaced an existing in-house solution operating on a Netware and FoxPro platform. In selecting SIBS, Maritimebank also evaluated solutions


from several South Korean vendors such as Hyundai, Open Gate and Daesung as well as bids from Unisys, Tata Consultancy Services (TCS) and Compaq Singapore. The two-stage bidding process, which was conducted over a period of 18 months, was compliant with the stringent international and local guidelines for selection set by the World Bank under the auspices of the International Bank for Reconstruction and Development (IBRD) and the State Bank of Vietnam. Separate consulting firms from the region were engaged to oversee the two stages of the evaluation process. Maritimebank’s key requirements dictated that its chosen solution had to be a package providing centralised processing together with standalone local solutions for real-time data capture across the country where communications are an issue. Like other Vietnamese banks, Maritimebank must adhere to the State Bank of Vietnam’s guidelines which include interfacing with the State Bank’s own systems. Modules of SIBS taken by Maritimebank included CIF,


deposits and loans, trade finance, remittances, treasury, risk management, capital management, ATMs, internet


414


banking, and data warehouse, as well as general ledger and audit. Silverlake’s first Vietnamese client, Vietcombank (Bank for Foreign Trade), had been live since August 2000 and was the first successful on-line integrated retail banking solution in the country. Silverlake now set up a representative office in the country, with another added for China.


However, Silverlake has had stiff competition in Vietnam.


For instance, in June 2004, SIBS was rejected at Sacombank because the bank was looking for an open system. Temenos’ T24 was selected. Subsequently, System Access, now owned by Sungard, has had a clutch of notable wins in the country, so too Polaris and others. Silverlake also looks as though it will ultimately lose one of its sites. This is Vietinbank, one of the four state-owned banks. In its 2010 annual report it had flagged that its board of directors had approved the strategy of looking for a new core system; by October 2011 an RFP was thought to be imminent. The bank claims its assets are worth more than 20 per cent of the entire Vietnamese banking system, and it offers both wholesale and retail banking services. Two other major roll-outs of SIBS in Asia seemed to


progress well. At Bank Rakyat, almost 300 outlets were live by the start of September 2002. This might sound like a lot but there were plenty more to go, with the bank’s ‘micro- branch’ network next on the to do list, equating to around 4500 outlets in total. The bank moved from a decentralised to centralised infrastructure, bringing all of its products onto the one system, and laying down a platform from which to move into internet banking. It implemented the general ledger, CIF, loans, deposits, trade finance and treasury portions, as well as Silverlake’s data warehouse. A team of around 50 staff from the supplier was working on-site. Across in Singapore, by this time, OCBC was live with some elements, including loans and unit trusts, with a ‘big bang’ planned for December when the rest of the core retail functionality was due to cut over.


Over the years, since the Sungard takeover, the numbers of new sales dwindled and many existing customers left. There were around 25 banks running Symbols/Ambit Core. The vendor managed to on-board just two new clients over recent years: Crown Agents in the UK and Central Bank of South Sudan.


Sungard also sold its core banking software unit, Sungard Ambit, to rival Silverlake Axis for $12 million. The business was originally purchased by Sungard in late 2006 for $120 million. Silverlake Axis completed the acquisition of SunGard


Ambit for $12million. The Board was pleased to announce that pursuant to the terms of the Agreement, the Proposed Acquisition had been completed on the 1st of October 2015. Following the completion of the Proposed Acquisition, SAS became a wholly-owned subsidiary of the Company.


Universal Banking Systems Market Report | www.ibsintelligence.com


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