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HomeFintechDeutsche Bank to introduce WeChat on Symphony platform
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Deutsche Bank to introduce WeChat on Symphony platform

Deutsche Bank today announces it will introduce WeChat on its Symphony platform. This is set to back a partnership between Symphony and Tencent to connect Symphony’s community of 450,000 global markets professionals with the WeChat network.

The WeChat Symphony solution is set to provide a more seamless and digital client experience for clients in Asia, particularly Chinese clients.

Deutsche Bank is one of four international banks participating in Symphony’s Joint Development Program which will see WeChat integrated with Symphony’s collaboration platform. The other banks participating in the program are BNP Paribas, Citi, and Goldman Sachs. Deutsche Bank will communicate with clients on WeChat in real-time while maintaining compliance and governance policies.

Chief Information Officer for Investment and Corporate Bank, Deutsche Bank Asia Pacific, Chris Bezuidenhout said: “WeChat is to China what WhatsApp is to the rest of the world; it is the primary communication channel country-wide. Deutsche Bank is thrilled to be part of the team that created a solution to communicate seamlessly with our Chinese clients, that’s convenient for them while upholding rigorous compliance and security standards.”

Deutsche Bank’s Chinese corporate clients will soon be able to use the WeChat integration with Symphony to complete multiple steps in the FX trade process. The client will be able to use WeChat to support pre-trade services such as FX rate transparency, including obtaining the RMB exchange rate for conversion into other currencies and documentation process flows, while meeting all compliance and regulatory standards.

Head of Corporate Bank and Fixed Income and Currencies, Asia Pacific, David Lynne said:

“We are preparing to rollout WeChat for Asia local markets and onboard clients by the end of the year.”

Deutsche Bank’s Asia Pacific Innovation team led the Symphony WeChat collaboration. It is one of the first technology transfer initiatives driven out of the Asia Pacific Innovation Lab which launched last November, and marks the Innovation Lab’s first anniversary.

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