Sophis, a leading provider of cross-asset, front-to-back portfolio & risk management solutions, today announced a partnership with Koscom to provide a straight through processing system based on Risque and Value to securities companies as well as banks in South Korea.
As part of the new agreement, Sophis will conduct marketing/pre-sales, implementation and maintenance activities to provide its RISQUE and VALUE software jointly with KOSCOM, which was established by the Korean Ministry of Finance and the Korean Stock Exchange to deliver IT solutions to the securities markets and related industry sectors.
This partnership announcement comes at a time when the Korean financial industry is changing and growing rapidly following the introduction of the Capital Market Integration Act in March this year. The Act has served to break down barriers between different financial businesses and institutions, allowing banks and securities companies to manage more areas of investments under one roof. This means that banks and securities companies need software that will allow them to manage multiple portfolios and asset classes as well as manage risk across the business.
Tae Hong Kang, Department Manager, IB Solutions Dept at KOSCOM explains: "Our partnership will be a win-win situation for both Sophis and KOSCOM, as well as for our joint clients. It will combine Sophis' market-leading technology with KOSCOM's many years' experience of Korea's financial markets. Our partnership will ensure that they have access not just to market leading software but also to local support and maintenance services. In turn, this will serve to boost the growth of the Korean financial marketplace."
Corinne Grillet, COO Asia Pacific, of Sophis, says: "We are delighted to have reached agreement with KOSCOM on this partnership. KOSCOM is a major player in the Korean financial markets and will provide us with a fantastic opportunity to reach out to Korean securities houses and investment banks as part of our global growth initiative."