On 6 July 2011, Agricultural Bank of China Limited overseas core banking system successfully go live in Singapore Branch, formally replaced the Branch existing outsourced core business system for the past 16 years, and effectively ended the Singapore Branch long-term reliance on external vendor support, and achieved complete independence of intellectual property rights over our Bank's core banking system.
As an important part of ABC Group overseas branch network development and business management strategy, guided by the view of "unifying architecture, unifying software, unifying deployment, unifying operation and maintenance", under our Head office strong support, Singapore Branch on November 2010 formally launched the project of replacing the existing core banking system. After eight months of intensive research and development, under the Singapore Branch and Head Office project teams close co-operation, had fulfilled the updates of accounts, credit, facility's parameterization and customer-oriented transformation successfully according to the requirements of Singapore's ACU / DBU and resident / non-resident distinctions. After almost two months of parallel run, the new core banking system formally went live on 6th July 2011.
The success of the core banking system going live in Singapore Branch, was the first foray in promoting the core banking system of ABC overseas institutions, it not only provided the business development of Singapore branch with much stronger technological support, but also further perfecting the business model of the core banking system for ABC overseas institutions and helped to improve the level of parameterization and customization; one one hand it not only accumulate the valuable experiences and laying solid foundations for establishing a uniform core banking system for ABC overseas institutions, but on the other hand also marked ABC Group's solid pace of establishing a centralized core banking system of overseas institutions under a uniform framework. The reporting system of Singapore branch, which went live at same time, fully achieve the full automation in generating The Monetary Authority of Singapore's regulatory reports and our Head Office IFAR reports, and effectively raises the Singapore branch operational management standards.