Nearly 10 years after its nadir, quantitative investing is again the hot trend in finance
MBBank gains 10% market share in interest rate derivatives and commodities
MBBank saw growth in the number of customers using its digital channels that reached 90 million electronic transactions, accounting for 84.4% of the total number of transactions.
- MBBank’s derivatives on interest rates ranked first in the number of clients, products supplied, and total transaction volume
- The bank focuses on developing new hybrid-structured products
- App MB and Biz MB were launched for individual and business customers respectively
Singapore 3 August 2021 – Military Commercial Joint Stock Bank (MBBank) was recognised as Best Financial Derivatives Provider in Vietnamat The Asian Banker Financial Markets Awards Programme 2021
Financial Performance: MBBank’s derivatives on interest rates ranked first in the number of clients, products supplied, and total transaction volume
The bank has implemented strategic innovations since 2017 and continuously achieved strong growth in the succeeding years. MBBank’s market share of foreign exchange (FX) accounts for 9% of the whole market. The bank maintained a large credit and FX market share and has vast experience in implementing products for more than 10 years. Its derivatives transaction segment has made great leaps in 2020 with a 10% market share in interest rate derivatives and commodities.
Another strong local financial derivatives provider in Vietnam is VietinBank. It continues to be one of the leading banks in the turnover and market share of FX derivatives for both primary and secondary markets. For the traditional derivatives products such as FX swap and FX forward, the number of customers using these products at VietinBank has increased by 10% in 2020. MBBank is more agile in catching the increasing demand for individuals’ immigration remittance. The bank immediately crafted specific policies to attract this group of customers, which pushed the contribution of individuals in its FX profit to about 30%. This initiative has made MBBank one of the market leaders in FX trading.
Product and Service Capabilities: The bank focuses on developing new hybrid-structured products
MBBank’s strategy was to improve customer relations to further grow its small and medium-sized enterprise (SME) segment. The bank focuses on developing new hybrid-structured products by combining derivatives products with traditional products such as deposits and loans, or among derivatives products. It understands the clients’ business characteristics, meets customers’ hedging needs, and promotes cross-sell among internal departments.
Innovation and Technology: App MB and Biz MB were launched for individual and business customers respectively
MBBank launched a new version for two strategic trading platforms called App MB for individual customers and Biz MB for business customers. Biz MB has many features such as greater transaction limits, seamless multi-channel methods, and a friendly user experience for the business community. The pioneering step in digital transformation has helped the bank attract a large number of new customers, with the proportion of transactions on digital channels reaching 84.4%.
About The Asian Banker Financial Markets Awards
The Asian Banker Financial Markets Awards is a landmark recognition programme to benchmark institutional achievement and performance in the markets and exchanges landscape of Asia Pacific, the Middle East and Africa region. Recipients of these awards are honoured in a gala event that recognises their efforts in executing sound operational processes which participants can both learn and benefit from. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/financialmarkets/index.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The global research company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
For further information, you may get in touch with:
Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145
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