MIT Signs Contract with OCBC Bank to Boost TRAC System in Singapore
- Trade Finance , Banking , Infrastructure
- 23.05.2016 08:45 am
MIT successfully acquired yet another new major customer when it signed a contract with OCBC Bank, on May 10th 2016 to support the bank’s Commodity Trade Finance business with its TRAC (Trade Risk Active Control) system.
“We are excited to break into the Asian market”, says Paul Cohen Dumani, General Manager at MIT, adding that “MIT increases its footprint in Singapore with NATIXIS Singapore already using TRAC”.
Headquartered in Singapore, OCBC Bank is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank has been ranked Asean’s strongest bank and among the world’s five strongest banks by Bloomberg Markets for five consecutive years since the ranking’s inception in 2011.
Maggie Cheong, Head of Transaction and Collateral Management-Global Commodities Finance at OCBC explains that “We have chosen the TRAC system as it provides the best fit to our needs in monitoring structured trade transactions. Another key factor in our decision is MIT’s experience in supporting major trade financing service providers globally”.
In order to capitalize on this major achievement, MIT is due to open an official representative office in Singapore in the summer. This new office shall serve as base of operations for the ASIA PACIFIC region.