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Mubasher and HSBC partner on pioneering stock payment solution

United Arab Emirates: Tuesday, May 24 - 2011 @ 11:34

The solution – the first of its kind for HSBC in the region – highlights the bank’s leadership in supporting integrated solutions using the SWIFT platform. SWIFTNet is a worldwide financial messaging network that exchanges messages between banks and other financial institutions.

By adopting SWIFTNet services, Mubasher ensures that its daily critical stock exchange settlement payments are executed in a highly efficient straight through automated manner. Mubasher, which constantly establishes new benchmarks in technology-based financial services, will adopt the HSBC-supported SWIFTNet capabilities for its global transactions.

“Our existing business model involves time-bound execution of critical high-value payments on a daily basis. We wanted an easily-deployable banking solution that could enhance the speed of such payments without compromising the integrity of our transactions. The SWIFTNet system is an excellent fit to Mubasher’s operations as this internationally-recognized platform allows us to deliver the highest levels of services to our regional and global clients. It also extends HSBC’s reach to the vibrant stock markets Mubasher operates on,” said Malek Kanawati, CEO of Mubasher Financial Services.

“After a detailed study of Mubasher’s payment processes, the HSBC PCM team proposed its SWIFTnet payment integration services. The solution will enable Mubasher to ensure that the critical stock exchange settlement payments are executed in a straight through automated manner resulting in secure and faster execution. We were delighted to work closely with the MFS team on this implementation and look forward to partnering with the company as they look to expand their broker and customer base around the world,” commented Natasha Patel, Head of Payments & Cash Management, HSBC MENA.

HSBC has been present in the Middle East Region since 1959 and has been providing cash management services nearly two decades in the region to large corporate clients such as MFS. A comprehensive product range coupled with a consultative approach to structuring solutions has been a key element in HSBC fulfilling their customer objectives.

Mubasher Financial Services is a subsidiary of Mubasher Financial Group that offers direct market access (DMA) to Middle Eastern and leading international stock markets through a single trading hub. The company supports both electronic and manual Straight-Through-Processing order execution on multiple markets including GCC, Northern Levant countries, South East Asian Markets, and US markets. It offers brokerage services via various trading platforms, dealer-assisted order placing, research, and a dedicated relationship manager. Mubasher was named “Best Online Trading Platform” at the Banker Middle East Product Awards 2011 held recently in Dubai.

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Tuesday, May 24- 2011 @ 11:34 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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