CLS Welcomes First Thai Third-Party Bank

Bangkok Bank’s Hong Kong branch has become the first Thai bank to access CLS Settlement as a third-party participant, via UBS.

“As the FX market continues to evolve, it is critical that regional banks have access to robust and reliable solutions like CLS Settlement to mitigate FX settlement risk,” says Akira Kato, head of client engagement, Asia Pacific, at CLS. “In Asia, a key aim for CLS is to broaden participation in CLS Settlement and expand adoption of CLS’s other solutions that make the FX market safer, smoother and more cost effective for market participants.”

Adrian Fong, treasury head of Bangkok Bank Hong Kong branch, adds, “It marks an important milestone for Bangkok Bank to have access to CLS Settlement. It will enhance our liquidity pool, reduce the settlement risk associated with FX settlement, and help the bank to grow its FX business further.”

Finally, Lilian Chan, APAC head of cash banks, UBS, says, “By joining the CLS community, Bangkok Bank Hong Kong branch has taken a significant step forward in the growth and expansion of its FX business, in full alignment with the local regulatory requirements. It is a testament to our commitment to supporting client implementation, which took less than two months end-to-end. We look forward to partnering further with Bangkok Bank regionally (in other branches and its headquarters) through our unique CLS Settlement fourth-party solution.”