Financial software company Misys said that Vietnam’s Techcombank has selected its solutions to streamline its growing markets and treasury functions and increase its risk management capabilities.
Founded in 1993, Vietnam Technological and Commercial Joint Stock Bank – commonly known as Techcombank – has become one of the country’s top joint-stock commercial banks, with around 7,000 staff and a network of more than 300 branches and 1,200 automated teller machines (ATMs) across Vietnam.
Techcombank selected Misys FusionCapital and by following the company’s best practice implementation processes was able to go live within 10 months.
“We operate in a market that demands agility,” said Mr. Phan Thanh Son, head of financial markets, Techcombank. “We are required to make decisions on capital allocation in a timely manner, and at the same time, follow strict risk management processes. We chose to work with Misys because their solution is a configurable, fast and cost-effective analytics platform.
“With the implementation of FusionCapital, we are well positioned for trading and to actively play a part in the development of the Vietnam government bonds market and Vietnam dong (VND) denominated interest rate derivatives.
“Following the Ministry of Finance’s recent announcement that in 2016 it will encourage primary dealers to support pricing in secondary market liquidity and that it plans to lend to market makers which have a short position in bonds, our traders can now access their portfolios and see all their positions in real time, with better predictability in liquidity management of their portfolios.”
Alexandru Gomoiu, global head of capital markets, Misys, added: “As the regulatory landscape progresses in Vietnam, including ensuring compliance for enterprise data and risk management, we hope to expand our partnership with Techcombank to help them meet these evolving requirements.”
Misys already has a significant presence in Vietnam, working with the Bank for Investment and Development (BIDV), PVcomBank and Maritime Bank.
The AAOIFI, which sets standards for the Islamic finance industry, has adopted Shariah-compliant rules for trading the metal.
Investors had anticipated that the Italan premier´s proposed constitutional reforms would be rejected, although the margin of defeat was heavier than expected.
Research from two UK business schools suggest debt-funded share buybacks boost the share price in the short-term and also the company’s performance longer-term.
GE and the Iraqi government will partner with Standard Chartered and the Trade Bank of Iraq to accelerate power and infrastructure projects.