Siam Commercial Bank (SCB), one of the top four banks in Thailand, has implemented the country’s first Web-based FX trading service, scb-fx. The service uses Cognotec’s AutoDeal Lite platform.
SCB will use AutoDeal Lite’s Liquidity Linq feature to connect to a liquidity providing institution, enabling it to offer its branches and clients a daily 12-hour service in all the major and local currencies. At the same time, the feature enables the bank to become a global Thai baht liquidity provider, offering live executable prices in conjunction with around 90 other banks that are part of the global network.
“We wanted a Web-based service to automate the quote/execution process for foreign exchange out to our clients and directly to our corporate clients,” says Kriang Kietfuengfoo, senior executive vice president, international banking and markets group of SCB. “For selected currencies, we can electronically source quality FX prices over Liquidity Linq from major international banks, and automatically execute cover transactions for client transactions back to back. The new service has allowed us to offer a wider range of currencies for all delivery dates in all sizes and for longer hours, whilst controlling our exposure over FX rate movements.”
The bank is in the process of rolling out the service to its national branch network and corporate clients, and plans to extend the service throughout South East Asia.