BANGKOK, April 29 -- Xinhua/PRNewswire/AsiaNet
Krung Thai Bank Public Company Limited, Thailand's largest state bank has signed an agreement with Reuters (LSE: RTR), the global information company, to implement an online foreign exchange portal using Reuters Electronic Trading — Automated Dealing service (RET-AD).
Krung Thai Bank, which already has a Reuters real-time straight through processing risk system, is now planning for seamless integration of Reuters new automated dealing offering within its Treasury operation to provide its customers with automated FX prices and trading capability.
RET-AD will be installed by third quarter 2004, and this leading-edge technology will enable Krung Thai Bank's customers to conduct FX and money market transactions in a real-time environment over the Internet. Its corporate customers will be able to trade on real-time foreign exchange prices by accessing the Bank's website from any standard internet browser on their bank's internal systems. Krung Thai will be the first bank in Thailand to install RET-AD.
Krung Thai Bank, listed on the Thailand Stock Exchange, has 620 domestic and six overseas branches from which it provides financial assistance to many businesses including corporates and state enterprises.
Pongsathorn Siriyodhin, First Senior Executive Vice President, Krung Thai Bank, said: "With the successful implementation of both Reuters electronic FX trading system and risk solution, the bank is able to automate a significant percentage of its FX transactions. When interfaced to the bank's front and mid-office risk systems, the bank will be able to see all its positions marked to market in real-time. This is a process of change to become more competitive, to modernize our banking technology, improve internal risk controls and customer service."
Eddie Haddad, managing director, Reuters Asean said, "Krung Thai Bank, one of Thailand's leading banks, has the vision and the strategy to grow their existing and new treasury products whilst at the same time minimising operating costs. We are confident that the RET-AD solution can meet a wide variety of their customer needs in establishing Internet FX trading systems. Reuters ET-AD is recognised for its high performance in such areas as high transaction speed and has already been deployed in major banks worldwide. It also has the ability to tailor the solution to meet domestic requirements."
With proper customer segmentation and market focus, banks can remove the huge cost associated with "price negotiation" by ensuring that their executable prices are margin adjusted based on the customer, the currency pair and the volume transacted.
Reuters Electronic Trading for Automated Dealing supports both deployed and hosted services as well as the outsourcing of the pricing of foreign exchange transactions. Banks can use these capabilities to offer their partner banks around the world the ability to create their own branded electronic FX services and minimise the investment required to lower their operational costs.
The Reuters Automated Dealing Technologies group has provided Automated Dealing Technologies solutions to over 60 leading global financial institutions including ABN AMRO, Bank of America, Bank of New York, Dresdner Kleinwort Wasserstein, HSBC, Merrill Lynch, UBS and recently Resona Bank in Japan.
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Contacts:
Liam Hwee Tay
Reuters Corporate Communications Asia
Tel: +65 6870 3028
[email protected]
Yvonne Diaz
Tel: +44 20 7542 2615
Reuters Corporate Communications
Mobile: +44 7990 560 615
[email protected]
About Reuters
Reuters (www.about.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Our information is trusted and drives decision making across the globe based on our reputation for speed, accuracy and independence. We have 15,500 staff in 92 countries, including some 2,400 editorial staff in 197 bureaux serving approximately 130 countries, making Reuters the world's largest international multimedia news agency. In 2003, the Reuters Group had revenues of ?3.2 billion.
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Source: Reuters
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