Deutsche Bank picks up another Chinese ADR client
VST Holdings, a distributor of information technology products and related components, has chosen Deutsche Bank as its depositary bank for its American depositary receipt (ADR) programme. The Hong Kong listed company has principle operations in China and Hong Kong, but also distributes its products to Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Deutsche Bank was also appointed as the depositary bank for the ADR programme of two other Chinese companies, Hi Soft and AutoNavi, last month.
Patsystems launches ASP hubs and scores a mandate win
Patsystems, a financial software service provider based in the United Kingdom, has launched three new application service provider (ASP) hubs in Asia-Pacific, located in Hong Kong, Singapore and Sydney. The hubs will provide a foundation for Patsystems' XConnect solution which will allow its clients to facilitate cross-market access.
Gollowing the launch of the new hubs, Japanese future commission merchant, Okachi, has implemented Patsystems' XConnect for its Hong Kong operations. Okachi is currently using Patsystems ASP hub in Tokyo for its front-end trading platforms.
"Patsystems' XConnect offering allows us to focus on the needs of local and regional customers who require infrastructure outsourcing and exchange access. XConnect enables new and existing customers to leverage our XLink technology across the four Asian hubs, providing customers with greater connectivity options," said Barry White, Asia-Pacific regional director at Patsystems, in a statement. "We are proud to announce Okachi as our first Hong Kong hub customer. By utilising Patsystems' ASP hubs in both Hong Kong and Tokyo, Okachi can take advantage of the unique exchange connectivity options available through XConnect."
Patsystems announced that it will establish several new ASP hub locations, which will also be incorporated into the XConnect network, later this year.
Citic Bank chooses Chips
Citic Bank International has chosen the Clearing House inter-bank payments system (Chips), a dollar payment system offered by the Clearing House, for its dollar clearing business. Chips deals with 95% of international US dollar clearing and Citic Bank International will be the fifth Chinese financial institution to use Chips.
"Participation in Chips enables Citic Bank International to support its global expansion and provide clients with a wire transfer platform that is reliable, secure and cost effective," said Peter Zhao, head of US operations at Citic Bank International, in a statement. "By joining Chips, Citic Bank international will have an opportunity to accelerate the growth of its dollar clearing business."
OCBC launches apps for iPad
Oversea-Chinese Banking Corporation (OCBC), along with OCBC Securities, has launched a banking and trading software application for iPad users. OCBC Mobile Banking for the iPad will offer the same traditional mobile banking services such as locating bank branches and paying bills or transferring funds. OCBC is also promising to add new banking services to the application progressively.
The trading application named iOCBC TradeMobile allows users to view up to 20 of their favourite stock or market indices, trade into 14 local and foreign securities exchanges and access selected market data such as latest price quotes.
"The need to evolve our banking channels with devices like the iPad is important as customers' expectations grow in tandem with what technology can offer," said Patrick Chew, OCBC Bank's global consumer financial services head of delivery, in a statement. "Consumers expect convenience and ease when they go about life, especially when it comes to services that they use on a regular basis, such as banking."