Calastone goes live with first electronic orders into Singapore funds
First Published 27th June 2012
iFAST Financial, first Singapore distributor to go live for electronic fund order routing over Calastone
Singapore - iFAST Financial has begun processing electronic fund orders via the Calastone network. The first electronic orders into Singapore domiciled funds have been processed with Aberdeen Asset Management Asia using ISO 20022 standard. This is the first Singapore domiciled fund to go live on Calastone, and the first automated trade received into Aberdeen Singapore funds.
Lim Chung Chun, Chairman and CEO of iFAST Corporation Pte Ltd said, "iFAST's mission is to help investors around the world invest globally and profitably. We constantly look to adopt win-win solutions for all our stakeholders, which is why adopting Calastone's innovative solution was an easy decision for us as it further increases efficiencies, helps us reduce costs and improves service levels to our clients and investors. We are convinced that Calastone's flexible technology and business model will revolutionise the way investment funds are processed in the Singapore market. Joining Calastone was an easy decision for our firm and we are certain that it will also be for any fund house wishing to improve their investors' experience when buying into their funds."
Also connecting to Calastone is Aberdeen Asset Management Asia. Aberdeen's Head of Investor Services Asia Pacific, Matthew Yong, said, "Aberdeen had been using Calastone's transaction network without a hitch since 2010 in the UK, Continental Europe, Australia, Taiwan and Hong Kong. Adopting Calastone's order routing in Singapore was a logical next step."
Matthew Yong added, "Straight-through processing lowers the risk of transaction errors inherent in manual paper-based systems. From that standpoint alone, moving to this platform is in the interest of every party-fund manager, distributor and client alike. We are hopeful that with iFAST's lead, other local banks and distributors will soon follow."