AmBank, Malaysia selects TCS BaNCS to replace core engine
Will drive conventional and Islamic banking to grow its business internationally
Mumbai, March 29, 2012: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its universal financial services platform, TCS BaNCS has been selected by AmBank, Malaysia’s premier financial services group to replace its core banking engine. This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities.
By deploying TCS BaNCS, AmBank will see its banking business expand into new areas, while it will also enable flexible development and the scalability required to meet both current and future market and regulatory needs. TCS BaNCS was selected after an exhaustive evaluation process of 18 months for its advanced depth and breadth of functionality and an excellent track record in implementation and commitment to servicing similar customers in the region. This key win in the ASEAN region further solidified TCS’ intent to set up a regional support center for TCS BaNCS in Kuala Lumpur.
Cheah Tek Kuang, Group Managing Director, AmBank Group, said, “To grow our business and support customers across both conventional and Islamic finance, it was critical to have a technically robust and functionally rich core banking system. Among the many criteria that were evaluated were TCS’ implementation experience across multiple markets; the high satisfaction levels of TCS BaNCS customers; and TCS BaNCS’ commitment to relevant product development and extensive support. It was only natural that TCS BaNCS would be our preferred solution of choice.”
N Ganapathy Subramaniam, President, TCS Financial Solutions, says, “Our partnership with AmBank exemplifies TCS BaNCS value proposition of enabling transformation through a modern, scalable solution, leveraging the best practices consolidated through our “alpha model office.” Through this implementation, AmBank will meet the varied needs of a diverse customer base while also positioning itself for future growth. We look forward to taking this partnership further with our regional support center and Islamic Finance Center of Excellence in Malaysia.”
About AmBank Group
The AmBank Group is one of Malaysia’s premier financial services groups with leadership positions in the retail banking, commercial banking, investment banking and insurance sectors. With an established history and a track record of customer focus and innovation, the AmBank Group continues to serve its customers with a wide range of innovative products and services AmBank Group provides banking and financial services which include loans, advances and financing, deposit services, credit cards, remittance services, foreign exchange, Islamic banking services (through our wholly-owned subsidiary, AmIslamic Bank) as well as life and general insurance.
Adding greater value to the one-stop financial hub is its partnership with Australia & New Zealand Banking Group (ANZ), one of Australia’s leading banks. AmBank Group is now poised to take advantage of ANZ’s wide network and regional presence as well as its international banking expertise.
For more information, please visit www.ambankgroup.com.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 270 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™ (GNDM), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 226,751 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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