Mumbai: Four leading Singapore Securities companies (member firms of the Singapore Exchange) on Monday inked pact with the BSE-listed Dion Global Solutions to implement its post-trade processing solution, NOVA.
The consortium members AmFraser Securities, CIMB Securities (Singapore), DMG & Partners Securities, and Lim & Tan Securities have signed a joint MoU 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, a company statement said here.
"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," Executive Director of Lim & Tan Securities and Deputy Chairman of Securities Association of Singapore (SAS), Cheng Khin Tin said.
The hosted NOVA solution gives us a robust operational foundation and this means we can focus on driving expansion and on developing innovative products and services to support clients, he said.
Dion has been associated with the capital markets in Singapore for over 12 years, deploying its 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. 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.
PTI
