Religare Technova wins Vietcombank Securities contract

26 November 2008

Capital Market Solutions (CMS), a Religare Technova company, has won the Vietcombank Securities Company Limited (VCBS) contract for the NOVA core securities application software.

VCBS is one of Vietnams leading securities companies. VCBS is continually evaluating new technologies and initiatives that will enhance the services it provides to its securities customers. The current back office system cannot support VCBS future requirements and the decision to invest in new back office technology is for several reasons; to provide more automation and reduce the cost of transaction processing; to support the higher trading volumes that will follow with the introduction of electronic trading and more functionality to support real time banking interfaces and support securities trading with foreign organizations.

The NOVA system is a modern core securities application, that supports high transaction volumes, automated processing and many additional features such as; real time banking interface, multiple currency, multiple branch, multiple company, mortgage processing, Vietnamese language and many more functions that have been tailored to the Vietnamese market. NOVA will provide VCBS with technology to satisfy their core securities processing requirements today and in the coming years.

Nguyen Thi Bich Lien, VCBS Chief Executive Officer commented on the decision “The VCBS brand is respected and famous in Vietnam. It is very important to VCBS to maintain our leadership position in the securities market and offer the highest level of service to our clients. Investing in new core securities technology such as the NOVA system from CMS is part of our strategy to achieve this. We are looking forward to working with CMS on this important project with VCBS.”

Mr. Colin Camp, CMS Managing Director, Europe and Asia said “We are delighted that VCBS has selected the NOVA system for their securities operations in Vietnam. We have adapted our technology for Vietnam, and will bring to the VCBS project our experience in the securities markets that we have gained over many years across many countries. While the Vietnam stock markets have been down over recent months, CMS continues to invest in Vietnam and is very confident about the future of the securities markets in Vietnam.”

“Our global experience combined with our commitment to the Vietnamese market is driving factor behind our growth in this market” said Mr. Maninder Singh Grewal, CEO – Religare Technova Ltd.

CMS is one of the fastest growing securities software company in Vietnam. In the past twelve months CMS has established offices in Ho Chi Minh and Ha Noi, has received a business licence in Vietnam and will employ over 20 staff in Vietnam in 2008. CMS has won a number of contracts in Vietnam since opening its offices in Vietnam in 2007.

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