Murex, an established provider of trading, risk management and processing platforms for financial markets, recently revealed that Gulf Bank, one of the largest banks in Kuwait, has chosen MX.3 to upgrade and digitize its capital markets and treasury IT.
Murex was chosen to be a part of Gulf Bank’s wider re-platforming of its IT infrastructure. The company will be implementing a fully-integrated solution for Gulf Bank’s treasury and financial markets functions, which will enhance the existing capabilities of the institution’s treasury management operations and allow it to further expand its customer solutions offering.
Gulf Bank will be deploying Murex’s MX.3 platform, which offers modern technology infrastructure for performing core and support functions, and risk management.
Philippe Helou, co-founder and managing partner at Murex, stated:
“Our partnership with Gulf Bank marks a … step toward the bank’s digital transformation – significantly increasing the sophistication and capabilities of its treasury operations. It’s also a strategically important announcement for Murex, as we consolidate our presence in the Middle East with a string of new partnerships transforming regional banks’ core systems and operations.”
Sami Mahfouz, general manager, Treasury at Gulf Bank, noted:
“Gulf Bank is committed to delivering the best solutions for our customers, which is why we are constantly working to ensure our internal processes and core operations are up to … industry standards. By partnering with Murex, we are working with an [established] technology solutions [provider] for capital markets and treasury. We [are confident] that our partnership will further optimize our client centric model.”
In October 2019, the National Bank of Canada (NBC), one of the nation’s six “systemically important” banks, revealed it had successfully implemented and had officially launched Murex’s MX.3 Risk and Regulatory Suite. NBC is reportedly leveraging the MX.3 platform for financial markets risk management and to satisfy its regulatory requirements, which include compliance with Basel 2.5.