The Bank of East Asia (BEA), a Honkong-based bank, has extended the use of FinIQ's structured products systems to its private banking business, following the successful implementation of FinIQ by its treasury markets division.
According to FinIQ, the implementation will focus on the distribution of FX options, FX structured products, bond options, equity options, equity-based structured products, and vanilla IRSs.
The FinIQ system will also manage the bank’s client credit and collateral as well as generate consolidated statements for its private banking customers.
FinIQ will be fully integrated into the bank’s core banking system and general ledger.
A spokesperson from BEA’s private banking department, said: “BEA continuously strives to enhance the quality of every banking experience.With our new FinIQ system, we will be able to offer a wider range of customised banking solutions to our private banking customers in a timely and efficient manner.”
Milind Kulkarni, group CEO of FinIQ, said: “BEA’s decision to further invest in our solutions is compelling evidence that the FinIQ System provides real and tangible benefits to our customers.”