BSI Hong Kong goes live with the B-Source Master
B-Source and BSI have successfully migrated BSI Ltd. Hong Kong to the B-Source Master. This makes the Hong Kong office the fifth foreign branch of the Swiss private bank to switch to B-Source's leading Business Process Outsourcing (BPO) solution – eight months after the Swiss and the foreign branches in Singapore, Monaco, Nassau and Luxembourg also migrated to the B-Source Master.
Bioggio, April 24, 2012
In March B-Source and BSI have successfully completed the migration of the Bank’s Hong Kong branch to the B-Source Master. BSI Hong Kong is now covering all of its back-office activities via the B-Source Master. As part of its Asian expansion, last December BSI received a banking license by the Hong Kong Monetary Authority (HKMA).
This latest rollout marks a further milestone for the involved parties in view of the differing regional legal regulations, the internal reach and the service portfolio. BSI Hong Kong is a branch of the BSI Group and offers its clients a full range of banking and investment services in the private banking sector. The BSI Group has been the first bank of its size to opt for a complete BPO banking solution from B-Source and migrated simultaneously all its Group locations worldwide in Switzerland, Singapore, Monaco, Nassau and Luxembourg. The bank uses the advantages offered by the Avaloq-based application landscape in the form of an overall service package, which also covers all back-office activities in the BPO model.
"BPO in the form of the B-Source Master is confirmed to be an effective solution over the long term that will also help us easily implement the complex requirements involved in strengthening our footing in the financial market in Asia. The various branch migrations performed in the past year have yielded positive results," says Filippo Bernasconi, Head of Banking Platform for BSI AG.
Markus Gröninger, CEO of B-Source AG, says: "The B-Source Master is one of the most modern and reliable banking solutions on the Swiss banking market. Its implementation at BSI's different branches also shows that it is able to meet the market conditions and regulatory requirements of individual countries."
Mathias Schütz, General Manager of WSE and APAC, adds: "BSI is now the fifth bank in Hong Kong to operate its booking center on the Avaloq banking system. We are proud of this growing number of references, since it shows that our product comprehensively covers financial institutions' demanding requirements in this rapidly growing market. Our local presence in Hong Kong, the strong community in the region and our extensive experience of market-specific requirements offer large potential to further grow our client base."
Established in Lugano (Switzerland) in 1873, BSI AG is one of the oldest banks in Switzerland and specialises in private wealth management. Since 1998, the Bank has been wholly owned by the Generali Group, one of the most significant participants in the global insurance and financial products market. The bank places great emphasis on establishing and maintaining ongoing personal relationships with clients, while at the same time offering global asset management services with world-class products. It is present in the major financial markets worldwide, in Europe, Latin America, the Middle East and Asia.
See www.bsibank.com for further information.
B-Source is Switzerland’s leader in business process and IT outsourcing for the financial industry. B-Source delivers everything from individual business services to IT outsourcing and end-to-end banking solutions, from single modules to full BPO. The B-Source Master, an Avaloq-based banking application landscape, forms the core of its market offering. Its clients are mainly private banks, medium-sized universal banks, insurance companies and SMEs in related industries. B-Source operates worldwide. Its main markets are Switzerland and central Europe, and it is expanding into Asia and the Middle East. B-Source was founded in 1995 and today employs around 600 staff, over half of whom are banking and IT specialists. The company is 51%-owned by the Avaloq Group and 49% by BSI AG (part of the Generali Group). It has its registered office in Lugano, with further offices in Lucerne, Nyon, Winterthur, Zurich and Munich. B-Source holds various ISO certificates and fulfils the requirements of FINMA and the relevant European banking supervisory authorities.
See www.b-source.ch for further information.
Avaloq group: Essential for Banking
For more than 25 years, the Avaloq group has been supplying comprehensive, integrated banking software solutions to banks. The solutions delivered by Avaloq cover a wide range of fully integrated back, middle and front office functionalities and are operated at the most demanding financial centres in the world. At present, leading retail, private and universal banks in over 20 countries throughout the world trust Avaloq as a competent innovation partner and expert adviser. The Avaloq Community forms a strong network of excellence consisting of clients, partners and universities that together help to shape the banking technology of the future. In the last ten years, the Avaloq group increased its staff from 200 to more than 1’000 highly specialised banking and IT specialists. The Zurich-based company maintains two development centres in Switzerland and the UK. Avaloq has further offices in Switzerland as well as at strategically important financial centres including London, Paris, Luxembourg, Frankfurt, Munich, Vienna, Singapore and Hong Kong.
See www.avaloq.com for further information.