FERNBACH selected by European Commission
27.05.2017
FERNBACH Financial Software S.A. successfully took part in the European Commission’s flagship EU Gateway business mission to Singapore and Bangkok. ASEAN has become an increasingly important trading partner of the EU and is the EU's 3rd largest trading partner outside Europe (after the US and China) with more than EUR 238 billion of trade in goods and services. The EU Gateway programme aims to take that even further and in its 20 years of history has selected over 3,750 European companies to showcase industrial prowess and ingenuity in 163 successful business missions.
FERNBACH is proud and honoured to be chosen as representative and participant of this year’s business mission whose selection criteria were very competitive. We understand this to be in recognition of our convincing business proposition as one of the market leaders for International Financial Reporting Standards.
We demonstrated from 23 May – 25 May 2017 in Singapore and from 26 May – 27 May 2017 in Bangkok how FERNBACH supports regional banks in tackling their IFRS 9 challenges. The event in Singapore was Asia’s largest gathering of technology and digital media companies and experts extending over 65,000 sq m and hosting 1,800 exhibitors from 62 countries.
ASEAN economies will have to adopt an expected credit loss model instead of an incurred loss model. This necessitates the application of several forward-looking scenarios which most local banks will have to develop from scratch.
FERNBACH’s efforts in the region did not go unnoticed as even His Excellency Mr Robert Lauer (right) the Ambassador of the Grand-Duchy in Thailand met our Managing Director & EVP APAC Dr. Denis Diop (left) to obtain a first-hand account of FERNBACH’s experience in the region.
Dr. Denis Diop, Managing Director & EVP APAC at FERNBACH, summarised the impressions of the EU Gateway I Business Avenues in an interview.