Cabinet approval has been granted on 07 June 2019 to procure a new data management system to meet the existing requirements in the management of the country's foreign reserves as well as to facilitate future developments.

Accordingly, bids have been invited on an internationally competitive basis to provide, install, operate, and maintain the data management system.

Considering the recommendation of the Standing Procurement Committee appointed by the Cabinet of Ministers and the views and recommendations of the Information and Communication Technology Agency of Sri Lanka (ICTA)  on the proposed procurement, the Minister of Finance proposed to award this contract to SimCorp Singapore Pte Ltd. The proposal was approved by the Cabinet of Ministers.