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August 22, 2009

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Home » Business » Finance

SWIFT eyes message services demand

SWIFT, which develops shared messaging platforms for financial transactions, said yesterday that the demand for message services will surge in China, fueled by the booming securities sector.

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, now has eight brokerages as clients in China, besides traditional bank clients.

"We believe the securities and related services will become an engine to fuel SWIFT's development in China," said Eric Chua, head of SWIFT Shanghai.

The securities business has accounted for 40 percent of SWIFT's total messages globally. In China, it's only about 10 percent, which means there is great potential to develop in the country, according to Chua.

SWIFT also cooperates with the Shenzhen and Shanghai stock exchanges to better regulate the securities sector.

In the third and fourth quarters, China will approve more qualified domestic institutional investors and qualified foreign institutional investors, which greatly need SWIFT's message services, Chua said.

SWIFT China, including Hong Kong and Taiwan, accounted for 23.2 percent of Asia's total messages and now ranks No. 2 behind Japan, the firm said.

Booming cross-border trade, investment and financial derivative product activities will boost the demand for messages in China, said SWIFT.

SWIFT's expansion into the securities and corporate fund sectors will also help to develop Shanghai, which aims to become an international financial center, the non-profit organization said.


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