DBS, the largest bank in Southeast Asia by assets, has successfully implemented the Multifonds Fund Accounting Platform in Singapore, Hong Kong SAR, and Indonesia. This move, completed in 15 months by a joint team from DBS and Multifonds, aims to streamline the bank’s operations and enhance service quality in the region’s dynamic markets.
The Multifonds platform supports both traditional and alternative funds, integrating asset servicing, position keeping, valuation, and accounting functions. This comprehensive solution allows DBS to achieve high rates of straight-through processing (STP), improving operational efficiency. Notably, DBS is the first client in Asia to adopt the latest version of this platform, which includes the Workflow and Exception Manager (WEM) and integration of Fund Accounting and Transfer Agency systems to streamline the Net Asset Value (NAV) process.
DBS selected Multifonds after a rigorous evaluation process, recognising its capability to handle market-specific requirements with multi-asset coverage, including complex derivatives. The platform supports a wide range of fund structures, such as advanced profit and loss allocation per share class. Additionally, Multifonds is collaborating with DBS to develop regulatory reports tailored to the Indonesian market, ensuring compliance with evolving regulations.
Oded Weiss, CEO of Multifonds, expressed enthusiasm about the partnership, stating, “We are delighted to be chosen as the fund accounting platform for such a prestigious and world-leading bank.” The collaboration is expected to strengthen DBS’s technology capabilities and expand functionalities to meet the needs of other Asian markets.
