To launch mortgage refinance for the first time in the Middle East
Mumbai, March 20, 2018: Tata Consultancy Services (TCS), (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organization, announced that Saudi Real Estate Refinance Company (SRC) has implemented a single, integrated technology platform for its core operations to refinance real estate, a first of its nature deployment in the Middle East region. TCS BaNCS will now service the complete mortgage refinancing lifecycle including the Treasury function as well as finance, human resources and payroll administration through its partner network.
The choice of TCS BaNCS as its preferred technology platform was determined by its comprehensive functional capability, and the firm’s execution rigor and domain expertise demonstrated globally. Mr.Fabrice Susini, CEO, Saudi Real Estate Refinance Company, said, “Our vision directly tracks the Saudi Kingdom’s 2020 National Transformation Program which calls for a 100% increase in real estate’s GDP contribution from 5% to 10% by 2020. To reach this ambitious goal, we needed a flexible and agile platform like TCS BaNCS. The solution’s modern functionality and architecture; the excellent fit with our technology and organizational needs; and the deep commitment and support demonstrated by the TCS team are significant aspects of this partnership.”
Venkateshwaran Srinivasan, Head - TCS Financial Solutions, said, ”SRC’s vision to boost real estate is a nation building initiative and we are committed to this strategic program. This implementation of TCS BaNCS by SRC underscores our commitment to the market as well the versatility of the TCS BaNCS solution, which can address the entire spectrum of needs across the financial value chain, offering breadth of functionality as well depth to cater to specific niche segments.”
Neeraj Srivastava, Country Manager, TCS Saudi Arabia, said, “We are delighted to have partnered with SRC in this important initiative. Saudi Arabia is a strategic market for us in the Middle East and this pioneer program will positively impact the entire region.”
Launched in partnership with the Ministry of Housing, the new company is designed to stimulate housing sector development in the Kingdom by injecting substantial liquidity into the somewhat constrained real estate market. The company will act as an intermediary by aligning the liquidity, capital, and risk management requirements of real estate mortgage companies, with the risk acceptability and return on equity targets that investors require. SRC is now live on TCS BaNCS to drive the firm’s strategy to refinance up to 20 Billion USD of mortgage debt over the next five years. SRC is considered a leading new initiative for the Kingdom's housing sector, launched in line with the highest international standards. SRC has been granted a license to undertake real estate refinancing activities by the Saudi Arabian Monetary Authority (SAMA).
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. With a global customer base of more than 370 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, capital markets and insurance industries worldwide. For more information, visit us at https://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique, location-independent agile delivery model, a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 390,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.6 billion for the year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com
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Dennis Roman, Global Head – Products & Platforms Marketing
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