After UAE now the Singapore operations for one of the most renowned Bank goes live with MoneyWare Wealth Management Suite and MoneyWare Security based Lending Solution
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The Singapore branch of the Bank offers customized innovative financial products and services that address the business requirements of corporations and financial institutions, especially in the areas of oil and gas, commodities and contractor financing.
The Bank launched its first international representative office in Singapore in the year 2007. The bank is uniquely positioned to serve as a trade and investment gateway between Asia Pacific region and the Middle East. They have recently launched a wealth management proposition, offering their clients a wide range of customized solutions to meet their personal financial goals, be it accumulating, protecting wealth or passing it on to the next generation.
The client had recently started its wealth management business under the institutional brand. The need of the hour was to move from the manual processing to an effective and an efficient automated investment management system.
- A complete shift from manual processing to an automated investment management system
- Single phase implementation in a short time
- Solution integrated with the 3rd party core banking system and Document Management System
- Reduced Total Cost of Ownersip (TCO) and increase cost savings
- Readily scalable solution spans across the entire wealth managementy spectrum
- The entire operations were streamlined on the securities and risk management side
- Extensive and in-depth reporting at all level
- MoneyWare Wealth Management Suite
- MoneyWare Security based Lending Solution
The Miles advantage
With an extensive domain knowledge and experience in the financial services market, and more importantly - an earlier experience of Miles engagement proved to be a driving force in deciding the engagement.
In addition to this the partner’s ability to integrate the solution with external systems and applications created a difference.
Miles had already implemented similar system for the Bank in Gulf region where the integration was challenging. The solution was made live within 3 months.
Both the systems were closely integrated with the Temenos Banking system (T24) and Document Management System (DMS) (EMC2).
The Solution was implemented in a single phase with initial UAT before it had gone live. The system was integrated with an Internal Emailing system, T24 Core Banking system, DMS (Documentum) and internal web services for client communication (Email/SMS).
- Implementation of the cutting-edge technology platform
- The MoneyWare Solution spans the entire wealth management products including; equity, bonds and hedge funds, fixed deposits, dual currency deposits etc.
- The client is able to generate trade orders, right from client on-boarding to opening a mutual fund or bond, providing credit and settlement, as well as reporting and valuation of securities.
The client’s sales team can now see how their clients investments are performing and how to make money and service their clients with the information available
Reduced operational costs considerably through higher degree of automation and easily managed multiple relationships via integrated trading, execution and allocation tools
The entire operations were streamlined on the securities and risk management side as well. The document movements and product processing have been swift with less than a day’s timeline.
Extensive and in-depth reporting at all levels
Readily scalable solution that would easily integrate with other 3rd party systems and applications
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