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Khan Bank selects Diasoft to automate its Custody operations
Diasoft, a leading provider of cutting edge financial software solutions, announced today that Khan Bank, one of the largest commercial banks in Mongolia, has selected Diasoft Custody solution to automate its new line of business.
In May, 2014 Mongolian Government has passed the renewed Securities Market Law that introduces the system of custodian banks along with other securities market practices that opens a door for international investors. Khan Bank is licensed, in June 2015, by Financial Regulatory Commission of Mongolia to provide custodian services to both domestic and international investors given its superior position among Mongolian banks with financial strength, enhanced information security management certified by ISO/IEC 27001-2013 and strong corporate governance and transparency.
“Custodian bank operation is crucial for Mongolian capital market development to provide professional and international standard services to investors and allow the country to attract more investments from international market”, - said Norihiko Kato, CEO, Khan Bank and he added “As a leading financial and banking service provider in Mongolia, Khan Bank committed to provide custodian services as a part of the Bank`s strategy and Diasoft is proven to be competent partner by demonstrating itself as a professional, supportive and cooperative partner with an in-depth knowledge and dedication to Mongolian financial market. We’re looking forward to successful cooperation for our custodian operation establishment with Diasoft.”
To successfully automate its custodian operations Khan Bank required strong software solution ensuring provision of the good level of services with the effective and solid operations and control, and allowing for quick move within this business. By results of thorough evaluation process Khan Bank has selected an innovative Diasoft Custody solution that ensures automation of the whole spectrum of custody activities, including processing of custody transactions, calculation of depository commissions, as well as a full integration with back-office modules of financial institutions. Functional modules of Diasoft Custody fulfill primary custody functions and ensure custody accounting and reporting in full compliance with regulatory requirements.
“Diasoft has implemented a great number of custody projects for the leading financial institutions providing its customers with a cutting-edge custody solution proven to handle large volumes of transactions, to address the ever-evolving market requirements and increasing regulations”, - commented Sergey Metelskiy, International Sales Director, Diasoft. “This is a great achievement for Diasoft to be selected by the Khan Bank of Mongolia to help uncover the potential of custody business while shaping the Mongolia’s investment landscape. We are very happy to support the development of such an important operation for the country`s economy by sharing our experience and providing innovative off-the-shelf products”.
About Khan Bank:
Khan Bank is one of the leading commercial banks in Mongolia with total assets of MNT 5.1 trillion (U$ 2.7 billion). The Bank has the largest branch network of 539 offices and the largest ATM network of 370 ATMs with 4,677 employees all across the country (as of June 30, 2015). The Bank has the largest customer base of retail, SME, corporate and institutional clients and the largest market shares in loans, deposits and electronic banking services in Mongolia. With its solid financials, transparency and corporate governance with international shareholding structure including IFC, the bank is recognized well in the international market and has long standing relationships with multinational institutions and development banks as well as correspondent banking relationships with more than 70 global banks. The Bank received ISO/IEC 27001-2013, information security management system certificate, in 2014 for the first time among all organizations in Mongolia.
More information on the bank is available at https://www.khanbank.com/
About Diasoft: Since 1991 Diasoft has been providing cutting-edge financial software solutions supporting all aspects of retail, wholesale and universal banking, financial market services, and insurance business. The company’s main offering to the financial market is FLEXTERA — a SOA-based universal system comprising a comprehensive suite of modules for front-to-back automation of modern financial services.
The FLEXTERA’s functional scope covers the following areas of financial business:
- Back Office and Core Banking operations including daily banking transactions processing; product and service management; BI, accounting and reporting;
- Multichannel Front Office operations and client management;
- Middle Office risk management and decision making.
The modern technological principles lying at the core of all FLEXTERA solutions in combination with their broadest functionality provide our customers with limitless opportunities for their business development in accord with market trends and clients’ requirements.