CMB Wing Lung Bank has implemented Syn~Ops Custody, a back-office custody solution from fintech provider, GBST.
The partnership will support CMB Wing Lung Bank, a subsidiary of China Merchants Bank, to grow its custody banking business.
According to GBST, CMB Wing Lung Bank can efficiently and securely clear, settle and account for their global custody activity in a single system when utilising the Syn~Ops Custody solution.
The Syn~Ops Custody platform forms part of the Syn~suite of products which includes post-trade solutions across middle and back-office, lowering operational costs and improving sell-side customer service.
GBST already provides capital markets technology solutions to China Merchants Bank as well as Haitong International, Deutsche Bank and Raymond James.
GBST has two Asian offices, located in Hong Kong and Singapore, to support its growing capital markets client base in this important region for global financial services.
Denis Orrock, head of Asia Pacific at GBST, commented: “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.”
He added: “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.”
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