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Bank of Thailand tackles operational efficiency with SimCorp Dimension

The Bank of Thailand’s go-live on SimCorp Dimension sees a number of operational efficiencies, including increased automation, by 70% and 50 % less spent on reporting…

Bank of Thailand award win IUCM 2019

SimCorp, a leading provider of investment management solutions and services to the global financial services industry, today announces the Bank of Thailand’s recent go-live on SimCorp’s consolidated front-to back investment management platform, has seen the bank gain a number of operational efficiencies, including increased automation, by 70% and 50 % less spent on reporting. The introduction of SimCorp Dimension, which since July this year has managed the bank’s USD 226 billion in reserves, has enabled the bank to expedite critical workflows across its reserve management and monetary policy operations, including reconciliations, pre-compliance checks and reporting. 

With Thailand forming one of the region’s most advanced emerging markets economies, the bank’s go-live on SimCorp Dimension, completes a vital component of its Corporate Excellence Strategy, created to deliver operational best practice. With the transformation implemented both on time and on budget, the bank is now primed with increased scalability and instrument coverage, key elements in adapting to changing regional market conditions and the exploration of global multi-asset investments. This market readiness, together with the Bank of Thailand’s commitment to innovation, sees it being honored with the SimCorp Award, at this year’s SimCorp’s International User Community Meeting, in Amsterdam.

The completion of this integral implementation sees the Bank of Thailand leading the way for its regional peers, consolidating its reserve and monetary operations and all invested asset classes, onto one core platform. The go-live has tackled a number of operational challenges through automation, which can lead to reducing operational costs and greater efficient use of resources. Areas addressed include risk management, performance and attribution, compliance, collateral management, settlement and accounting. While SimCorp’s market-leading Investment Book of Record (IBOR) has enabled the bank to achieve a consistent and real-time ‘whole office’ view of all assets.

Now in its 10th year, the SimCorp Award recognizes global financial institutions’ ability to meet the challenges of a complex world and their aspiration to do so, with an integrated, core, front-to-back platform. Key operational achievements recognized, following the implementation of SimCorp Dimension at the Bank of Thailand include:

  • Replacement of four disparate systems and over 10 manual Excel-driven processes, with one core multi-asset class platform for greater control and efficiency.
  • A consolidated accounting general ledger, using one data set across both IBOR and the Accounting Book of Record (ABOR).
  • SimCorp Dimension’s exhaustive global accounting coverage providing a consistent set of holdings, while supporting the bank’s highly customized general ledger and meeting Thai government Accounting Laws and Policies.
  • Highly automated workflows minimizing the need for human intervention. This has reduced operational risk, generating more reliable and informed investment decision making and has enabled the bank to redeploy its resources to more high-value, core-banking tasks.
  • 70% increase of Straight Through Processing rate across operations
  • 20% increase in rules automation, speeding up pre-compliance checks
  • 50% less time spent on reporting
  • Increase in number of daily reconciliations of portfolios and positions

Wongjan Sripaoraya, Head of Reserve Management Department, Bank of Thailand comments: “We are honored to receive this award from SimCorp. Our close partnership and collaboration to date, has been key to the success of both the implementation of SimCorp Dimension and also achieving our vision for corporate excellence. With a better, holistic view of our reserves, we are more readily able to analyze and act on our data, and with greater governance. We are confident that the strong commitment we have placed on achieving operational efficiency, will hold us in good stead and enable us to responsively adapt to market conditions.”

Klaus Holse, CEO, SimCorp comments: “It is with great privilege, that we award the Bank of Thailand for its forward-thinking approach not only to achieving operational excellence today, but also their long term vision for banking best practice. As a trusted partner to banks and sovereign wealth funds globally, we strongly believe the automation delivered by SimCorp Dimension can contribute to both alpha generation and better support institutions, as they weather changing markets and competition. The Bank of Thailand is a leading example among peers across Asia, in how to address toughened conditions, increasing market complexity and growing reserves and we expect to see further adoption for integrated investment management capabilities continue, as the  buy-side seek to address these challenges”

Enquiries regarding this announcement should be addressed to:

Mittal Shah, SimCorp PR UK/North America /Asia +44 207 397 8072 mittal.shah@simcorp.com

Anders Crillesen, SimCorp Corporate Communications +45 3544 6474 anders.crillesen@simcorp.com

About SimCorp

SimCorp provides integrated, best-in-class investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers, banks and sovereign wealth funds. Regardless of how you deploy it, SimCorp’s core solution, SimCorp Dimension®, and its life-cycle services support the entire investment value chain and range of instruments, all based on a market-leading IBOR. SimCorp invests around 20% of its annual revenue in R&D, helping clients develop their business and stay ahead of ever-changing industry demands. Listed on Nasdaq Copenhagen, SimCorp is a global company, regionally covering all of Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com.

About Bank of Thailand

As Thailand’s central bank, Bank of Thailand is responsible for managing the kingdom’s reserve assets and promoting monetary stability. With foreign reserve assets of over 226 billion USD (August 2017, IMF), Bank of Thailand’s mission is to promote a stable financial environment to achieve sustainable and inclusive economic development.