MUFG Bank triumphs with FinOps - Banking win at SBR Technology Excellence Awards 2024

Its GIFT Day1.0 project in India's GIFT City sets new standards in leveraging technology for enhanced financial services.

MUFG Bank Ltd. Singapore Branch has been a pivotal force in advancing financial services across Asia, with a storied history spanning 70 years since it first set foot in India in 1953. This legacy of innovation and commitment to excellence was further cemented at the SBR Technology Excellence Awards 2024, where MUFG was honoured in the FinOps - Banking category. This accolade was in recognition of its groundbreaking GIFT Day1.0 project, an initiative that underscores MUFG's forward-looking approach to leveraging technology to expand financial services and facilitate international transactions from the Gujarat International Finance Tec-City (GIFT City), India.

Launched in December 2021 and operational by August 2022, the GIFT Day1.0 project was a testament to MUFG's agility and technological prowess, aimed at supporting both domestic and global clients with an enhanced suite of financial services. Despite the ambitious timeline and the challenges of establishing a new branch within the regulatory frameworks of IFSCA, JFSA, and SEZ, the project marked a significant achievement in MUFG's operational capabilities.

The initial phase of GIFT Day1.0 encompassed the implementation of a Core Banking System integrated with payments and loans functions, alongside the integration with standard satellite systems such as SWIFT, Reuters, and AML systems. Additional features included Data Warehousing and MIS Reporting, Nostro Reconciliation, Document Management, E-statements, and notifications. The Core Banking application is running on Temenos T24 software. This comprehensive setup ensured a robust infrastructure capable of meeting the diverse needs of MUFG's clientele.

The success of the GIFT City branch was underpinned by the collaborative efforts of MUFG's regional and global business and IT teams from Singapore, India, and Japan. Adopting an agile methodology facilitated effective coordination and communication across geographical divides, overcoming potential hurdles with efficiency. Tools such as JIRA and Confluence played a crucial role in tracking requirements and ensuring the seamless implementation of solutions.

Quality assurance was a top priority, with approximately 800 test cases carried out using Selenium and JMeter, alongside IT operations tools like JP1, Zabbix, Commvault, Jenkins, and Ansible. These efforts culminated in a series of dress rehearsals, ensuring a smooth transition and the successful soft launch of the branch, a full month ahead of schedule.

The GIFT Day1.0 project's successful execution on August 15, 2022, followed by the commencement of operations on August 17, set a new benchmark in banking operations. The absence of major incidents post-launch and the smooth transition to business-as-usual (BAU) operations underscored the project's exemplary planning and execution.

The overwhelming success of the Day 1 project not only celebrated MUFG's technological and operational excellence but also paved the way for the Day 2 project, aimed at expanding the bank's footprint in Trade and Deposits. This accolade at the SBR Technology Excellence Awards 2024 is a reflection of MUFG's relentless pursuit of innovation, enhancing its suite of financial services, and cementing its role as a leader in the banking industry.

The SBR Technology Excellence Awards is presented by Singapore 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 Jane Patiag at jane@charltonmediamail.com.