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DBS Extends Global Trade Finance Reach with Surecomp’s IMEX

Published 21 April 2010 | By Surecomp

Surecomp, a leading provider of global trade solutions for the financial services community, announced on 21 Dec 2009 that DBS Bank, one of the largest financial services groups in Asia, has successfully implemented IMEX, Surecomp's trade finance solution, at its UK and Taiwan operations.

21 Dec 2009: The implementation of IMEX at DBS UK and DBS Taiwan underscores the growing relationship between the bank and Surecomp, according to Ng Peng Khim, Managing Director of DBS's Technology & Operations (Institutional Banking & Emerging Markets).

"We have achieved many firsts with the deployment of IMEX in the UK and Taiwan," Ng said. "While it was DBS's first trade finance venture outside of Asia, it certainly will not be our last. In 2010, we plan to roll out IMEX at our US and Gulf region operations, as well as in other Asian cities where we operate, thereby aligning our trade solutions across the region.

"This is also the first time we've been able to standardise and streamline our trade finance processes, including providing automated intra-day and end-of-day cash flow management reporting for our businesses," Ng said.

The bank's proven track record with Surecomp has shortened DBS's time to market, according to Wallace Chen, Head of DBS's Solution Delivery Management Group. "Leveraging our experience with Surecomp has enabled us to bring new DBS location entities to production at record-breaking speed," Chen said. "This has been achieved by detailed planning, implementation of QA-tried-and-tested interfaces, and the dedication and professionalism of the joint DBS/Surecomp team. With these three elements in place, we've been able to develop an entity template that enables us to achieve location entity production far more quickly than in the past."

"Developing a real sense of partnership with our customers is central to our success," said Surecomp President Eyal Hareuveny. "This means continually reviewing feedback to determine what our customers really need in order to remain competitive and succeed. Information sharing benefits everyone, which explains why our solutions are always evolving, and, as a result, improve return on investment, lower total cost of ownership and significantly shorten time to market."