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December 21, 2021

BNY Mellon, SNB Capital to launch data management solution in Saudi Arabia

By Verdict Staff

BNY Mellon is expanding its alliance with SNB Capital to develop transformative data management solutions in Saudi Arabia.

As part of the development, SNB will deploy the BNY Mellon data platform within its IT infrastructure in the country to provide its institutional clients with a unified solution for local and global assets.

BNY Mellon and SNB first partnered in October last year to offer global and local custody and associated asset servicing activities in Saudi Arabia.

In August this year, the two firms further expanded their alliance to extend securities services capabilities to institutional and large asset owners in the region.

SNB Capital CEO Rashed Sharif said: “Our leading role in growing and developing the Kingdom’s capital markets and the financial sector in line with Vision 2030 is highly dependent on having the right technology, capabilities and partners.

“This deployment reinforces our top market position when it comes to serving the complex data management and reporting needs of institutions and large asset owners in the Kingdom. The strength of our partnership with BNY Mellon will be a driver for continued growth in our Custody and Asset Servicing business.”

BNY Mellon’s data platform is developed to help organisations centralise and manage complex investment assets.

Its capabilities include providing user-centric solutions that deliver ‘accurate and timely’ data and analyse risk exposure while offering system-wide security through a centralised data repository.

This platform will connect all market participants and facilitate partnership with technology providing clients the tools for managing data in the front, middle and back offices.

BNY Mellon chief growth officer Akash Shah said: “Our collaboration combines the strengths of leading institutions to support the demands of Saudi Arabia’s growing financial sector and vision of a sustainable diversified economic ecosystem.

“At BNY Mellon, our mission is to empower our clients, institutions, and leaders to succeed across the financial world, and we are proud to build on our legacy of trust and innovation in the region.”

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