Payment news, September 21

Deutsche Bank announces third-party clearing services on the Singapore Exchange, while Global Payments introduces a China UnionPay card acquiring service on the mainland.

Deutsche Bank implements third-party clearing services in Singapore

Deutsche Bank has implemented third-party clearing services for Cantor Fitzgerald Capital Markets, a global financial services firm, on the Singapore Exchange (SGX). According to Deutsche Bank, it is the first bank to implement such services on the SGX for a broker-dealer. Cantor Fitzgerald will be able to minimise its local presence and reduce fixed costs in back-office and technology infrastructure by leveraging the services of Deutsche Bank.

“In today’s environment, broker-dealers are constantly looking for solutions that enable them to reduce costs and increase returns for their clients,” said Thibaud de Maintenant, head of domestic markets for Deutsche Bank’s direct securities services, in a statement. “We are proud to be the first institution to implement third-party clearing services on the SGX for a broker-dealer. This third-party clearing model, in addition to our current account operator and settlement agent models, enables us to provide a full range of products and services to meet the demands of our clients throughout the region.”

Global Payments launches card acquiring service in China

Global Payments, a joint venture between US-based Global Payments and HSBC, has become the first foreign payment card processor to launch a China UnionPay card acquiring service in China. Merchants who are HSBC customers will be able to take advantage of the new service which will first be introduced in Beijing. The service will allow the processing of domestic and foreign card transactions through a point-of-sale system.

“As China’s economic development continues its rapid growth, payment transactions among Chinese and foreigners travelling to China will continue to increase significantly,” said Paul R Garcia, chairman and chief executive of Global Payments, in a statement. “Merchants in China will have increasing demand for more efficient payment solutions to provide a better payment experience for consumers. Therefore we are delighted to be the first foreign payment card processor to enter the domestic card processing market in China in partnership with HSBC.”

Market access available through Orc on Singapore Mercantile Exchange

Orc, a global provider of technology and services for advanced trading in financial instruments, announced the availability of market access to the Singapore Mercantile Exchange (SMX), which began its first day of trading on August 31.

“The successful launch of the SMX will provide market players in Asia the flexibility for unrestricted cross-border trading in futures, options and other derivatives across multiple asset classes,” said Thomas J McMahon, chief executive of SMX, in a statement. “We are delighted to work with leading vendors like Orc who we see as being critical to facilitating the advanced trading of our members and its clients.”

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