Hong Kong â 17 November 2005 â China Zhejiang Bank (CZ Bank), the Chinese Bank founded in August 2003, has chosen Misys Banking Systems (Misys) to provide its treasury management system, Misys Opics. The system will offer full multi-asset class coverage for trading, risk and operations.
The bank, which was founded in Hang Zhou in August 2004, is another example of a successful Chinese growth story, expanding from two branches in China today, to a planned five within the next year. After evaluating several software vendors, CZ Bank chose Misys because of its experience and credibility in China and its partnership with the systems integration partner Singlee. The bank needed a system that could provide Straight Through Processing (STP) along with an extensive coverage of instruments across front, middle and back office operations. With its high credit limits, the bank also required a solution to minimise its risk exposure throughout the business, meeting the bankâs requirements both today and in the future.
Misys Opics will ensure smooth processing within the bank, integrating nine separate systems, including local treasury, payments, general ledger and the information system currently in place. The bank will be able to connect its traders, risk managers, back-office operators and financial personnel on a single system throughout all stages of a trade lifecycle.
Shen Bin, Head of Treasury from CZ Bank, comments, "Misys has a proven track record both in terms of global industry knowledge and local experience. We are at the forefront of a high growth economy and we needed a partner to work with us to enable us to meet our rapidly changing business needs. We needed a fully integrated system that would link all parts of our treasury functions, including money markets, fixed income, FX, derivatives and accounting for our users. We are confident that Misys is the right partner for us."
John Palmiero, Head of Sales, Asia at Misys Banking Systems, adds, "We are delighted that China Zhejiang Bank has chosen to work with us in its exciting expansion plans within China. Misys Opics is used extensively in every financial centre around the globe and is relied upon for processing multiple asset classes in over 135 world-class institutions. The banking industry in China is growing faster than most other countries and we are looking forward to helping the bank to realise its ambitions."