Universal Banking Systems Report

Head Office (Ambit Core Banking): Level 2A KPMG Tower, First Avenue, Bandar Utama, 47800 Petaling Jaya, Selangor Darul Ehsan, Malaysia Tel: +603 7721 6000. Email: customersupport@silverlakeaxis.com Other Offices: Bangkok, Beijing, Bratislava, Dubai, Hanoi, Karachi, Kuala Lumpur, London, Manila, Prague, Shanghai, Tokyo. Website: www.sungard.com/ambit Contact: Dan Bradley, director, PR and communications: +44 (0)20 8081 3512. Founded: 1983. Ownership: Silverlake Axis Number of Staff: 20,000+ within Sungard as a whole.

Origins

System Access was founded in 1983 by Leslie Loh. At this time he was only in his mid-20s. He was a driven individual who was involved in the running of the company on a day- to-day basis from the outset. System Access initially worked on bespoke systems developments, mainly for the overseas banks moving into Singapore in the first half of the 1980s. In 1987, the company gained a grant from the Singapore National Computer Board, a government body with a remit to encourage the growth of domestic IT suppliers. The grant was intended to facilitate the development of a packaged wholesale back office system. Further government backing followed. In 1989, System Access obtained a grant from the Trade Development Board to conduct a market survey for the product in Asia, the UK, continental Europe, and the US. Then, in 1992, System Access was awarded ‘Pioneer’ status by the Economic Development Board of Singapore. This was given to companies with the potential to contribute to the economic development of Singapore and basically meant that System Access was exempt from tax for ten years. The government took a minority stake in the company. Such support was guaranteed to make western software suppliers envious. System Access did not have to find one or more banks to support the development, it did not have to find venture capital, nor did it have to struggle during the development years to remain in business. The resultant product was launched in 1988 as the System

for Merchant Banking Operational Controls (Symbols). The first taker was Credit Suisse First Boston in Singapore, with four other domestic orders in quick succession. The initial release consisted of a basic treasury module around a core

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accounting system. Marketing commenced in Singapore but the supplier looked beyond its domestic market from the start. Malaysia was the first target, then other Asia Pacific countries the following year. The Singapore market itself became fairly saturated around the start of the 1990s and competition throughout the Pacific Rim as a whole became more intense with the arrival of western suppliers, squeezed in their traditional markets. However, System Access prospered here while also turning its attentions further afield. Its stated aim was ‘to have Symbols installed in all major financial centres and selected growth markets by the end of 1993’. Not surprisingly it never came close to this overly ambitious plan, with progress understandably slow at first. However, an initial important overseas order for Symbols was gained from Standard Merchant Bank of South Africa, through a $1.73 million contract signed in 1991. The bank became System Access’ largest customer at this time, with 250 users supported on Olivetti terminals linked to Pyramid servers. The Standard Merchant Bank deal stemmed in part from

the bank’s Oracle policy. This strategy also applied to the bank’s parent, Standard Bank. In fact, Standard Bank London also evaluated Symbols when it sought an Oracle-based system but opted instead for Temenos’ Globus, largely due to concerns about the ability of System Access to provide support in London and despite offers of help from Standard Merchant Bank. Such database-driven strategies were becoming increasingly common, as banks sought to consolidate their data within a single warehouse, fed by the different processing systems, with Oracle an obvious choice.

Universal Banking Systems Market Report | www.ibsintelligence.com

company details

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