Krung Thai Bank implements regulatory solution
Thailand-based Krung Thai Bank has implemented a solution from Financial Architects (FinArch) to comply with the IAS 39 (International Accounting Standards) regulations required by the Bank of Thailand.
“Preparing for Bank of Thailand IAS 39 and IFRS (International Financial Reporting Standards) is the wisest strategic decision not only for regulatory purposes but for the bank’s internal purposes: it increases transparency and maximises returns on their capitalisation,” said Jeff Tan, vice-president for Asia-Pacific at FinArch. “In the coming years, financial institutions will face heightened pressure from upcoming new regulations, like IFRS9, ALM (asset liability management), liquidity risk, and Basel III.”
Multos Consortium adds new member
China UnionPay has joined Multos Consortium, the industry body which is comprised of companies from all sectors of the smart device industry. As a partner member, China UnionPay adds to an expanding member base that includes payments vendors and service providers worldwide.
“We welcome China UnionPay into the Multos Consortium and recognise the importance of now including our members, the world’s fastest growing payment scheme and the significance this brings for all our members with business activity in the Chinese market,” said Stuart Attwood, commercial director of the Multos Consortium. “We look forward to UnionPay’s participation in the consortium activities, and the growth of Multos-enabled card technology being deployed in China.”
