Mashreq Bank, one of the leading financial institutions in the UAE, has signed a strategic agreement with FinIQ, the Singapore-based capital markets technology provider, to streamline its Wealth Management offering with an easy-to-use, single unified solution.
The FinIQ System has been implemented as Mashreq’s wealth management core system for investment products , replacing multiple legacy applications and providing customers with a simpler service to operate. Equities, funds, bonds, bills, CDs, notes were previously managed by a number of home-grown and vendor-supplied systems.
Used throughout the banking ecosystem, FinIQ’s front, middle and back-office functionality offers order management workflow, compliance and suitability checks, and performs settlements and accounting entries. Additionally, the system generates all pre-and-post-trade documents, notifications and facilitates Lombard financing with automated LTV and margin calculations. Custodian links are automated for settlement of bonds, mutual funds and cash equities along with respective corporate actions.
Vipul Kapur, Head of Private Banking at Mashreq, says: “We are delighted to work with FinIQ who will provide their single unified solution as we continue to shape the future of financial services through convenience, innovation and trust, while delivering a seamless experience to customers.”
“Mashreq’s decision to consider FinIQ as a partner of choice in their digital endeavor brings us great pride, ” says Milind Kulkarni, CEO of FinIQ. “The GCC and the Middle East as a region are top priorities for FinIQ where we are confident we can replicate the success we have already enjoyed in the APAC region.”
