Fintech has over 24 years’ experience in addressing Africa’s business and technology challenges and has continued to provide and develop a broad range of innovative solutions and services, including their world class custom developed software to meet the ever changing needs of their clients.
Fintech will provide systems integration and consultancy around FERNBACH’s FlexFinance IFRS solution. The combination of FERNBACH’s specialist technology and Fintech’s domain expertise in financial services will help financial institutions accelerate adoption of compliance change requirements. In recent years, Africa has shown its commitment to gradually align local with the international accounting & financial reporting standards (IAS/IFRS). Financial institutions are facing huge challenges in adopting the new IFRS standards. FERNBACH provides a comprehensive all-round IFRS solution which includes valuation of financial instruments, calculation of impairment and hedge management; consolidation with multi-currency capability. Furthermore, individual components such as ‘Impairment’ and ‘Hedging’ are available. The accounting procedure will comply with legal requirements and will reflect the economic situation in accordance with IAS/IFRS. Even today, FlexFinance has been configured for the future IFRS 9 requirements and can help financial institutions to comply with these standards.
Tony Mbugua, Group General Manager, Fintech Kenya Limited explains: “Managing compliance and keeping up with the latest regulations can be significantly time and resource-intensive, and is a costly and complicated task. We work with many leading financial institutions and partners, so we see first-hand what a huge burden compliance can be and the knock-on impact this can have on an organisation’s ability to be agile. This is why we have partnered with FERNBACH, as we believe their technology is the best in the market for addressing this very real business challenge.”
“We chose Fintech because of their experience and knowledge in the financial services market as well as their excellent connections in the local financial market. Through this new partnership, customers will benefit from the added speed and expertise that Fintech can provide around FlexFinance,” commented Michael Meyer, Executive Vice President Sales EMEA at FERNBACH. “There is high demand in Africa for solutions that address IFRS, and we look forward to establishing a long-term and productive relationship with Fintech.”
About Fintech International Ltd.
Fintech is a leading ISO 9001.2008 certified enterprise information technology solutions and services provider with presence in 5 countries across Africa; Kenya, Malawi, Mauritius, Uganda and Zimbabwe. Since 1993, it has been providing cutting edge solutions and services in various sectors and mainly the financial services industry (FSI) in both presence and non-presence countries across Africa such as; Tanzania, Rwanda, Ghana, Liberia, Libya, The Gambia, Ghana, Egypt, Nigeria, Morocco, South Sudan, Ethiopia, Kenya, Malawi, Uganda, Mauritius, Zimbabwe and Tunisia.
Their solutions include Core Banking, Sacco/MFI Management, Leasing, Mortgage, Etax, Clearing and Settlement (including Truncation), E/Channel Banking (Mobile, Internet, Agency, ATM and POS), CRB Reporting, Business Intelligence, CRM, ERP, Managed Services, Database, Unified Communications, Consultancy, and Switching.
Fintech provides their clients with very innovative business solutions and services that will enable them develop and retain a competitive edge. Fintech has adopted best practises in the development, implementation and support of its solution and augmented this with a diehard commitment to customer satisfaction.
In addition to their internally developed solutions they have partnerships with world leading IT vendors/Service Providers, such as Microsoft, Oracle, RSA, ATOS, Axionics and IBM.