CMB Wing Lung 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 subsidiary of China Merchants Bank, 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 efficiently and securely clear, settle and account for their global custody activity in a single system.
GBST already provides capital markets technology solutions to China Merchants Bank 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.
Denis Orrock, Head of Asia Pacific at GBST, commented on the partnership:
“I’m delighted that CMB Wing Lung Bank are now live on our custody solution after a smooth project which delivered on time and to budget. We look forward to working with them to migrate their clients onto the platform and help them deliver efficiencies and service improvements to grow their business.”
“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.