OCBC Bank enlists MIT trade risk system

Technology Update | 25 May 2016

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Singapore based OCBC Bank has signed a computer software contract with digital trade finance solutions company, Micro Informatique & Technologies SA) MIT.

The deal will give OCBC Bank’s “trade finance business” access to MIT’s Trade Risk Active Control (TRAC) system.

TRAC is billed as a risk monitoring tool that tracks a range of variables such as a customer’s global economic position based on transactions, customer credit lines, and collateral follow-up related to the lifecycle of a transaction, to produce a clear risk profile.

“We have chosen the TRAC system as it provides the best fit to our needs in monitoring structured trade transactions,” said Maggie Cheong, head of transaction and collateral management-global commodities finance at OCBC.

“Another key factor in our decision is MIT’s experience in supporting major trade financing service providers globally”.

This is Swiss-based MIT’s second notable venture into the Southeast Asian market and keen to capitalise on the opportunity the contract this latest contract presents, the information services firm plans to open its first office in the region with an office in Singapore.

“We are excited to break into the Asian market”, said Paul Cohen Dumani, general manager at MIT.

He added, “MIT increases its footprint in Singapore with NATIXIS Singapore already using TRAC.”

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