HSBC Saudi Arabia, one of the largest custodians in the Kingdom of Saudi Arabia, has succeeded in becoming the first company to establish the first electronic link for a custodian with the Saudi market through the ICMS Central Custodian System Offered 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.
This connection, enables investors and companies 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, in addition to the immediate inquiry service directly associated with the Securities Depository Center, and the comprehensive settlement of transactions.
“This event is a milestone in our quest to deliver high quality services to our customers, which is in line with our operational automation initiatives. This will facilitate the creation and management of portfolios and the rapid exchange of information with the SDC and other useful services in the digital age.” said Mr. Ahmed AlShammari, Head of Service Delivery, HSBC Securities Services, HSBC Saudi Arabia.
“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.” said Dr. Walid Al Ballaa, DirectFN CEO.