ICBC Singapore Goes Live with Multifonds to Support Fund Administration Business
The implementation supports ICBC Singapore’s fund administration operation and service capabilities
Singapore, Oct 27, 2026 – Multifonds today announced that Industrial and Commercial Bank of China Singapore Branch (“ICBC Singapore”) has gone live with Multifonds Global Accounting (MFGA) and Global Investor (MFGI) solutions to support its fund accounting and investor servicing operations. The implementation was completed by a joint ICBC Singapore and Multifonds project team on an accelerated timeline, with go-live achieved ahead of schedule and without disruption to client servicing.
Supporting Fund Administration Business Growth in Singapore
The adoption of Multifonds strengthens ICBC Singapore’s ability to optimize fund accounting and investor servicing operations. This enhancement facilitates quicker integration of new fund structures, expands coverage across diverse asset classes, and improves operational scalability, reinforcing the bank’s position as a leading regional servicing hub.
Platform Selection and Implementation
The Multifonds solution was chosen following a comprehensive assessment of ICBC Singapore’s operational requirements, encompassing functionality, scalability, and integration capabilities. Before implementation, the platform was meticulously configured and tested to ensure seamless alignment with the bank’s business workflows.
“Establishing best-in-class asset servicing solutions remains a strategic focus for ICBC as we enhance our offerings for institutional and investment clients. The deployment complements ICBC Singapore’s current operational and governance structure while elevating its fund administration competencies in Singapore. The bank commends the productive partnership between both teams that contributed to the project’s success.“
Christina Ang
Deputy Head of Asset Management and Securities Services
ICBC Singapore
“Asia is one of the world’s most competitive fund servicing markets, and the administrators who win in it are those able to onboard new business quickly and scale without adding cost or risk. ICBC has set out clear ambitions in fund administration and custody, and we are proud to have been selected to support its fund administration operations. With the implementation, the bank is well equipped to grow its share of the region’s fund business and to meet the expectations of institutional clients across markets.”
RG Manalac
President
Multifonds
About ICBC
Industrial and Commercial Bank of China (ICBC) is one of the world’s largest banking groups, with RMB 53.48 trillion in total assets as at the end of 2025. Its asset management and securities services businesses span wealth management, fund services, custody, clearing, accounting, valuation and investment supervision.
Established in 1993, ICBC Singapore Branch was ICBC Group’s first overseas institution. It received a Qualifying Full Bank(QFB) license in 2012 and is appointed as the first RMB clearing bank outside mainland China in 2013.
Building on its QFB license and its role as Singapore’s RMB clearing bank, ICBC Singapore Branch has developed a platform that integrates online and offline channels to deliver onshore and offshore financial services in multiple currencies. It offers a broad range of financial solutions, including Custody and Fund Administration services.