Standard Chartered Bank has launched an integrated direct and regional custody platform for its investor and intermediary clients to efficiently capture growth opportunities in the fast growing markets across Asia, Africa and the Middle East.
Introducing the single-touch regional custody capability, clients can now connect across the bank’s custody network of 39 markets in a manner that combines the benefits of a direct local account interface with regional reporting and servicing aggregation. Domestic clients in Asia can also transition from a single market high touch focus to a multi-market offshore hub coverage model, maintaining the benefits of a direct account model while supporting investment flows that are increasingly expanding cross-border.
The rollout of a standardised platform ensures that clients can experience service consistency and upgrades across the various markets. Responding to the dynamic nature of the industry, the platform has been designed to offer high degrees of customisation in client messaging, servicing and reporting, combined with enhanced levels of straight-through processing.
George Nast, head of product management, transaction banking, Standard Chartered, said: “Building on the successful launch of our award winning corporate actions capability in 2010, clients will be delighted that the new platform simplifies the task of meeting increasingly complex requirements, improving their ability to capture investment opportunities across emerging markets. Our unparalleled presence and market expertise as a full service bank across Asia, Africa and the Middle East offers the support and tools necessary for them to pursue growth opportunities in the fastest growing economies in the world.”
The new platform has been launched domestically in the Philippines and Vietnam and for regional custody in Singapore. The platform will be incrementally rolled out across Standard Chartered’s entire custody network by 2014.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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