The value of automation is well recognised by the newly added clients, who include; Allianz PNB Life, GrabInvest, Manulife Investment Management (M) Berhad, Principal Asset Management and UOB Asset Management. This represents a significant step towards digitalising the region’s funds management industry.
The funds industry is growing rapidly in Southeast Asian markets. Calastone contributes to this growth by simplifying the fund trading for fund managers and distributors, increasing operational efficiency while eliminating unnecessary risk and cost. The company’s robust global network also gives them access to the largest community of fund organisations via one single connection.
Efren Caringal, CFO, Allianz PNB Life, commented:
“We see huge growth potential in the Philippines’ funds and insurance industry. In keeping with Allianz’s purpose to secure the futures of our customers, and as we continue to respond to COVID-19, Calastone is helping us conduct business as usual, with automated fund trading processes remaining robust despite unprecedented strain and pressures on markets and processes while many employees work from home.”
In Singapore, the demand for simple, low-cost digital wealth management services is growing. By connecting trading systems to Calastone via API, digital wealth platforms can have more control over their positions via on-demand access to all their trading data at a low cost. It also allows them to adapt quickly to market changes such as young investors’ increasing appetite for alternative methods of investing.
Chandrima Das, Head of Wealth, Grab Financial Group, commented:
“GrabInvest is constantly looking for ways to bring value to our users as the digitalisation of financial services accelerates with accessible solutions. Our partnership with Calastone helps us to design a more seamless and secure experience in order to automate our processes efficiently for our users.”
The disruptive impact of COVID-19 is pushing Southeast Asian markets to increasingly prioritise digitalisation to improve business continuity, allowing regional markets to return to growth and remain competitive in the long run. Automation is no longer optional for financial services companies striving to adopt new operating models and adapt to new working norms.
Leo Chen, Managing Director – Head of Asia at Calastone, commented:
“We are pleased to be extending our footprint into Malaysia and the Philippines, as well as expanding our client-base in Singapore. The funds industry in these markets continues to evolve and we feel privileged to be able to help elevate technology adoption to address challenges raised by the pandemic and to come into line with global digital development.”
Calastone’s business is expanding fast in Asia, supporting funds transactions in Hong Kong, Singapore, Taiwan and now Malaysia and the Philippines. The firm sees additional opportunities as companies recognise the need to adapt their operations to facilitate growing trading volumes in the region while overcoming operational hurdles caused by COVID-19.