back Back

SimCorp selected by CBSL for front-to-back reserve management

By Edil Corneille

November 30, 2020

  • Asia
  • SimCorp
Share

SimCorp, Central Bank of Sri Lanka, CBSL, Asia Pacific, APACToday, Copenhagen-based SimCorp, a provider of integrated, front-to-back, multi-asset investment management solutions and services to buy-side institutions, announced that the Central Bank of Sri Lanka (CBSL) has signed an agreement with SimCorp Asia Pacific. The central bank will implement SimCorp Dimension, a front-to-back investment platform to manage the investment operation of the country’s official reserves. The license agreement signed in September 2020 aims to deliver the CBSL with increased operational resilience, improved automation and strong support of the bank’s investment strategy.

Oliver Johnson, Senior Vice President and Managing Director, SimCorp Asia-Pacific enthused, “We are pleased to welcome the Central Bank of Sri Lanka within our global client community. With an integrated front-to-back, multi-asset platform, continued innovation and a deep understanding of central banking needs, we have steadily grown the number of global central banks in our client community. The partnership with the Central Bank of Sri Lanka is a testament to this commitment and we are confident that our consolidated approach to investment management, will meet the bank’s long-term strategy and deliver the operational resilience it requires to grow prosperously.”

The country’s central bank is the latest who has chosen SimCorp to tackle issues arising out of legacy technology amid increasing market complexity. The implementation of SimCorp Dimension is part of a long-term strategy to strengthen the bank’s operational efficiency and risk management while laying the foundation for the future support of its foreign investment strategies.

The operational overhaul sees CBSL benefit from a highly standardised solution for the smooth running of its reserve operations and enhanced risk monitoring. A key feature of the selection is the implementation of SimCorp’s integrated Investment Book of Record (IBOR). IBOR will serve the central bank with a single source of accurate and timely data and a unified view across asset classes, thereby empowering teams across the organisation with full transparency for stakeholder reporting.

The mandate will see SimCorp’s automated investment solution streamline the bank’s investment management. This includes advanced front office functionality, comprehensive compliance and performance, through to exhaustive investment accounting, covering IFRS standards. The solution will handle all of the bank’s internally and externally managed funds and coverage of a wide range of instruments, from fixed income to money markets and gold. Increased automation throughout the investment lifecycle will create improved Straight Through Processing (STP) for the bank, eliminating data errors and reducing manual intervention, so that its resources can focus on more high-value tasks.

Previous Article

November 30, 2020

Lloyds teams up with 500 local retailers to offer cashback services

Read More
Next Article

December 01, 2020

Ultra Stellar acquires StellarX P2P cryptocurrency trading platform

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Asia

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 08, 2024

Temenos extends partnership with Citi Securities Services

Read More

May 08, 2024

Revolut debuts crypto trading platform for professional traders

Read More

May 07, 2024

Incore Invest backs Swedish savings platform SAVR

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023