Murex, a global leader in trading, risk and back-office solutions for the capital markets is pleased to announce that Malaysia’s fourth largest fully integrated financial services group, RHB Bank Berhad (RHB Bank) is now live on Murex’s MX.3 for all its global market activities.
The bank is using the open and modular MX.3 platform to meet its Islamic and conventional finance needs in the ASEAN region.
The main objective behind this project was the need to modernize and future-proof RHB Bank’s treasury and risk infrastructure and to replace its multiple legacy systems with a single platform that offers a wider range of derivatives products. The aim was to simplify processes and mutualize analytics across entities to gain one clear view of the business, from front-office activities through to risk management, treasury, settlement, accounting and reporting.
Murex has the knowledge of the local market and history of delivering large-scale replatforming projects in Asia. Combining wide product coverage with leading functionality, RHB Bank selected MX.3 to support the demand for more sophisticated hedging and investment products for its growing client base and navigate the changing regulatory landscape.
Guy Otayek, Head of Murex APAC, comments “As the Asian markets continue to evolve, we are very happy to be partnering with the RHB Banking Group, giving them the software and support they need to meet future regulatory demands and harness the latest technology. This go live is a great example of how IT transformation can open new paths for business growth and we look forward to working with RHB Bank and other banks in the region on future projects.”
Speaking about the partnership, Mohd Rashid Bin Mohamad, Group Treasurer, Group Treasury & Global Markets at RHB Banking Group says, “When we embarked on this project, we were looking for a scalable solution to drive business growth, improve pricing and risk management capabilities and reduce cost with operational efficiency. With Murex’s MX.3, we can achieve these three goals with one platform. We also realized at the onset the importance of having a good core working team and thereby picked the relevant experienced representatives across the various functional areas to champion the implementation.”
Following the go live on MX.3, RHB Bank can now trade structures seamlessly, introduce new products to the market faster and eliminate time-consuming manual processes. By moving from multiple systems to a single platform, the bank has also been able to introduce standardization of its processes across entities, reduce infrastructure and operational costs.