SINGAPORE (Jan 4): DBS Group Research is re-initiating its coverage on Silverlake Axis with a “buy” call and a target price of 60 cents.

Currently, the group’s core banking system is used by the top three of the five largest ASEAN financial institutions – CIMB Bank, OCBC Bank and UOB. And more than 40% of the top 20 largest banks in the Southeast Asia that outsourced their core banking solutions also run on the group’s core banking platform.

Meanwhile, Silverlake’s Merimen insurance platform is Asia’s top insurance software-as-a-service (SaaS) company and is ranked among the global top 10 in terms of claims processing and management solutions.

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