OREANDA-NEWS. August 01, 2011. The proprietary overseas institution core banking system independently developed by Agricultural Bank of China Limited (ABC) went into operation in Singapore Branch. It was the first attempt for this system to be promoted in an overseas institution of ABC, and hence gained precious experience for its establishment. Besides, it marked that ABC had taken a solid step on setting up a centralized overseas institution core banking system under a unified framework, reported the press-centre of ABC.

As an important part of the strategies for expanding overseas institutions and improving operational management, ABC launched R&D of the overseas institution core banking system in 2006. Based on the framework of ABC domestic core banking system, ABC formed the overseas institution core banking system covering multiple products such as deposits, loans, exchange, treasury operations and trade finance. After one and a half months of trial run started on May 23, 2011, the system went into operation on July 6. The operation of the system provides stronger technological support for business development of Singapore Branch, and also further improves business model of the system and remarkably promotes the level of parameterization and customization.

The statement system of Singapore Branch was put into use simultaneously, which realized fully automatic processing of statements from Monetary Authority of Singapore and related consolidated statements from the Head Office. The system has not only enhanced the management level of the Branch, but also realized the autonomy of statement systems of ABC overseas institutions, thus laying a sound foundation for ABC to establish a unified statement platform of overseas institutions.