Posted In: Retail Broking and Institutional Capital Markets
CMB Wing Lung Bank Limited (“CMB Wing Lung Bank”/”the Bank”), a leading bank in Hong Kong, has successfully implemented a back-office custody solution from global financial technology provider GBST (ASX: GBT).
This partnership will support CMB Wing Lung Bank, a wholly-owned subsidiary of China Merchants Bank Co., Ltd (“CMB”), to grow its custody banking business which safeguards the financial assets of many of Asia’s largest investors.
Using GBST’s Syn~Ops Custody product, CMB Wing Lung Bank can clear, settle and account for their global custody activity in an efficient and secure manner within a single system.
GBST has already provided capital markets technology solutions to CMB plus other major players in Asia and globally, including Haitong International, Deutsche Bank and Raymond James.
The Syn~Ops Custody platform is a modern, workflow-driven and cloud-capable solution that allows prime brokers and custodians to focus on the customer and reduce the cost of operations through automation.
It forms part of the Syn~ suite of products which includes post-trade solutions across middle and back-office, lowering operational costs and improving sell-side customer service.
Tony Wang, Head of Financial Institution at CMB Wing Lung Bank, commented on the partnership:
“It has been our pleasure working with GBST team for the project. The team is knowledgeable and dedicated. We are confident to deliver our future services with support from this partnership.”
Denis Orrock, Head of Asia Pacific at GBST, also commented:
“I’m delighted that CMB Wing Lung Bank has chosen our custody solution. The project was delivered on time and has started a new chapter for its custody business. We look forward to working with CMB Wing Lung Bank to serve their customers through our solution. We strongly believe that the solution will help CMB Wing Lung Bank facilitate its business growth.”
“Our partnership with CMB Wing Lung Bank demonstrates our continued customer growth within the important local market segment, leveraging the capability we have developed for international investment banks and brokers in the region. We anticipate further growth as the local market segment continues to develop their international markets capabilities and requirements.“
GBST has two Asian offices, located in Hong Kong and Singapore, to support its growing capital markets client base in this important region for global financial services.