A consortium of four leading Singapore Securities companies (Member firms of the Singapore Exchange) announced September 3 that they will be implementing Dion Global Solution’s (Dion) leading post trade processing solution, NOVA, on a centralised hosted deployment model – a move that enables brokers to transform their operations and systems capabilities.
The consortium members; AmFraser Securities, CIMB Securities (Singapore), DMG & Partners Securities, and Lim & Tan Securities have signed a joint Memorandum of Understanding to deploy Dion’s NOVA solution. The solution will be customised, implemented, hosted and operated by Dion, together with its partners, NCS and BrokerEdge Systems Advisors.
The agreement marks a major milestone in the push for Singapore brokerages to expand their operational capabilities to facilitate business growth. NOVA’s rich functionality and regional processing capabilities will enable the firms to adapt and react to market changes more quickly, thereby increasing efficiency and improving customer service.
“We are pleased to be part of the consortium partnering with Dion – their proven technology provides us with an end-to-end solution for our middle and back-office processing, and they have a deep understanding of both of our business and the nuances of the local market,” said Cheng Khin Tin, Executive Director of Lim & Tan Securities and Deputy Chairman of Securities Association of Singapore (SAS). “The hosted NOVA solution gives us a robust operational foundation on which to build, and this means we can focus on driving expansion and on developing innovative products and services to support clients,” he added.
“We are delighted that these Singapore brokerages have selected Dion together with its technology and partners to support this initiative. Dion has been associated with the capital markets in Singapore for over 12 years, deploying our unique solutions to some of the largest brokerages in the local and regional markets. This is a strategic and long term investment by Dion in Singapore. I am excited that we will now be extending NOVA’s regional processing capabilities and rich functionalities to the Singapore retail brokerages, and have formed this significant partnership with the members of the SAS.
Along with NCS and BrokerEdge, we look forward to working with our SAS partners in the next phase of the growth of the Singapore capital markets,” said Joe Nash, Managing Director of Asia Pacific, Dion.
The four brokerages will have a succession of new services to unveil over the coming months that will enhance retail customer service, bring further efficiencies and improve risk management capabilities. First among these will be an e-portal providing customers with seamless access to transaction records and e-statements, to replace paper contract notes and monthly statements.