Fernbach Opens Seoul Subsidiary
Fernbach-Software has opened a subsidiary in Seoul to stimulate the acquisition of new customers and facilitate support for existing customers in the region.
Yoon-Sik Ma, who will be supported by several new consultants, has been recruited as manager of Fernbach-Software Korea. Previously, he worked as a solutions expert for Fermat for three and a half years, managing banking projects in the Asia-Pacific (APAC) region. “Since the accounting procedures in South Korean banks will come under international accounting regulations from 2010, we are expecting an increase in demand for Fernbach’s FlexFinance IFRS solution. It is crucial to work with local companies in the Korean market so that direct support for projects is ensured.”
Thanks to the collaboration with KT FDS, a South Korean company specialising in solutions for financial information systems, financial consulting, management and operations, Fernbach won Korea’s Woori Financial Group as a customer in March 2009. This win and the partnership with KT FDS enabled Fernbach to enter the South Korean market.
Arnaud Picut, Fernbach managing director – APAC, said: “The collaboration with Woori Financial Group and KT FDS showed that there is a vast interest in a modern IFRS solution in South Korea. Since the approaches used by many banks are complicated and time-consuming, they have proved to be extremely short-term solutions. Fernbach’s objective is to engage at an international level and thus provide banks across APAC, including South Korea, with a modern and accurate accounting system that fulfils the IFRS requirements more efficiently and accurately.”