Winners of the Financial Insights Innovation Awards (FIIA) 2009 Will Be Announced At The Feb 27 Asian Financial Services (AFS) Congress

Singapore and Hong Kong – February 24, 2009 – Leading independent research and advisory firm Financial Insights, an IDC company, is set to announce the results of the Financial Insights Innovation Awards (FIIA) 2009 on the second day of the Asian Financial Services (AFS) Congress to be held later this week*. This award recognizes significant achievements of financial services firms across the Asia/Pacific region in displaying innovation in their business strategies, product development and day-to-day business operations. From over 100 submissions received from leading banks and insurers across the region, including Citibank Singapore Ltd, Great Eastern Life Assurance Co., Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank and The Hong Kong Shanghai Bank Corporation Limited, 10 winners will be selected.

Cyrus Daruwala, Managing Director of Financial Insights Asia/Pacific states, "This is the fourth consecutive year we are holding the Financial Insights Innovation Awards, and over time, it has become the leading indicator of how the region's financial services industry is leveraging technology as a driver of innovation and competitive differentiation. With over 100 submissions received from banks and insurers across Asia/Pacific this year, the FIIA has become the region's most anticipated award for financial institutions."

Figure 1 shows the geographical spread of submissions for FIIA 2009, reflecting the level of innovation among banks and insurers in the Asia/Pacific region.

Figure 1

Michael Araneta, Senior Research Manager of Financial Insights' Asia/Pacific IT Benchmarking Advisory Service, adds, "The submissions are scored by the FIIA assessment panel made up of Financial Insights' worldwide analysts and an independent panel of industry practitioners. The assessment is based on an initiative's responsiveness to market needs, effectiveness of implementation, market take-up and sustainability."

"This year, there is a wider range of innovative projects submitted by financial institutions in the region. While last year's submissions were predominantly focused on payments, this year's list of innovative initiatives is extensive and deep. We are seeing significant investments made in next generation banking technologies, enterprise risk management improvements, channel management as well as enhancements to current payment infrastructure," Michael continues.

Figure 2 summarizes five diverse submissions, in terms of both geographic coverage and project scope, for this year's award.

Figure 2

The Asian Financial Services (AFS) Congress will be held at The Raffles City Convention Center in Singapore on 26^th and 27^th of February. For more information about the AFS Congress 2009, visit http://www.afscongress.com/. To RSVP, and/or arrange for media interviews, contact Lay-Fang Tan at Tel: +65-6829-7731 or Email: lftan@idc.com.

About the Asian Financial Services (AFS) Congress 2009

This year, Financial Insights, an IDC company, is bringing together its highly successful FinTech Asia and InsureTech Asia conferences into one single event. Branded as the Asian Financial Services (AFS) Congress 2009, this conference will deliver even more relevant and thought-provoking insight to the delegates. Organized by Financial Insights, the AFS Congress 2009 will host speakers from some of the biggest and most dynamic regional and global financial players, who will relay their experiences not only in sustaining, but growing their businesses in the current economic condition. These financial institutions will also explain how, despite worsening market conditions and decreasing consumer confidence, they are still able to keep their eye on the ultimate prize - THE CUSTOMER.

Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world's leading IT media, research, and exposition company. Visit www.financial-insights.com for more information.

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