BNY Mellon and SNB Capital have revealed a data management solutions collaboration in the Kingdom of Saudi Arabia (the Kingdom) to help build a robust and inclusive capital markets ecosystem.
The move builds on the two companies’ earlier strategic partnership to deliver securities services capabilities. SNB Capital will utilise BNY Mellon’s data platform within its IT infrastructure in Saudi Arabia.
Data management solution
BNY Mellon’s data platform allows organizations to transform their data by centralizing and managing complex investment assets. The platform offers capabilities such as providing solutions with focus on users for delivering accurate and timely data, gauging risk exposure and delivering system-wide security via a centralised data repository.
The solution is designed in linewith the Saudi Arabia’s data-localisation requirements. This partnership is set to deliver SNB Capital’s institutional clients a single, unified solution for local and global assets.
Akash Shah, Chief Growth Officer of BNY Mellon, said:
As capital markets shift towards a digital future, we are delighted to further our alliance with SNB Capital by providing a future-ready data analytics solution to help build the leading global capital markets infrastructure in the Kingdom and drive growth. 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.
Rashed Sharif, CEO of SNB Capital, added:
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 management platform aims to advance the optimisation of typically manual investment workflows. SNB Capital’s clients in the Saudi Arabia will be able to benefit from significant opportunities to improve their performance through enhanced data flows. The open-architecture software will connect all market participants and allow them access to leading technology. It will provide clients the tools for using data in the front, middle and back offices.
