MIT on TRAC with OCBC Bank for trade finance
Swiss vendor MIT (Micro-Informatique & Technologies) has signed a contract with OCBC Bank to support its commodity trade finance business with its TRAC (Trade Risk Active Control) system.
Maggie Cheong, head of transaction and collateral management, global commodities finance at OCBC, explains the bank’s choice: “We have chosen the TRAC system as it provides the best fit to our needs in monitoring structured trade transactions. Another key factor in our decision is MIT’s experience in supporting major trade financing service providers globally.”
MIT is also due to open an official representative office in Singapore in the summer. The new office will serve as base of operations for the Asia Pacific region.
Paul Cohen Dumani, general manager at MIT, says it has increased its “footprint in Singapore with Natixis Singapore already using TRAC”.
Back in 2011, Natixis, a French investment bank, signed a contract with MIT. This was to implement TRAC to support its commodity trade finance in Paris and Singapore initially.
A second phase connects Natixis’ branches in Ho Chi Minh City, Hong Kong and Shanghai to TRAC, and a third phase extends the system to New York.