Bank Mayapada Selects IFRS9.NXT by ElysianNxt
10 Sep 2018
Bank Mayapada International (BMI) is a large (BUKU III) bank based in Indonesia with over 216 branches nationwide. Adopting the most advanced digital technology is one of the Bank’s priorities following entry into the BUKU III segment.
Aligned with this technology vision, Bank Mayapada has chosen Elysian’s IFRS9 (IFRS9.NXT) solution to fulfill the requirements of the OJK regulations on adopting the IFRS 9 standard in Indonesia by 2020.
IFRS9.NXT is based on the latest technology, which allows Bank Mayapada to perfect their risk and compliance strategy regarding the IFRS 9 standard. Thanks to the microservices architecture and pipeline technology, the risk and compliance department are able to perform simulations and stress tests in real-time mode.
“We consider IFRS 9 (PSAK 71) implementation as a key milestone in BMI’s enhancement of Corporate Governance and Risk Management. Therefore, we need a reliable partner to efficiently assist with the journey, considering the time pressure and complex evaluation methods. We are very happy to collaborate with ElysianNxt,” said Mr. Chang Fa Hsiang, Director of Risk Management of Bank Mayapada.
“We are honored to work with this large award-winning bank,” said Chris Puype, CEO and Founder of ElysianNxt. “From the initial meetings, we felt the synergy and technology alignment between both firms. The flexibility of IFRS9.NXT will be ideal to support the growth and product diversification of Bank Mayapada.”
About Bank Mayapada
Bank Mayapada is a national private foreign exchange bank that was established in 1989 and started operations in 1990. Currently, Bank Mayapada has a network of 216 offices located throughout Indonesia. In 2017, Bank Mayapada entered the BUKU III Bank Group, which includes banks with core capital between IDR 5 trillion and IDR 30 trillion. Bank Mayapada is confident in moving forward together with the stakeholders to become a major bank that provides the best quality banking services in Indonesia. Bank Mayapada is registered and overseen by the Financial Services Authority.
About ElysianNxt Risk and Financial Solutions
ElysianNxt is a pioneer in real-time enterprise wide Risk and Finance solutions for the Financial Services Industry. Our solutions enable financial firms to respond more quickly and with enhanced cost-effectiveness to global regulatory trends. ElysianNxt APAC is based in Bangkok and Jakarta.