FERNBACH - FERNBACH-Software opens accessory in Seoul, South Korea

Seoul & Luxembourg, 14 July 2009 – Following the latest acknowledged developments in APAC region, FERNBACH-Software has opened a accessory in Seoul to activate the accretion of new barter and facilitate abutment for absolute barter in the region.

Yoon-Sik Ma, who will be accurate by several new consultants, has been recruited as Manager of FERNBACH-Software Korea. Previously, he formed as a solutions able for Fermat for three and a bisected years, managing cyberbanking projects in the APAC region, “Since the accounting procedures in South Korean banks will appear beneath all-embracing accounting regulations from 2010, we are assured an access in appeal for FERNBACH’s FlexFinance® IFRS solution. It is acute to plan with bounded companies on the Korean bazaar so that absolute abutment for projects is ensured. Therefore it was analytic for FERNBACH to expand. I am admiring to be allotment of this amplification and achievement to accomplish FERNBACH's articles adorable for added banking institutions.”

Thanks to the acknowledged accord with KT FDS, a South Korean aggregation specialising in solutions for banking advice systems, banking consulting, administration and operations, FERNBACH won Koreas arch case Woori Financial Group as a chump in March 2009. This win and the affiliation with KT FDS enabled FERNBACH to access the South Korean market. Together FERNBACH and KT FDS can absolutely accredit Woori and added banks to accept their specific bounded requirements dealt with promptly and efficiently.

FERNBACH’s FlexFinance® IFRS software is a standards-compliant band-aid for double-entry accounting which provides reliable and absolutely automated procedures to ensure the abutting accessible adherence to IFRSs while abundantly abbreviation the processing times for all banking products. IFRS-compliant accounting and advertisement is enabled by the pre-processing operation which encompasses all the elements all-important for accurate valuation. FlexFinance® IFRS aswell absolutely supports the specific requirements for barrier accounting or impairment.

FlexFinance® IFRS, which is based on an able and centralised Data Management Suite, can be chip into any appliance ambiance after difficulty, a actuality that will accredit South Korean banks to affected the challenges presented by the International Financial Reporting Standards. FERNBACH’s experts will accommodate on the arena abutment bare for accomplishing and will act as hands-on consultants.

Arnaud Picut, FERNBACH Managing Director – APAC, commented, “The accord with Woori Financial Group and KT FDS showed that there is a all-inclusive absorption in a avant-garde IFRS band-aid in South Korea. Since the approaches acclimated by abounding banks are complicated and time-consuming, they accept accepted to be acutely concise solutions. FERNBACH’s cold is to appoint at an all-embracing akin and appropriately accommodate banks above APAC including South Korea with a avant-garde and accurate accounting arrangement that fulfils the IFRS requirements added calmly and accurately.”

About FERNBACH:

FERNBACH is a all-around baton of analytic solutions for the accounts industry. Modular software bundles for Multi-GAAP accounting, risk, acquiescence and accommodation accredit our barter to optimise business processes.

FERNBACH offers a adult component-based band-aid portfolio which ensures faster time to bazaar and accelerated accomplishing of cyberbanking requirements appropriately mitigating accident and ensuring quality.

Our barter common account from our accumulated ability to affected challenges and to accommodate solutions for approaching success. FERNBACH innovates to maximise the achievement of our clients.

www.fernbach.com

For added advice data amuse contact:

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

Tel.: +352 402244-1
Fax: +352 402244-310