In 2018, the Indonesian Financial Services Authority ruled that all financial institutions, including custodians and sub-custodians, would be required to host their IT infrastructure within the country.
To comply with the new regulations, Standard Chartered Bank Indonesia (SC Indonesia) not only deployed new IT infrastructure, but also made the strategic decision to switch onto the TCS BaNCS solution used by Standard Chartered globally.
The relationship between TCS and Standard Chartered goes back to 1994 with the deployment of TCS’ custody solution for the bank’s Singapore business. In 2008, Standard Chartered began to deploy TCS BaNCS for Corporate Actions, and in 2010, the bank upgraded its securities settlement systems to TCS BaNCS for Securities Processing. Since then, the multi-entity TCS BaNCS solution has been rolled out across 37 countries in Asia, Africa and the Middle East.
Find out how TCS BaNCS enabled SC Indonesia to comply rapidly with the new domestic regulations from the Indonesian Financial Services Authority.