The National Bank of Kuwait’s (NBK) has signed a contract with Murex, an industry leader in trading, risk management and processing solutions for money, FX and capital markets, to implement a full replacement of its legacy IT systems at Group Treasury and Investments with the MX.3 platform.
Founded more than 30 years ago, Paris-based Murex is a global provider of cross-asset financial technology solutions to players in the money markets, FX markets and capital markets. In addition to having more than 50,000 daily users in 60 countries, Murex has a presence in 17 financial hubs around the world including New York, Singapore, London and Dubai.
MX.3 will become NBK’s fully integrated solution for trading, book keeping, risk management, operations, collateral management, treasury and investments for the front, middle and back offices across the bank’s Kuwaiti operations and its international branches and subsidiaries, including Paris, London, New York, Singapore, Dubai and Beirut.
The replacement process has already started in NBK’s branches in Kuwait and Bahrain; and the first go-live is anticipated in 2020.
“The deal marks NBK’s keenness to implement top-notch, high-tech and the most efficient solutions, in line with the bank’s digital transformation strategy,” said Jad Zakhour, Deputy General Manager – Group Treasury, commenting on implementing the MX.3 platform.
“NBK adopts full-fledged and innovative solutions to enhance its risk-management portfolio. The MX.3 platform will help implement NBK’s prudent policies and will further allow the bank to manage existing and future regulations across markets and extend its product offering, primarily across investment products and hedging solutions,” he added.
“Integrating our business portfolio with Murex MX.3 platform will help provide cutting-edge technology and unique product innovation for the whole Group,” he noted.
Philippe Helou, Co-founder and Managing Partner at Murex added, “We are truly excited to be working with NBK to deliver the technology they need to extend their product offering throughout Kuwait and beyond. We seek long-term partnership with NBK amid a trend in the region towards high-tech, fully integrated solutions to replace legacy platforms, fuelling demand for sophisticated modern banking systems in the region.”