Corporate Finance

SMFG selects Oracle to streamline its accounting functions

The group said it needed a single accounting platform that would support the requirements of all its companies and continue evolving with the business to enable the latest innovations in finance

Sumitomo Mitsui Financial Group (SMFG) has announced that it has selected Oracle’s fusion cloud enterprise resource planning (ERP) to consolidate its accounting functions as part of its efforts to streamline its business processes.

Previously, the company had operated separate accounting systems with inconsistent processes. The group said it needed a single accounting platform that would support the requirements of all its companies and continue evolving with the business to enable the latest innovations in finance.

With the help of Oracle, the firm will be able to increase its productivity, reduce costs and improve controls. The addition of Oracle Cloud EPM will also help the finance team manage budgets and profitability, build business strategies, and make the right decisions for the entire group.

Shoji Masuda, senior managing corporate executive officer, SMFG, said: “We decided to modernize accounting operations as part of our business and IT transformation to further accelerate efficiencies and enhance group management.

“This is a very complex project, but we believe that we can make it a success by utilizing the superior functionality and scalability of Oracle Cloud ERP. We expect this system will make a significant contribution to our management infrastructure; strengthen the corporate value of the SMBC Group companies and make us more competitive as a group.”

Toshimitsu Misawa, corporate executive officer, president, Oracle Corporation Japan, added: “We are honored to provide technological support for SMBC Group’s next phase of growth.

“With Oracle Cloud ERP, SMBC Group will benefit from streamlined processes and continuous innovation as the group strengthens its business foundation for long-term success.”

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