Sophis Forms Partnership with South Korea's Koscom
Sophis, a provider of cross-asset, front-to-back portfolio and risk management solutions, has partnered with Koscom to provide a straight-through processing (STP) system based on Risque and Value to securities companies and banks in South Korea.
As part of the new agreement, Sophis will conduct marketing/pre-sales, implementation and maintenance activities to provide its Risque and Value software jointly with Koscom, which was established by the Korean Ministry of Finance and the Korean Stock Exchange to deliver IT solutions to the securities markets and related industry sectors.
This partnership announcement comes at a time when the Korean financial industry is changing and growing rapidly following the introduction of the Capital Market Integration Act in March this year. The Act has served to break down barriers between different financial businesses and institutions, allowing banks and securities companies to manage more areas of investments under one roof.
Tae Hong Kang, department manager, IB Solutions Dept at Koscom, said: “Our partnership will be a win-win situation for both Sophis and Koscom, as well as for our joint clients. It will combine Sophis’ market-leading technology with Koscom’s many years’ experience of Korea’s financial markets. Our partnership will ensure that they have access not just to market leading software but also to local support and maintenance services. In turn, this will serve to boost the growth of the Korean financial marketplace.”