StatPro Group plc has signed a two and a half year contract extension and consulting agreement, to migrate a major Singapore-based asset manager from StatPro Seven to the cloud-based StatPro Revolution platform.
In August 2016, the Singapore Monetary Authority (MAS) issued an update to its outsourcing guidelines, stating the benefits of cloud computing to financial service institutions in Singapore. The guidelines state that:
“MAS…recognises that institutions may leverage on such a service to enhance their operations and service efficiency while reaping the benefits of cloud services’ scalable, standardised and secured infrastructure.”
Justin Wheatley, Group CEO, commented: “We are delighted by this client conversion and uplift from StatPro Seven to StatPro Revolution. Singapore is a major hub for asset management in Asia and the endorsement of our Cloud-based solution, StatPro Revolution, by a major Singapore based asset manager is an important step in our growth in Asia.
“Our highly scalable, super-fast and precise cloud-based services are taking the asset management industry into the next generation of technology. With price pressure and regulation forcing our clients to improve efficiency and their quality of service, while cutting costs, we are well placed to support all our clients.”