The Hong Kong unit of Bank of China, the world’s fifth largest bank by assets, has picked smartTrade technologies for its electronic foreign exchange dealing business. The solution provided by the technology provider has been actively used by a number of banks, brokers and asset managers alike.
Chinese banks have been steadily expanding their business to become key players in the electronic foreign exchange space with their increasing balance sheets and growing needs of clients. The solution that has been in place for its customers has not been scalable enough to accommodate the bank’s growing client base which has been engaging in more trading activities.
The Hong Kong unit of Bank of China picked smartTrade because of its solid reputation in the industry and in particular in the banking community. The aggregation capabilities of the eFX platform delivered by smartTrade alongside its customizable client pricing distribution system and practical user interface have all been acclaimed by a number of brokers and banks.
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Commenting on the announcement, the CEO of smartTrade Technologies David Vincent said: “It is a recognition of the quality of the product’s design and performance that Bank of China (Hong Kong) has chosen our platform. LiquidityFX, will allow them to enhance their execution and risk management efficiency.”
“By taking advantage of our robust and low latency platform, we will meet their needs in terms of flexibility, scalability, and performance. We see a perfect match between a large visionary institution like Bank of China (Hong Kong) and a focused technology company,” he added.
The Head of Electronic FX trading at Bank of China (Hong Kong) Michael Ng added: “Electronic trading is growing rapidly in currency markets. Hence, we would like to develop a new platform to better serve our growing corporate and institutional clients.”