SINGAPORE and PARIS, December 8, 2021 — Bank of Hangzhou has completed a successful go-live on the MX.3 platform in close collaboration with Murex, the global leader in trading, risk management and processing solutions for capital markets.
Bank of Hangzhou now uses MX.3 across asset classes for capital markets activities, from front-to-back-to-risk management, leveraging a localized solution specifically packaged for the China market and eliminating the need for reconciliation across multiple IT systems.
“We are delighted about the partnership with Murex. The project was delivered on time and with the right quality. Our team is enjoying MX.3’s rich functionality around OTC derivatives pricing, risk management and collateral management. It is already allowing us to expand our business to additional foreign currency derivatives and exotic products,” said Mao Xiahong, board secretary and assistant president of Hangzhou Bank. “Our traders now benefit from a flexible solution that gives them confidence to roll out new products in a timely manner as the need comes.”
Moving to MX.3 has unlocked opportunities for Bank of Hangzhou across business segments, increasing straight-through-processing rates and empowering the bank to seamlessly manage market and credit risk, using a unified platform. Furthermore, Bank of Hangzhou has gained access to an extensive product catalog and advanced market risk functionality.
On the regulatory side, going live on MX.3 enables Bank of Hangzhou to comply with current Basel requirements and has readied the bank for upcoming challenges such as Fundamental Review of the Trading Book (FRTB).
With Bank of Hangzhou, Murex further expands its large footprint in mainland China, proving once again that it has the right product and team to accompany local banks through their transformation ambitions.
Tarek Barada, managing director of Murex China in Beijing, said that players in the financial services sector in China and elsewhere are seizing new opportunities for digital transformation.
“Financial institutions like Bank of Hangzhou have taken proactive steps to modernize their IT platforms and meet various objectives, including greater risk management capacity and adaption to evolving regulations,” Barada said. “As another successful implementation, this project underscores our strong commitment to the China market for clients eager to adopt a unified, future-proof platform.”