CMB Wing Lung Bank live with new custody banking tech from GBST
CMB Wing Lung Bank, a Hong Kong-based subsidiary of China Merchants Bank, has gone live with a new solution for its custody banking business, Syn~Ops Custody from GBST.
Denis Orrock, head of Asia Pacific at GBST, says the implementation project was “smooth” and delivered on time and to budget.
“CMB Wing Lung Bank can efficiently and securely clear, settle and account for its global custody activity in a single system,” the vendor states.
The new back office system 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”, according to GBST.
Syn~Ops Custody forms part of the Syn suite of products which includes post-trade solutions across middle and back-office, supplied by GBST.
The company already provides its capital markets tech to China Merchants Bank. Its other clients include Haitong International Securities Group in Asia, Deutsche Bank in Australia and Raymond James in the US.
Australia-based GBST currently has two offices in Asia – in Hong Kong and Singapore. Orrock anticipates further growth in customer numbers “as the local market segment continues to develop its international markets capabilities and requirements”.