The collaboration will enable Bankok Bank to access FX settlement risk mitigation tools and benefit from improved funding and operational efficiencies through CLS’s unique PvP system.

The move comes after a growing community of banks in the Asia-Pacific region has started to adopt CLSSettlement.

Akira Kato, head of Asia-Pacific Client Engagement at CLS, commented: “We are pleased to welcome Bangkok Bank as the first Thai bank to access CLSSettlement. As the FX market continues to evolve, it is critical that regional banks have access to robust and reliable solutions like CLSSettlement to mitigate FX settlement risk.

CLS is a market infrastructure group delivering settlement, processing and data solutions. The company settles over $6tn of payments in 18 of the most actively traded currencies daily.

Adrian Fong, head of Treasury at Bangkok Bank – Hong Kong branch, welcomed the new partnership with CLS.

“It marks an important milestone for Bangkok Bank to have access to CLSSettlement”, Fong said. “It will enhance our liquidity pool, reduce the settlement risk associated with FX settlement, and help the bank to grow its FX business further.”

“By joining the CLS community, Bangkok Bank Hong Kong branch has taken a significant step forward in the growth and expansion of its FX business, in full alignment with the local regulatory requirements”, Lilian Chan, APAC head of Cash Banks at UBS, added. “It is a testament to our commitment to supporting client implementation, which took less than two months end-to-end. We look forward to partnering further with Bangkok Bank regionally (in other branches and its headquarters) through our unique CLSSettlement fourth-party solution.”