Union Bank of Taiwan selects Calastone’s TDCC service


Union Bank of Taiwan selects Calastone’s TDCC service

http://www.automatedtrader.net/news/at/142899/union-bank-of-taiwan-selects-calastones-tdcc-service

Taiwan/Hong-Kong/London – Union Bank of Taiwan has become the second distributor to sign up with Calastone through the new Taiwan Depository & Clearing Corporation (TDCC) fund service.

This announcement follows last month’s implementation of Far Eastern International Bank on Calastone’s TDCC service with 10 offshore fund houses distributing in Taiwan including Aberdeen, Alliance Bernstein, Barings, Fidelity, JP Morgan Asia, Pinebridge, Schroders, Old Mutual and Threadneedle.

Mr. Hann-Tsau Tsai from Union Bank of Taiwan said, “We pride ourselves in constantly making sure we find the most efficient and cost effective systems for our clients and we are pleased to choose Calastone for their award winning global fund transaction network. Calastone was the obvious choice for us, given their outstanding offshore Fund manager and transfer agent coverage and their proven track record in automating fund transactions globally. We have been impressed with the way they have smoothly handled the implementation and roll-out of Far Eastern International Bank with ten Fund managers on the TDCC network and we look forward to working with Calastone and all our Fund manager partners to maximize offshore fund automation rates and enhance our service levels to our clients.”

Union Bank of Taiwan has also selected Calastone for their real-time order management system (EMS) delivered in Mandarin and providing transparency over fund order statuses and confirmations, as well as their dedicated Mandarin speaking production and client servicing team based in Hong-Kong and London and covering Asian and European business hours.

Sebastien Chaker, Head of Asia for Calastone said, “With several million manual orders being processed annually, Taiwan is the top automation priority for our Global Fund manager clients and in response Calastone has made significant investments in technology and human resources to tailor our service for the Taiwan market. Our Asian and European based client service and implementation teams have been coordinating and working hand in hand with Taiwan distributors, the TDCC, Fund managers and their respective transfer agents to ensure a smooth transition to a fully electronic dealing environment in Taiwan. We are now looking forward to enabling the Union Bank of Taiwan on our global fund transaction network, while at the same time adding additional offshore Fund managers to remain ahead of the game in Taiwan and deliver one hundred percent offshore funds coverage for distributors selecting our service.”

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About carlarweir
I am a Cross Asset FIX Connectivity SME working for international banks. i also sit on the FIX Protocol Ltd Global Steering Committee, and am Co-Chair of the Global Cross Asset Committee. I also have a very strong background in Mobile Telephony, Cloud computing, SaaS, IaaS, PaaS, Big Data, innovation, and am a pioneer in Pseudolite technology.

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