SingTel, Asia's leading telecommunications group, has selected Sungard's AvantGard-Quantum and AvantGard Risk for management of its group treasury operations. The system will be implemented in its Singapore operations and through SingTel Optus, its Australian subsidiary. AvantGard will help the SingTel Group manage its cash position, providing flexible forecasting and the ability to integrate all cash exposures into a common view. AvantGard will also facilitate the management and reporting of the group's financial risk, including liquidity, interest rate movements, FX movements and credit risk.
A key factor for the decision, according to Singtel, was AvantGard's treasury accounting capabilities that allow compliance with the International Accounting Standards (IFRS39 in Singapore and IAS39 in Australia) due to come into effect from January 2005.
Loong Hui Chee, treasury director at SingTel, said: ?AvantGard helps us to effectively manage our global treasury operations at both locations and analyse our combined exposure through a single platform?.
AT&T has also selected AvantGard-Quantum and AvantGard-Risk to support its global cash management, foreign exchange and derivatives business. AvantGard will be implemented in the US, Europe, Asia and Latin America.
Paul Riley, treasury director for global risk management at AT&T, explains the decision-making process: ?We selected AvantGard to help us to increase automation of bank polling, improve global cash visibility and set our daily cash position.