Deutsche to service ASEAN Exchanges 07 April 2014 Kuala Lumpur Reporter: Georgina Lavers
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Deutsche Bank has been appointed by the ASEAN Exchanges to provide custody and settlement services to market participants of the ASEAN Exchange link in the participating countries, initially Malaysia, Singapore and Thailand.
The ASEAN Exchanges comprise seven exchanges from six countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
The collaboration aims to boost growth in the ASEAN capital market by driving cross-border collaboration, streamlining access to ASEAN, creating ASEAN-centric products and creating promotional opportunities.
The seven ASEAN Exchanges aim to provide brokers who conduct trades into any of the participating ASEAN Exchanges with a single point of entry, allowing them to settle and hold securities listed at other participating ASEAN Exchanges via Deutsche Bank.
Deutsche Bank will provide settlement, foreign exchange and custody services to the brokers in the participating countries.
Mrugank Paranjape, Asia Pacific head of trust and securities services and cash management for financial institutions, global transaction banking at Deutsche Bank, said: “Our track record in the ASEAN region combined with our deep involvement in industry developments provide a strong value proposition to clients."
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