Riyadh – Mubasher: HSBC Saudi Arabia has successfully become the first company to establish an electronic link for a custodian with the Saudi market via the ICMS Central Custodian System provided by DirectFN.
“The connection between HSBC Saudi Arabia and the EDAA ICM Central Depository System based on the central Custody system (ICMS) provides a variety of services through which to conduct operations related to central depositary in STP that doesn’t require manual intervention, which increases the efficiency of the system,” a joint statement showed on Thursday.
The connection will also allow investors and firms working with HSBC Saudi Arabia to “reap benefits on multiple aspects, such as direct customer interaction with direct portfolio creation and management, and seamless management of share sharing and transfer between Trading accounts and deposit accounts.”
Immediate inquiry service directly associated with the Securities Depository Center and the comprehensive settlement of transactions are also among the link’s advantages.
“As FinTech partner to HSBC Saudi Arabia, we are excited to see through with the go-live of HSBC STP of depository related functions undertaken by our client, HSBC,” DirectFN CEO Walid Al Ballaa stated.
Meanwhile, Ahmed AlShammari, head of Service Delivery, HSBC Securities Services at HSBC Saudi Arabia, described the event “as a milestone in our quest to deliver high quality services to our customers, which is in line with our operational automation initiatives.”
AlShammari added that this deal will help in the “creation and management of portfolios and the rapid exchange of information with the SDC and other useful services in the digital age.”
