One of the top financial institutions in the UAE, Mashreq Bank, has partnered with FinIQ, a Singapore-based provider of capital markets technology, to streamline its Wealth Management offering with a user-friendly, all-encompassing solution.
Mashreq’s wealth management core system for investment products has been implemented, eliminating a number of legacy systems and giving customers a simpler service to use. Various in-house and third-party systems were formerly used to manage stocks, funds, bonds, bills, CDs, and notes.
FinIQ’s front, middle, and back-office capability, used throughout the banking ecosystem, provides order management workflow, compliance and suitability checks, and handles settlements and accounting entries. The technology also generates all pre- and post-trade paperwork, and alerts, and supports Lombard financing by automating LTV and margin calculations. Bonds, mutual funds, and cash equities settlement, as well as the corresponding corporate actions, are all automated through custodian linkages.
“We are delighted to work with FinIQ who will provide their single unified solution as we continue to shape the future of financial services through convenience, innovation and trust while delivering a seamless experience to customers,” says Vipul Kapur, Head of Private Banking at Mashreq.
“Mashreq’s decision to consider FinIQ as a partner of choice in their digital endeavour brings us great pride, ” says Milind Kulkarni, CEO of FinIQ. “The GCC and the Middle East as a region are top priorities for FinIQ where we are confident we can replicate the success we have already enjoyed in the APAC region.”
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