Finance Breaking news Krungsri selects Murex for IT overhaul last financial news
Breaking-Finance.Com - Murex, the global leader in trading, risk, and processing solutions for capital markets, is pleased to announce that Krungsri (Bank of Ayudhya PCL), the fifth-largest bank in Thailand and a Mitsubishi UFJ Financial Group subsidiary, has executed a transformation of their IT infrastructure with Murex’s powerful platform.
Breaking-Finance.Com - MUFG is Japan’s largest financial group and one of the world’s largest and most diversified financial organizations. Krungsri benefits from MUFG’s global network along with its own decades of local expertise.Krungsri decided to simplify its Global Markets Group’s IT infrastructure, starting with FX cash, money market and fixed income operations to manage higher trading volumes and rapidly scale to address expansion plans. It was crucial to convert and consolidate complex systems with multiple interfaces among Krungsri and MUFG to one single integrated front, back, and risk platform. To achieve this goal, the bank implemented a new FX system, replacing existing solutions. According to stakeholders across the collaboration, this was an important milestone of the integration and rationalization plan. Krungsri is now seamlessly managing higher trading volumes and rapidly scaling to meet ambitious expansion plans. All investment operations activities are now faster—and less prone to human error. With MX.3, Krungsri created an ecosystem where trading products can be connected to its digital channels.Along with speed and automation enhancements, the adoption of MX.3 will improve Krungsri regulatory and reporting transparency, facilitating the imminent benchmark transition from LIBOR to THOR and fallback THBFIX rapidly.“We chose Murex to be our long-term partner because of its longstanding expertise in complex data migration and re-platforming,” Krungsri Head of Global Markets Group Tak Bunnag said. “We could still manage higher volumes with fifty percent of the workforce during the COVID-19 crisis thanks to MX.
. Confirmations were flawless. And we were able to cut our EOD time by a factor of ten.”Krungsri, a multi-awarded bank with decades of local experience in Thailand, can now rapidly activate new products and services. MX.3 enabled the automation of the trade insertion, sales margin sell-down and cash rollover processes. In addition, front-office users can easily manage the entire trade lifecycle with MX.3’s wide range of events.Guy Otayek, CEO of Murex APAC noted Murex’s strong geographical footprint in Thailand, having worked in the country since 2007. Eight of the top commercial banks in Thailand are currently leveraging their investment operations on MX.3 technology.“We are proud Krungsri is now an active user,” Guy Otayek said. “This on-time collaboration was only possible because of active and engaged participation from everyone involved.”The shift was particularly useful as coronavirus impacted work, bank representatives said. With its team under COVID-19 work-from-home constraints and facing high fixed income and FX trading volumes during a demanding period of unprecedented volatility, the transition to Murex’s platform helped enormously.
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