Silverlake Axis bags win at SBR International Business Awards 2024

It has played an important role in the first successful core banking migration in ASEAN. 

Software solutions company Silverlake Axis secured the win in the Technology category at the recently held SBR International Business Awards 2024 for its pivotal role in delivering a seamless and successful core banking migration in ASEAN. 

Silverlake Axis’ expertise has been tapped by one of the largest Singapore banks, which has recently acquired a huge global consumer banking division in the region. 

The preliminary planning began as the company evaluated the massive regional project in 2022 for four countries: Malaysia, Indonesia, Thailand, and Vietnam. The entire process encompassed meticulous planning, solution mapping, and proficient execution. This approach was strategically implemented to mitigate the potential risks associated with a large-scale regional migration initiative.

The implementation methodology has been employed through the establishment of a factory model, utilising its core principles of 3E: experience, expertise, and execution. The data migration process has also been designed to be replicable, serving as a blueprint for the migration of the newly acquired customer data and existing accounts from four countries into the existing core banking system. 

With the migration, the bank has achieved significant cost savings through a streamlined approach. The initial implementation incurred a one-time cost, whilst the rest of the implementations in the region involved minimal expenses for small customisations, testing, and deployment.

This approach results in a noteworthy 40% reduction in overall data migration costs for the bank as the project man days are significantly reduced. More importantly, this efficiency does not compromise data quality or integrity and it contributes to the expeditious completion of the project.

At the same time, the migration of core banking data occurs seamlessly, requiring only minor customisations and localisation to address country-specific requirements arising from data value variations, along with comprehensive regression testing.

The factory model built by the Silverlake Axis team successfully streamlined the process, which allows for successful implementation in Malaysia, followed by subsequent deployments in the region swiftly. 

The capacity to integrate Silverlake Axis's 3E's approach, incorporating managed Quality Assurance and Testing, along with the implementation of minor changes and releases, also extends across all four countries involved in the comprehensive core banking migration within the region.

The seamless migration of core banking has not only enhanced the bank's resilience and credibility within the region but has also strategically positioned the bank to capitalise on cross-border payments and wealth flows, leveraging its extensive regional footprint and a reliable core banking system.

Silverlake Axis fortified the bank’s franchise to deliver an unparalleled regional perspective and accessibility.

“This is made possible through a network of branches spanning the region, as well as user-friendly digital platforms, ensuring personalised services tailored to the distinctive lifestyles and needs of the next generation of customers," the company said.

SBR International Business Awards honours foreign companies in Singapore and recognises their outstanding projects that successfully earned them a foothold in the Lion City.

The SBR International Business Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in your organisation's growth, please contact Jane Patiag at [email protected].