Sumitomo Mitsui Trust Bank turns to Oracle FSS for tech modernisation
SMTB in tech revamp with Oracle
EXCLUSIVE: Sumitomo Mitsui Trust Bank (SMTB), Japan’s fifth largest bank, is understood to be going through a major technology revamp on the corporate banking side with Oracle FSS.
The bank is modernising its core, lending and payments technology in Japan and six international locations, namely China, Singapore, Hong Kong, Thailand, the UK and the US, FinTech Futures understands.
Oracle FSS did not provide a comment to FinTech Futures on this project, but it does reference “a major bank in Japan” in its recent financial results, noting that this organisation “has chosen to transform its banking technology by implementing Oracle Flexcube Universal Banking, Oracle Flexcube Enterprise Limits and Collateral Management, Oracle Banking Corporate Lending and Oracle Banking Payments”.
The deal is worth tens of millions of dollars, it is believed.
SMTB’s history dates back to 1925. It is one of the largest financial services players in Japan, with total assets of $475 billion, over 13,600 employees, 148 domestic branches and nine international locations. (SMTB and its parent company, Sumitomo Mitsui Trust Holdings, should not be confused with Sumitomo Mitsui Banking Corporation – this is a completely different group.)
Elsewhere in Asia Pacific, Oracle FSS has signed a number of Flexcube deals of late, albeit on a smaller scale than the SMTB one. To FinTech Futures’ knowledge, new clients include a Vietnamese consumer credit company, JACCS International Vietnam Finance; a start-up digital bank in Cambodia, Chip Mong Commercial Bank (a subsidiary of local conglomerate Chip Mong Group); Vietcombank in Cambodia; CMK, a Cambodia-based microfinance institution; and Land Bank of Taiwan for its operations in China. The latter is a long-standing user of Temenos’ T24 core banking system for its domestic operations in Taiwan.
