From 2010 South Korean banks will be obliged to draw up balances according to the International Financial Reporting Standards. As a result the banks are under increasing pressure to find a suitable solution. In the last few years KT FDS has found FERNBACH to be a strong and dynamic partner, which, once again, emphasises the increasing internationalisation of the Luxembourg software house.
The South Korean company offers comprehensive solutions for finance information systems, financial consultancy both for Management and Operations. At the same time it operates on behalf of FERNBACH and successfully undertakes both the localisation of the product
FlexFinance(r) IFRS and the maintenance and customer support. In a joint IFRS Competence Centre in South Korea potential clients are able to familiarise themselves with FlexFinance(r) IFRS with the assistance of KT FDS members of staff. These have the FERNBACH solution installed on their computers and can simulate "real" banking applications, which makes the migration of their existing account rendering to IFRS significantly easier for South Korean banks.
Thanks to the partnership with KT FDS the Woori Financial Group will be working with FERNBACH's FlexFinance(r) IFRS solution to meet with new international financial accounting standard.
Arnaud Picut, Managing Director of APAC at FERNBACH, says: "The partnership with KT FDS has really paid off. Since last year, when the contract was signed, KT FDS has done a lot for FERNBACH and has won Woori Financial Group as a client. FERNBACH plays an increasingly important role in South Korea as a result and can react quickly and purposefully through local support. The Competence Centre in Seoul has also been very well received by the clients and it helps them to master the challenges of software migration. We are very pleased with the fantastic cooperation and with winning the Woori Financial Group. Based on this strong support platform, we are expecting new projects in the coming months."
Hoon Chae, Director of the Financial Division at KT FDS, says: "We were enthusiastic about FERNBACH's IFRS solution from the start and are supplying the software in South Korea with great confidence. With the support of the Competence Centre we can explain the software directly to the client and adapt it to his own requirements, giving him something concrete. The Woori Bank was delighted with this concept and constitutes a significant client in South Korea both for FERNBACH and for us."