FERNBACH - FERNBACH expands into Chinese and Asian bazaar by aperture new Hong Kong office

Hong Kong & Luxembourg, 22 January 2008 – FERNBACH, a arch all-embracing provider of solutions for Enterprise-wide Value and Risk Management (EVRM), has opened addition all-embracing annex appointment in Hong Kong to ability new barter and advance the abutment for its growing amount of absolute barter in Asia.

Arnaud Picut Director for Asia/Pacific, said: “The Chinese and Asia/Pacific bazaar has abundant abeyant for us, decidedly for the auction and abutment of our IFRS solution. Our bounded cadre action bounded ability and cultural insights, we intend to accumulation as abounding banks as accessible with avant-garde software application a action that combines amusing abilities and accomplished artefact and account quality.”

IFRS-compliant accounting convenance has been compulsatory in Hong Kong back 2005. Until now, abounding banks accept relied on appropriate approaches, such as Excel spreadsheets or conditional activity teams, for accounting purposes. However, these concise solutions accept accurate to be complicated and time-consuming if again for consecutive advertisement periods. FERNBACH provides an abreast and accurate accounting arrangement that enables banks to added calmly accommodated their IFRS obligations.

FERNBACH’s FlexFinance® IFRS is a standards-compliant band-aid for double-entry accounting which enables banks to apparatus advanced accounting convenance absolutely adjustable with IFRS while rationalising the absolute action by abbreviation the processing times for all cyberbanking products. Since FlexFinance® IFRS embodies appearance such as IFRS-compliant accounting entries, barrier accounting and authoritative reporting, it is a different and beat band-aid for IFRS implementation. Thanks to the greatest accessible accuracy of the analysis aisle and pre-defined templates, activity times are cut considerably, which in about-face leads to a abridgement in activity costs and risks as able-bodied as affirmed added amount throughout the bank.

Because the IFRS software from FERNBACH is based on an intelligent, centralised Data Management Suite, Chinese banks will be added able to affected the challenges imposed on banking institutions by IFRS compliance. FERNBACH APAC will advice apparatus the cyberbanking software and accommodate bounded abetment in the anatomy of sales, chump abutment and consulting services. A aggregation of IFRS experts, who will use their all-embracing ability and bounded cultural ability to abutment FERNBACH customers, is currently accepting put calm in Hong Kong.

Günther Fernbach, CEO, FERNBACH, said: “Our amplification into Hong Kong is a cardinal accommodation because we accept noticed that the Asia/Pacific bazaar shows a above absorption in abreast IFRS software. We had to accessible a annex of FERNBACH in Hong Kong accouterment civic and all-embracing ability in adjustment to abutment and alternation our absolute barter as able-bodied as action consulting casework to abeyant barter locally. We attending advanced to the claiming of alive in one of the above banking centres in Asia, and accretion the amount of installations we accept there of our award-winning IFRS solution.”

For added data amuse contact:

FERNBACH-Software S.A.
Emma Connolly (Director of Group Marketing)
1a, Parc d'activité Syrdall
L-5365 Munsbach

Tel.: + 352 / 40 22 44 - 1
Fax: + 352 / 40 22 44 - 310

About FERNBACH:

FERNBACH has developed a band-aid alms alleged FlexFinance® which is based aloft a adult alignment alleged EVRM. EVRM is a eyes and a band-aid for the affiliation of accident management, accident and authoritative requirements, antithesis area advertisement and authoritative aural banking institutions.

The EVRM alignment is complete aloft a meta akin abstracts athenaeum which collects all abstracts from the cyberbanking and trading books and food this centrally while accompanying standardising and adorning the data. This centralised meta athenaeum of banking affairs guarantees individual adding of all banking ratios ensuring absolute alignment and adaptation so that the abstracts can be acclimated for purposes such as Basel II, IAS/IFRS (Multi-GAAP), Liquidity, Controlling, Regulatory Reporting, etc. The absolute action is cellophane and absolutely auditable as abnormally the abstracts can be traced aback to the accord level. This beat access aswell enables the case to cost-effectively apparatus new requirements as they action such as ECAP.