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China Bank goes live with Intellect Wealth's Digital Trust Solution

Posted On: 2021-03-03 06:13:05 (Time Zone: Arizona, USA)

Intellect Design Arena Ltd, a cloud-native, future-ready multi-product FinTech company for the world's leading financial and insurance clients, today announced that China Banking Corporation (China Bank), one of the largest universal banks in the Philippines, has gone live with its Digital Trust and Wealth Management solution using Intellect's WealthQube suite.

China Bank now joins the ranks of the very few financial institutions in Asia Pacific with 100% digitised Trust and Wealth Management operations. With Intellect's WealthQube suite, China Bank has acquired the unparalleled ability to service customers in real time, including providing them with their financial statements in real time.

China Bank has one of the largest trust banking operations in the Philippines, with over P200 billion in assets under management. The Bank offers a wide range of investment products and services across asset classes - from unit investment trust funds, to fixed income securities, to equities. With Intellect's solution, the Bank also has the competitive ability to service the employee Provident Fund management needs of its customers.

The end-to-end, straight-through-processing solution is built on Intellect's WealthQubeHyperscale-C architecture. Hyperscale-C architecture allows banks to build composable solutions and rapidly deliver new products in a hyper competitive market place. WealthQube is able to deliver composable solutions because of its API-first cloud native architecture. Proprietary frameworks such as Pegasus and Orion make it easy to configure new fees and charges and rapidly respond to the compliance directives of regulators. The composable architecture is designed to prevent obsolescence by allowing selective substitution of obsolescent functionality.

Jaideep Billa, President, Wealth Management, Intellect Design Arena, said, "China Bank's vision of 100% straight-through processing or STP was bold and ahead of its time. That vision has now provided unparalleled competitive ability to the Bank. We are delighted that we were able to deliver this competitive advantage to China Bank at half the cost of our Swiss competitors. Intellect's Hyperscale-C Composable architecture has been the success behind this implementation."

Patrick Cheng, Chief Finance Officer, China Bank, added, "We had no doubt in our mind that the future is digital, and that Wealth Management and Trust Banking will play an increasingly important role in China Bank's sustained profitability. A complete STP digital backbone gives us greater operating efficiency and more importantly, enables us to deliver exceptional service to our customers. We are pleased to have found the right partner for this endeavour in Intellect."

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.459.55 as compared to the previous close of Rs. 436.9. The total number of shares traded during the day was 68727 in over 1752 trades.

The stock hit an intraday high of Rs. 464.7 and intraday low of 437.3. The net turnover during the day was Rs. 31036596.

Source: Equity Bulls

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