DST International (DSTi) says that Bank Thai has bought HiPortfolio/3, its portfolio administration and fund accounting application. The purchase followed a selection process. Nukrak Baiyueng, assistant managing director, says that Bank Thai wanted a proven solution that is used by custodians and fund managers.
“As more than 60% of the custodians in Thailand are using DSTi’s HiPortfolio software we are confident that our business operations will be properly supported,” he says. “In addition to having a leading product, DSTi’s local presence was also a key factor in our decision. DSTi’s Thailand operation has been based in Bangkok for over 10 years and has a very reputable name in the industry.”
Rhonda Lepsch, DSTi’s chief executive officer for Asia, describes Thailand market as one of the most important markets for DSTi in the whole of Asia. “We are truly thrilled to have Bank Thai as a client and they are in good company,” she says. “Globally HiPortfolio/3 has over 300 clients, proving that it leads the market in back office technology.”
DSTi says Thitikorn Choksuwanich, managing director of DSTi in Thailand, was instrumental in starting the company’s operations there in the mid 1990s. “I am truly proud to be part of the DSTi family,” she says. “It is an exciting time to be here, with DSTi’s strategic focus on Thailand. DSTi continues to invest a significant amount of its global research and development budget in Thailand every year and because of this, the market has a keen interest in our products. We are extremely happy to have secured Bank Thai as a DSTi client and look forward to a very successful implementation of HiPortfolio/3.”
In Thailand, DSTi has over 200 staff and 40 clients in the financial services sector. In 2005 the company plans to further expand its client base by introducing new products into the market, including HiTrust, its transfer agency application.