FRSGlobal

26/04/2010

Bank Bukopin selects FRSGlobal's IFRS solution

FRSGlobal collaborates with new associate partner, PT Nexia Indonesia Advisory Services, secures deal with Indonesian bank

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Singapore - 26 April, 2010

FRSGlobal, the industry-recognised leader in content-rich solutions for unified global regulatory reporting and risk management, today announced that Bank Bukopin has selected FRSGlobal's International Financial Reporting Standards (IFRS) solution. The deal was signed in collaboration with associate partner PT Nexia Indonesia Advisory Services (PTNIAS) - a partnership that was formed as part of FRSGlobal’s commitment to the Indonesian market.

Tri Joko Prihanto, Finance and Planning Director of Bank Bukopin, said: "As regulation continues to evolve, it is important that we have a process in place to keep up with the latest developments. We needed a trusted technology provider that we could rely on to give us peace of mind and with FRSGlobal’s combination of risk and regulatory solutions, domain expertise and proven track record, the choice was clear."

IFRS has been widely adopted by countries across the world and in some cases this has been achieved by transposing these standards into local regulations. For example, in Europe IFRS was made compulsory for listed companies in 2005. Indonesia introduced adoption plans for member banks such as Bank Bukopin to comply with international accounting treatments. The standards include information on how to value, categorise and account for financial instruments. In addition, the standard gives details of the accounting treatment for positions that qualify for hedge accounting.

The FRSGlobal IFRS solution is made up of both RiskPro and RegPro elements. FRSGlobal’s RiskPro enables the classification of financial instruments and the calculation of the valuation using either fair value or amortised cost as appropriate. RiskPro also supports several methods for testing and estimating impairment as required by IAS 39 (or PSAK 55 in Indonesia). FRSGlobal’s RegPro uses ReportGenerator to produce standard IFRS report definitions with country adaptations as well as ReportBuilder to build additional standardised reporting applications.

Steve Thurley, VP Asia Pacific and Japan of FRSGlobal, commented: "At the beginning of 2009 Bank Indonesia (BI) announced a new set of regulatory reports for all banks in Indonesia and FRSGlobal, being the leading provider of regulatory and risk solutions, naturally received various enquiries into our product range from firms, including Bank Bukopin. We are very pleased to be working with them on this project and also look forward to continuing our partnership with PT Nexia Indonesia Advisory Services to fully utilise their first-rate local expertise."

PT Nexia Indonesia Advisory Services joins FRSGlobal’s Associate Partner programme which contains firms who are active in the financial services sector that recognise the benefit to their clients of a comprehensive unified risk and regulatory solution. FRSGlobal works with Associate Partners on an informal, even project-based, basis to provide firms with advice and solutions on risk and regulatory issues.

Handoko Komaruddin, Director of PT Nexia Indonesia Advisory Services said: "We are delighted to be partnering with FRSGlobal for its RegPro and RiskPro products. Banks in Indonesia such as Bank Bukopin are looking for a comprehensive solution from a leader in its field and FRSGlobal fits this requirement very nicely. Best of all, RiskPro’s architecture is an ideal solution for Indonesian accounting standards, PSAK 50/55, a challenge faced by most banks in this region."

About Bank Bukopin

Since its establishment on 10 July 1970, Bank Bukopin has been focusing on UMKMK (Micro, Small, Medium and Cooperative Business) segment, and keeps developing it self to enter the medium bank category in Indonesia from assets perspective. In line with the opportunity and capacity improvement in serving wider scope of people's needs, Bank Bukopin has expanded its business segment into commercial and consumer segments.

These three segments have become the pillar of Bank Bukopin's business, delivering either conventional or sharia' banking service, supported by optimum fund management system, advanced information technology, competent human capital, as well as good corporate governance best practices. This foundation has enabled Bank Bukopin to move forward and position itself as a credible bank. As of March 31, 2010, Bank Bukopin operation is supported by 363 offices spreading in 22 provinces all over Indonesia under real time on-line connection. Bank Bukopin has also established micro-banking network namely Swamitra, with over 543 offices (outlets), as a realisation of partnership program with cooperative unions and micro finance institutions.

About PT Nexia Indonesia Advisory Services

PT Nexia Indonesia Advisory Services was founded by experienced Indonesian professionals with skills across a broad range of business practice areas, in the midst of rapid growth in demand for consulting and advisory services. They have the skills and experience to provide the best advice on how to identify and access the opportunities, minimise the risks and succeed in Indonesia’s complex business environment. Over the years PTNIAS has fostered extensive contacts with both key members of the business community, regulators and the Indonesian government. Strong local knowledge and insights backed by an extensive international support network means its professionals are well positioned to develop strategies that give the organisation a competitive edge.

The firm’s aim is simple, to be A Reliable Partner to Achieve Your Business Goals. Our high-tech infrastructure gives clients ready access to our global communications network.