Ping An Bank, a nationwide joint-stock commercial bank with $497 billion asset under management, has successfully gone live on Murex’s flexible and open MX.3 platform. The bank is now using MX.3 across asset classes for all its capital markets activities, from front- to back-office and risk management, eliminating the need for reconciliation across multiple IT systems.
The bank decided to replace its legacy systems and adopt a one platform approach for its capital markets business in order to achieve data consistency across the organization, increase STP rates and accurately manage market and credit risk. By selecting Murex, Ping An Bank wanted to close the historical gap between front office and risk teams and increase its footprint in global markets.
Following the go live in July 2019, Ping An Bank now uses MX.3 to support fourteen business units. The bank’s pricing capabilities have been significantly enhanced and MX.3 is enabling the bank to expand into new areas, including structured deposits.
Speaking about the project, Xia Qiu, General Manager of the Treasury Business Centre of Ping An Bank says, “Putting in place future-proof technology is a core part of Ping An group’s strategy. We wanted to enhance the bank’s financial market business management capabilities, combining our existing internal IT with the advanced and evolving capabilities of a third-party vendor. This is why we chose Murex, a software provider that has a local team with deep regional knowledge and that demonstrated it has the right strategy, product and people to support our business.”
“We are very pleased to be working with Ping An Bank, providing them with the software and services to seize new opportunities in the market and meet evolving regulatory obligations. Murex aims to be technology partner of choice for financial institutions in the Chinese market and we look forward to collaborating with other commercial banks in the region on innovative projects” adds Guy Otayek, Chief Executive of Murex Asia-Pacific.