The Board of Directors of Silverlake Axis Ltd (“SAL” or “the Group”) is pleased to announce that the Group has secured contracts from two financial institutions in Thailand to assist them in their core banking transformation. These two projects will be implementing Silverlake Axis Integrated Banking Solution (SIBS).
The first client is a bank that provides a range of financial services and operates through a network of more than 60 branches throughout Thailand providing auto, home and personal loans, as well as a number of other specialized loan services. In December 2016, the client decided to replace their existing core banking system with SIBS. The project is expected to be implemented in under 16 months and some of the chosen modules include the deposits module, loans module, and branch delivery module.
The second client is a non-banking financial institution that has been providing financial services to small and medium-sized enterprises for over 25 years. With the implementation of the SIBS system, the client will have a digital IT platform with enhanced capabilities for making lending decisions faster as well as offering a wider, more flexible and innovative range of products.
The contracts are expected to contribute positively to the results of SAL in the current and following financial years. Pursuant to the confidentiality clause stipulated in the contracts, no further details of the contracts will be disclosed. None of the directors or substantial shareholders of SAL has any interest, directly or indirectly, in the above contracts other than through their respective shareholdings in SAL.
BY ORDER OF THE BOARD
Kwong Yong Sin
Group Managing Director
11 January 2017
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