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China Merchants Bank (CMB) has gone live with Murex’s MX.3 trading platform.

One of China’s largest commercial banks, CMB processes around 8,000 trades per day, with 320,000 live at any one time. The bank wanted to change up the technology at its Shenzhen and Shanghai operations.

Murex was selected by the bank due to its ability to provide “functional” and “geographical” products coverage. MX.3 will cover front office, processing, finance and risk management.

We are extremely pleased with the successful implementation of MX.3 into CMB,” said Tarek Barada, GM at Murex China.

“The solution will help the bank to rationalize their IT architecture whilst controlling total cost of ownership. Our platform will also enable them to be agile in the face of new regulatory obligations, such as FRTB. We look forward to working closely with CMB as they expand into new territories and businesses.”

Headquartered in the Futian District of Shenzhen, CMB was the first share-holding commercial bank wholly owned by legal entities in China. The bank opened its doors in 1987, and maintains around 500 branches across the region.

The bank holds around $913 billion in assets, but doesn’t even make it into the top 20 largest in China. Industrial and Commercial Bank of China, top of the list, holds $3.4 trillion.

CMB was one of the first Chinese banks to join the R3 consortium. It signed on the dotted line in September 2016, citing its position as a “technologically advanced bank” as a key driver behind the tie-up.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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