State bank implements high-tech forex app

October 09, 2013 | 17:00

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The State Bank of Vietnam (SBV) just inaugrated its realtime foreign exchange monitoring system for interbank transactions.

On October 8 in Hanoi the SBV officially announced a monitoring system supported by Thomson Reuters Dealing that will extract and collect information from the interbank foreign exchange market. It was developed by the app developer under a contract signed in early January.

It is a technology that processes and distributes data immediately after transactions and allows a full range of immediate statistics from the interbank market. The app is widely used in the domestic and international foreign exchange market.

The solution is based on another Thomson Reuters service that provides firms a centralised view of conversation data, deal tickets, and third-party post-trade information. It will modernise the management of the SBV and increase transparency across the industry as well as promote the long-term growth of the interbank exchange market.

“We are extremely pleased to be working with the state bank on this milestone project. Vietnam is one of only a few countries in the world to participate in post-trade transparency and reporting on foreign exchange markets,” said Alfred Lee, managing director of Thomson Reuters Financial & Risk ASEAN.

The technology has been implemented in over 60 local and foreign financial insitutions that have a foreign exchange relationship with the central bank and in the future it will be expanded to bond and money market transactions between financial institutions.

By By Nguyen Trang

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