GBST Delivers Back-Office Custody Solution to Hong Kong Bank

gbstCMB Wing Lung Bank has deployed Australia-based financial technology provider GBST’s back-office custody solution to support the growth of its custody banking business which safeguards the financial assets of many of Asia’s largest investors.

GBST’s Syn~Ops Custody product – a 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 will help CMB Wing Lung Bank to efficiently and securely clear, settle and account for their global custody activity in a single system. CMB Wing Lung Bank, a leading bank in Hong Kong, is a subsidiary of China Merchants Bank and one of many major players in Asia which have partnered with GBST, including Haitong International, Deutsche Bank, and Raymond James. With two offices in Asia, located in Hong Kong and Singapore, GBST has invested resources into growing capital markets client base in the region.

Denis Orrock, Head of Asia Pacific at GBST, commented on the partnership:

“I’m delighted that CMB Wing Lung Bank is 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.“

Syn~Ops Custody is part of the Syn~ suite of products offered by GBST. The suite includes post-trade solutions across middle and back-office, lowering operational costs and improving sell-side customer service.

In June 2018, GBST launched a digital platform targeted at new and existing wealth management and pensions clients as part of its wider technology upgrade programme. Dubbed Catalyst, the platform enables the creation of modern digital products and solutions that seamlessly integrate with existing robust GBST systems.