20 September 2017
visit www.avoka.com

Bank of China Hong Kong selects Fermat for Basel II compliance

21 May 2008  |  6338 views  |  0 Source: Fermat

Fermat Private Limited, a leading provider of integrated risk and performance management solutions for the global financial services industry, has been selected by Bank of China (Hong Kong), also known as BOCHK, for its Basel II project.

The implementation will take place at BOCHK as well as its Hong Kong subsidiaries, Nanyang Commercial Bank and Chiyu Banking Corporation.

Fermat was selected after a competitive and intensive tender process, and proof of concept against competitors, for its capability to cover the capital calculation and reporting engine and its powerful data storage and management (Fermat DataMart).

"Working with Fermat is very significant to us," commented Mr Alex Cheung, Chief Risk Officer at Bank of China (Hong Kong), "as Fermat provides us with a capital calculation engine that will comply with the Basel II requirements."

BOCHK is Fermat's first Basel II project with a leading bank with China background. It is one of the first Chinese banks to decide on an IRB credit risk calculation and reporting solution for Basel II.

"BOCHK will serve as an excellent Basel II IRB role model and a reference to the other leading Chinese banks. These banks, some among the top 10 banks in the world, are implementing world class risk management systems and adopting Basel II best practices to meet the challenges amid the rapidly developing financial industry in China," added Gilbert Gagnaire, Co-Founder Fermat.

The strategic collaboration with BOCHK also confirms Fermat's superiority in the Basel II market in Hong Kong. Other existing Fermat customers include HSBC, Hang Seng Bank, Standard Chartered Bank (Hong Kong) and DBS Hong Kong.

With a balance sheet of over HK$ 1,000 billion, BOCHK is the second largest commercial banking group in Hong Kong in terms of assets and customer deposits. With approximately 300 branches in Hong Kong, BOCHK offers a comprehensive range of financial products and services to retail and corporate customers. BOCHK and its subsidiaries have 15 branches and sub-branches in the Mainland of China to meet the cross-border banking needs of their customers in Hong Kong and the Mainland.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related company information

Fermat

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.temenos.comvisit www.sibos.com

Top topics

Most viewed Most shared
JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidityJPMorgan Chase chief says he would fire tr...
10546 views comments | 16 tweets | 29 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10118 views comments | 6 tweets | 17 linkedin
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
9607 views comments | 21 tweets | 39 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9024 views comments | 6 tweets | 3 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
7461 views comments | 5 tweets | 4 linkedin

Featured job

circa £250K total package
London

Find your next job