Finastra gains live site in China

Finastra gains live site in China

Ping An Securities has implemented a new front-to-back office securities brokerage platform, FusionCapital Summit, supplied by Finastra (formerly Misys).

The project started in early 2016, Banking Technology understands.

The vendor says its technology will help the Chinese firm to extend its operations on a global scale.

“Legacy systems in China are built around existing domestic regulations and rules but they don’t have the capabilities to help us compete globally,” explains Andy Han, director of development at Ping An Securities.

“Our main goal in seeking an electronic trading platform partner was to find a provider that delivers the flexibility to trade across countries and the adaptability required by changing compliance rules.”

Finastra, Han adds, has “a strong reputation” in this field and was “a natural choice” for Ping An Securities.

“In moving from our legacy systems provided by different vendors to a single solution with FusionCapital, we are well positioned for expansion in China and globally,” he concludes.

Finastra says its platform has consolidated and streamlined internal workflows at the securities firm, and “digitalised all manual and non-digital processes to reduce front- and middle-office admin, improving trading processes, risk monitoring and compliance”.

FusionCapital Summit has been integrated with Ping An Securities’ in-house development software.

Han compliments the level of support provided by Finastra for the project, saying it resulted in “a seamless experience”. He says the vendor has over 100 consultants in China.

Following the recent merger of D+H Corporation and Misys – from which Finastra was born – Finastra has been cutting jobs worldwide, and China is understood to be not immune from this.