Silverlake bags deal to upgrade South-east Asian bank's core systems

MAINBOARD-LISTED fintech company Silverlake Axis announced on Tuesday evening that it has secured a contract with an unnamed South-east Asian banking institution to modernise the latter's existing core banking legacy systems.

This will involve the development of a customer-centric platform using Silverlake's Integrated Banking Solution (SIBS) platform as well as digital solutions built by three of its subsidiaries to support the bank's business transformation plans.

Said Silverlake in filing with the Singapore Exchange after market close: "The first phase will involve the rollout of the bank's new automated teller machine switch, retail payments platform and mobile banking ... the next phase involves the migration of the bank's legacy core banking systems to the SIBS."

The contract is scheduled to be implemented within 15 months.

Silverlake shares closed flat at S$0.53 on Tuesday.