Treasury Group of National Bank of Kuwait (NBK) has announced the successful launch of phase one of the transformation of its Treasury and Investment systems to the advanced MX.3 platform in collaboration with Murex, the global leader in trading, risk management and processing solutions for capital markets.
NBK’s Treasury Group earlier signed a contract with Murex to provide the bank with its integrated platform solution, MX.3. The new solution supports all day-to-day trading and risk management operations. It was first tested in Kuwait and Bahrain before going live recently.
MX.3 provides innovative solutions across all activities related to front-to-back-to-risk management and processing. The solutions provided by the new platform cover the Dealing Room, Treasury and Investment Operations and Risk Management in Kuwait as well as all of NBK’s overseas branches and subsidiaries.
On this occasion, Jad J. Zakhour, General Manager – Head of Treasury Group at National Bank of Kuwait, said: “The launch of the phase one of the new MX.3 platform is in line with the steps we have taken over the past years to develop our front-to-back infrastructure and implement a full-fledged digital transformation across the Group, in an effort to provide the most competitive Treasury solutions, regionally and internationally.”
The three-stage rollout of the new platform will support Treasury Group’s strategy to comply with existing and future regulations across all the markets in which the Group operates, as well as expand its product offering and price products more efficiently, he added.
In phase one of the rollout of the MX.3 platform, the trading, operations and risk management solution went live for multiple asset classes in Kuwait and Bahrain, Zakhour noted.
Zakhour explained that the MX.3 platform will allow NBK to build on its strengths as a key global player in providing Treasury solutions and supporting its regional customers, indicating that Treasury Group is working to develop its IT systems and infrastructure with the aim to improve customer service and thus increase customer satisfaction.
“As one of the leading banks in the region, we will continue to capitalize on our global experience and profound market insight to provide top-notch products and services to our customers,” he added.
For his part, Philippe Helou, Managing Partner and Co-founder at Murex, commented: “We are pleased with accomplishing the transformation of NBK’s Treasury and Investments system by finishing phase one of the MX.3 platform implementation. This milestone will strengthen our long-standing partnership with NBK and our continued efforts to accelerate its digital transformation roadmap, working closely to provide cutting-edge IT solutions.”
“Murex is an experienced partner with a well-established track record of supporting financial institutions’ efforts toward excellence and innovation for the future by providing them with its most advanced IT platforms,” he added.
Zakhour and Helou praised the collaboration between NBK’s business and support teams and Murex teams, which worked tirelessly over the past year to ensure a smooth and efficient transition to the new platform, despite the challenging context of COVID-19, including business closures and remote working.
For more than 30 years, multi-awarded Murex has provided enterprise-wide, cross-asset financial technology solutions to capital markets players. Its cross-function platform, MX.3, supports trading, treasury, risk and post-trade operations, enabling clients to better meet regulatory requirements, manage enterprise-wide risk, and control IT costs. With more than 57,000 daily users in more than 60 countries, Murex has clients across the financial services industry, from banking and asset management to energy and commodities. Murex has a presence in 18 locations around the world, including New York, Singapore, Paris and Beirut.