Bank for Agriculture and Agricultural Co-operatives Thailand Implements FIS
Core Banking Solution
*Twenty-nine million accounts successfully migrated onto the FIS Profile
platform in record time.
*FIS is the core banking provider of choice for eight of the top 10 Thai
JACKSONVILLE, Fla. & BANGKOK -- February 28, 2013
Building on its core banking dominance in Asia and Thailand, FIS™ (NYSE: FIS),
the world’s largest provider of banking and payments technologies, today
announced the Bank for Agriculture and Agricultural Co-operatives (BAAC) has
completed the conversion onto FIS’ Profile^® core banking system and has fully
converted the bank’s 29 million accounts onto this industry-leading, real-time
core platform. This new deployment firmly cements FIS’ leading position in the
Thai banking market, with eight of the top 10 Thai banks using FIS core
BAAC is the premier development bank in Thailand with assets in excess of
US$37 billion and a network of 1,104 branches nationwide. BAAC selected FIS’
Profile with the strategic goal of improving its operational efficiency,
strengthening its product set and helping enhance the quality of services the
bank provides to its accountholders. The deployment was completed very
successfully by FIS’ strategic in-country authorized distributor − T.N.
FI-Solutions Limited (TNFIS).
Mr. Luck Wajananawat, President, Bank for Agriculture and Agricultural
Co-operatives, said, “The Bank for Agriculture and Agricultural Co-operatives
is growing rapidly and the requirements of our expanding customer base are
evolving dramatically. This means that we need an advanced core banking system
that will allow us to service our customers quickly and efficiently, with
minimal time-to-market for launching new products and services. We selected
FIS’ Profile for its proven scalability and its advanced design that allows
true real-time processing. Profile is extremely flexible and we are confident
that it will enable us to meet our near- and long-term strategic needs.”
Profile is a highly scalable, real-time core banking system that offers banks
long-term investment protection and lifetime total-cost-of-ownership benefits.
Its powerful straight-through processing capability significantly reduces
back-office costs and increases operational efficiency, leading to improved
customer service and efficiency. FIS’ Profile possesses highly sophisticated
product design capabilities that incorporate business rules which allows banks
to be customer-focused and nimble in bringing new, customized products to
Raja Gopalakrishnan, group managing director for FIS Asia, said, "FIS is the
leader in core banking solutions in Asia and Thailand and the successful
conversion to FIS’ Profile by BAAC reaffirms our sound value proposition to
banks in this region. Our unique ability to deliver the combination of
leading-edge core solutions and a complete set of wrap-around products and
services enables our clients to increase the value they derive from their
technology investments. We’re honored that BAAC will leverage more than 20
years of FIS’ experience in the Thai banking market to deliver the solutions
that will positively impact its customers."
The Bank for Cooperatives was established in 1947 to serve as a source of
funds for the cooperatives that existed in Thailand at that time. The Bank
carried out its lending operations until 1966, when it was replaced by a new
Bank. In 1966 the Government established the Bank for Agriculture and
Agricultural Co-operatives (BAAC) as a state enterprise under the jurisdiction
of the Ministry of Finance. BAAC's mission is to extend credit more widely,
and directly to individual farmers as well as through farmer institutions.
Today BAAC has assets in excess of US$37 billion, manages over 35 million
accounts, and has a network of 1,104 branches nationwide.
FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking
and payments technologies. With a long history deeply rooted in the financial
services sector, FIS serves more than 14,000 institutions in over 100
countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000
people worldwide and holds leadership positions in payment processing and
banking solutions, providing software, services and outsourcing of the
technology that drives financial institutions. First in financial technology,
FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a
member of Standard & Poor’s 500® Index. For more information about FIS, visit
This news release contains forward-looking statements that involve a number of
risks and uncertainties. Statements that are not historical facts, including
statements about our beliefs and expectations, are forward-looking statements.
Forward-looking statements are based on management's beliefs, as well as
assumptions made by, and information currently available to, management.
Because such statements are based on expectations as to future economic
performance and are not statements of fact, actual results may differ
materially from those projected. We undertake no obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise. The risks and uncertainties that forward-looking
statements are subject to include, but are not limited to: changes in general
economic, business and political conditions and other risks detailed in the
“Statement Regarding Forward-Looking Information,” “Risk Factors” and other
sections of the Company’s Form 10-K and other filings with the Securities and
Kim Snider, 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
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