The Symphony network has announced a partnership with Tencent to connect Symphony’s community of 450,000 global markets professionals with the Weixin platform (known as WeChat outside mainland China).
The firm says the integration is the first of its kind and enables two major global communities to connect and conduct business. The initiative has been backed by BNP Paribas, Citi, Deutsche Bank and Goldman Sachs.
“With over one billion monthly active users, Weixin/WeChat serves consumers and financial services professionals in China and around the world,” says David Gurle, founder and CEO of Symphony. “Our global markets and private wealth management customers need a solution that can provide companies with a secure and compliant way to connect to the Weixin community. Our partnership brings together our trusted collaboration and workflow platform with Tencent’s Weixin ecosystem.”
In a release, Deutsche says the solution will create a more seamless and digital client experience for clients in Asia, particularly Chinese clients.
“The Weixin ecosystem is without a doubt the primary way of communicating for many of our clients in China and beyond, but until now it was difficult to reconcile the ease of use with our industry’s stringent compliance requirements,” says Chris Bezuidenhout, chief information officer for Investment and Corporate Bank, Deutsche Bank Asia Pacific. “By coming together, Symphony and Weixin have opened the door for us to communicate with our clients securely, and in a way that’s most convenient for them, in one of our most important growth markets. Deutsche Bank is thrilled to be part of the team that has helped solve this regulatory and compliance puzzle, enabling Symphony’s established community of market participants to use Weixin to communicate seamlessly with clients while upholding rigorous compliance and security standards.”
Deutsche adds that its Chinese corporate clients will soon be able to use the WeChat integration with Symphony to complete multiple steps in the FX trade process. The client will be able to use WeChat to support pre-trade services such as FX rate transparency, including obtaining the RMB exchange rate for conversion into other currencies and documentation process flows, while meeting all compliance and regulatory standards.
“The Symphony WeChat service has the potential to transform how our Chinese clients engage and do business with us,” says David Lynne, head of Corporate Bank and fixed income and currencies, Asia Pacific. “This pioneering solution reflects our commitment to our Chinese clients and China as one of our most important growth markets, and highlights the continued digitalisation of our platform. We are preparing to rollout WeChat for Asia local markets and onboard clients by the end of the year.”