As know-how improvements and strategic initiatives go, the work executed final yr by BOCI-Prudential Trustee Restricted (BOCPT) clearly stood out, incomes it two well-deserved awards in Hong Kong.
By way of a three way partnership by BOC Group and Prudential Company, and being a key subsidiary of the custody enterprise of Financial institution of China (Hong Kong) (BOCHK), BOCPT goals as a part of a five-year strategic plan to diversify its income alternatives by strategically increasing its consumer section from standard pension fund companies to Securities and Futures Fee-authorised mutual fund and asset proprietor sectors.
Expertise is on the crux of this technique to develop an agile and extremely built-in international and native asset servicing and custody platform.
This has meant BOCPT remodeling its present enterprise right into a complete suite of custody, trustee and fund administration providers. In consequence, it’s higher positioned to assist a range mutual funds, REITS, ETFs, digital belongings, cash market funds and pension funds within the asset administration, insurance coverage and sovereign wealth sectors.
Final yr was a milestone as a part of this journey. It marked the implementation of Challenge Kirin – the event of a custom-built platform to leverage the newest applied sciences and optimise digital workflows to successfully meet enterprise targets. But it goes past a brand new system – BOCPT sees it as a possibility to reshape its future working mannequin by specializing in organisation, processes and system structure.
For instance, it has resulted in realigning shared providers throughout varied departments to streamline workflows and enhance effectivity. Additional, a brand new centralised group was established in mid-2024 to deal with standardising commerce and money processes – already attaining a 30% enhance in effectivity, in flip paving the best way for offshoring alternatives and higher course of management.
Judges had been impressed, referencing BOCPT’s clear imaginative and prescient and dedication to realize a aggressive edge on this area – and with a significant influence that may be quantified. In brief, this transformation delivers key advantages for each the enterprise and purchasers, together with: a single on-line digital platform for holistic consumer expertise; a single routing functionality to each custody and fund administration platforms; and shared providers for commerce processing, company motion and money administration to advertise economies of scale, excessive effectivity, standardised processes and higher operation management.
From an innovation perspective, by strategically combining applied sciences, BOCPT can adapt quickly to evolving enterprise wants, onboard massive institutional purchasers seamlessly and supply a next-generation platform that far exceeds the capabilities of conventional, inflexible architectures.
Amongst key outcomes in 2024, Challenge Kirin achieved the profitable roll-out of an funding restriction module for 227 portfolios. Additionally, the funding restriction system run-time improved by 200%, and greater than 75% of the funding restriction checking will be accomplished inside the similar enterprise day.
Implementation of the brand new platform by means of Challenge Kirin positioned BOCPT to efficiently win two main offers within the sovereign wealth sector, reinforcing the case for this working mannequin in addressing purchasers’ advanced calls for.
And based mostly on its expertise final yr, BOCPT now estimates this mission will contribute to a compound progress fee for the enterprise within the vary of 16% to 22%, together with a goal of 16% discount within the cost-income ratio over the subsequent 5 years.
“Now we have launched into a multi-year strategic initiative to develop a next-generation asset servicing platform by means of an modern component-design– pioneering one in every of its type in Asia. The award displays our dedication to enhancing asset servicing to international requirements and increasing our worldwide attain.”
Andrew Legislation, CEO
Contact
W: https://assetservicing.bocpt.com
E: [email protected]
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