BNY Mellon (NYSE: BK) announced it has been selected by the Employees Provident Fund Board of Malaysia (EPF) to deliver a transformational investment accounting project.
In addition to custody solutions BNY Mellon provides for the EPF, this broader remit aims to deliver “a solution for fund accounting and administering the entire public assets of the EPF with increased automation and a centralized investment data hub.”
The expansion of this integrated solutions offering “will further accelerate the EPF’s ambitions in building a resilient and data-centric operating model as they bolster their investments into new asset classes and geographies.”
BNY Mellon’s Eagle accounting solutions are “designed to help the EPF centralize and efficiently manage complex investment assets and address their data management, historical data, and reporting challenges by seamlessly integrating with their business intelligence tools.”
Fangfang Chen, Asia Pacific Chair and Asia Pacific Head of Asset Servicing and Digital at BNY Mellon, said:
“Malaysia is a significant growth market for BNY Mellon in the Asia Pacific region. We are honored that the EPF has entrusted us with an expanded mandate, recognizing our efforts to empower the EPF in delivering greater value for its members through innovation and excellent services. This mandate demonstrates the strength of our franchise and highlights our commitment and dedication to the Malaysian market.”
The EPF, which helps manage the Malaysian workforce retirement savings, “is one of the oldest retirement funds in the world.”
Established in 1951, the EPF is “a social-security organization focused on safeguarding member savings and delivering excellent services.”
BNY Mellon has “been the service provider of the EPF for the last 17 years and will continue to support the EPF’s growth aspirations in achieving optimal investment outcomes for their members’ retirement.”
As covered, BNY Mellon is “a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.”
