Thomson Reuters today announced that it has been selected by Maritime Bank to provide a front-to-back treasury and risk management solution.
This marks the first instance in Vietnam in which a bank has invested in a modern, global trading and risk management platform, and also marks an important step in the globalization of Vietnam's growing financial sector.
Maritime Bank, one of the first commercial joint stock banks established in Vietnam, undertook a strategic restructuring in 2010 to address major challenges, specifically its need for a consolidated market, credit and liquidity risk management solution across the Bank's trading portfolio. Additionally, Maritime required a solution that would enable the firm to meet current and future regulatory requirements from the State Bank of Vietnam, while also allowing flexibility to manage derivatives and other financial products transparently and efficiently.
Thomson Reuters solution was selected to address the Bank's risk management needs for a variety of reasons, including a strong local market presence, a proven track record of efficient implementations and an ability to manage Vietnamese requirements such as specific facets of regulatory accounting schemes and Gold Futures Trading. Furthermore, Thomson Reuters ability to provide a sophisticated, cost effective and fully-integrated branch trading solution, which works out of the box, made Kondor+ the obvious choice.
Ms. Nguyen Huong Loan, Vice General Director at Maritime Bank, said: "Thomson Reuters ongoing commitment to the Vietnamese market and its customers made Kondor+ an easy choice for our Bank. Maritime Bank has officially developed the new business model with the aim of becoming the top retail bank in Vietnam. This requires a focus on risk management, especially market risk and operation risk management in business in financial market, which is the decisive factor in the strong and sustainable development of Maritime Bank in the next period."
Andrew White, Global Head of Risk Management at Thomson Reuters, commented: "Maritime Bank and its management are to to be commended for their foresight in focussing on risk management at a time when most of the world is recovering from unprecedented financial turmoil. Thomson Reuters has the knowledge and experience to help Maritime Bank address the challenges of Vietnam's evolving markets, whether it is increasing volumes, the need to streamline processes or responding to international standards as well as changing local regulations."
Kondor+ is a market-leading, fully-integrated, real-time cross asset class treasury and risk management solution, used by banks in more than 65 countries around the globe. Thomson Reuters has been recognized as the "Overall Best Technology Vendor" by readers of Asia Risk Magazine for the past 3 years.