Hong Leong Finance Singapore Chooses Kamakura’s Suite of Solutions
for Asset and Liabilities Management, Funds Transfer Pricing,
and Liquidity Management
NEW YORK, November 14, 2017 - Hong Leong Finance has signed an agreement to use Kamakura Corporation’s set of solutions for its balance sheet management, funds transfer pricing, and liquidity management processes. The Singapore-listed finance company, part of the Hong Leong Group Singapore, made its decision after doing a comprehensive upgrade exercise involving its risk management processes.
“Hong Leong Finance was clear in its risk vision, and wanted to incorporate an integrated framework for balance sheet management, funds transfer pricing and liquidity management initiatives,” said Dr. Clement Ooi, Kamakura’s EVP and Managing Director of Asia-Pacific Operations. “They wanted to load the data once, and reconcile the data once. Kamakura Corporation’s solution fit the bill perfectly, providing the company with an accurate assessment of transaction cashflows that can then be used for gap, duration, and mismatch management, as well providing a crystal-clear understanding of the margins associated with transactions. The company now has an integrated, holistic computation engine—the platform upon which it will build its integrated risk framework. The company will be one of the first to generate both historical and forward-looking views of its balance sheet and gain a transaction-level understanding of profit margins. This system will give it a good appreciation of customer behaviour, products, business units, and organisational profit and value dynamics.”
“Companies are no longer looking for fragmented solutions for risk and compliance, but seeking to adopt a holistic, robust framework that allows for a one-time loading of data for repeated use in the various aspects of risk and compliance, said Mr Ang Tang Chor, President of Hong Leong Finance. “We aim to enhance our overall risk management monitoring framework, turning risk insight into a strategic business driver to attract and retain customers, develop new sources of revenue, and proactively meet risk and regulatory requirements.”
Through its financial services arm Hong Leong Finance, Hong Leong Group has expanded its line of products and services over the years to cater to the financial needs of both individuals and the business community. In operation since 1961, Hong Leong Finance is Singapore’s largest finance company, with a network of 28 branches island-wide. Its extensive suite of financial products and services includes deposit and savings accounts, corporate and consumer loans, government assistance programmes for small and midsize enterprises (SMEs), and corporate finance and advisory services. To stay ahead of the game in the growing SME market, Hong Leong Finance launched its Business Current Account service in 2007, becoming the only finance company in Singapore to offer chequeing account services to corporate customers.
Hong Leong Finance extends its expertise to SMEs as they embark on their own journey to success. It is a pioneer in the Local Enterprise Finance Scheme administered by the government enterprise development agency Spring Singapore. Hong Leong Finance has twice won the “Friends of Enterprise” award by Singapore’s Spirit of Enterprise organization. It also received the Singapore Finance Company of the Year Award for three consecutive years starting in 2011, and the ASEAN Finance Company Award from 2014 to 2016.
Kamakura Corporation has a full suite of risk management and regulatory compliance solutions--including IAS39/IFRS9, Basel II/III, Market Risk, Credit Risk, ALM, FTP, Liquidity Risk, Capital Management and Planning, Credit Estimation, Margin Management, and Financial Accounting—all offered through one integrated, holistic computation engine.
Martin Zorn, President and COO of Kamakura, said, “The successful implementation of the balance sheet management, funds transfer pricing, and liquidity management project in Hong Leong Finance Singapore is a clear indicator that organisations are seeking to deploy solutions that have minimal IT overhead, use an architecture that is open and organisation-agnostic, and most importantly, use the same set of results to stress test all possible scenarios and outcomes.”
To see risk commentary by Kamakura on a daily basis, please follow Kamakura CEO Dr Donald van Deventer (www.twitter.com/dvandeventer), Kamakura President Martin Zorn (www.twitter.com/sureshkamakura); and Kamakura’s official twitter account (www.twitter.com/KamakuraCo).
About Kamakura Corporation
Founded in 1990, Honolulu-based Kamakura Corporation is a leading provider of risk management information, processing and software. Kamakura was named to World Finance magazine’s World Finance 100 by in 2012 and 2017. The company also won Credit magazine’s innovation award for three straight years, including 2010, when it became the only vendor to win two awards.
Kamakura Risk Manager software was first sold commercially in 1993 and is now in version 8.1. It is the first enterprise risk management system that deals with credit risk, asset-liability management, market risk, stress testing, liquidity risk, IFRS/IAS compliance, counterparty credit risk, and capital allocation using a single software solution.
The KRIS public firm default service was launched in 2002. The KRIS sovereign default service, the world’s first, was launched in 2008, and the KRIS non-public firm default service was offered starting in 2011.
Kamakura has served more than 330 clients with assets ranging from $1.5 billion to $1.6 trillion. Its risk management products are currently used in 47 countries, including the United States, Canada, Germany, the Netherlands, France, Austria, Switzerland, the United Kingdom, Russia, Ukraine, Eastern Europe, the Middle East, Africa, Singapore, Malaysia, Thailand, Hong Kong, Australia, Japan, China, Korea, India, and many other countries in Asia.
Kamakura has world-wide alliances with Fiserv (www.fiserv.com) and SCSK Corporation (http://www.scsk.jp/index_en.html) making Kamakura products available in almost every major city around the globe.