Silverlake Axis Sdn Bhd elevates regional banking with its Core Banking Migration Project

The company was honoured with the Enterprise Software - Financial Technology award.

Silverlake Axis Sdn Bhd has taken a monumental leap forward in the financial technology landscape, clinching the Enterprise Software - Financial Technology win at the Malaysia Technology Excellence Awards 2024. The most recent large-scale regional project for Core Banking Migration, has been a game-changer, significantly scaling up Singapore's third-largest bank's presence across 4 major ASEAN countries. 

This ambitious project, culminating in the recent acquisition of a global bank's consumer banking businesses, has expanded the bank's regional retail customer base to over seven million as of 31 March 2023. This expansion is anticipated to bolster the bank's revenue by S$1b on a full-year basis, marking a colossal stride in the bank's growth and service delivery.

Silverlake Axis has been instrumental in the core banking migration, employing its 3E's - Experience, Expertise, and Execution. The development of a factory blueprint for this migration process epitomises innovation, ensuring a risk-mitigated and cost-effective transition while enhancing speed and market agility within the ASEAN region. This strategic initiative began with meticulous planning and product mapping in 2022, targeting Malaysia as the foundational base for this expansive project.

As the primary provider of core banking solutions, Silverlake Axis led the first successful core banking migration in ASEAN through a comprehensive strategy encompassing detailed planning, solution mapping, and proficient execution. This approach was aimed at minimising potential risks associated with large-scale regional migration projects. The implementation utilised a Factory model based on the 3 Es, establishing a "golden copy" for data migration. This blueprint facilitated the replication of the migration process across four countries, significantly reducing costs and ensuring data integrity.

Silverlake Axis's innovative factory template has not only ensured successful transitions in Malaysia and subsequent countries but also realised significant cost savings. The streamlined approach led to a 40% reduction in overall data migration costs, owing to reduced project man-days and the minimal need for customisation and testing post the initial implementation. This efficiency translated into quicker project completion without compromising data quality or integrity.

The project underscored the agility of the data migration process, allowing for the seamless integration of retail customer and account data into the existing core banking system with only minor customisations. The factory model's success in Malaysia paved the way for swift subsequent deployments in the region, ensuring business continuity and market efficiency. Silverlake Axis's comprehensive approach, incorporating Quality Assurance (QA) and Testing across all four countries, facilitated a smooth migration process, enhancing the bank's resilience and regional credibility.

Following the successful cutover in Malaysia in July 2023, minimal adjustments were required for subsequent countries. This streamlined design not only accelerated market speed but also improved customisation and localisation processes across different countries, offering optimal benefits to customers. The core banking migration has strategically positioned the bank to leverage cross-border payments and wealth flows, strengthening its regional footprint and offering secure loans, comprehensive wealth management, and card offerings through an extensive branch network and user-friendly digital platforms. 

Silverlake Axis's Core Banking Migration project has not only fortified the bank's franchise but also provided a unique regional perspective and accessibility, catering to the evolving needs of the next generation of customers.

The Malaysia Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].