BNP Paribas Securities Services has been appointed by AIA as its OTC derivatives operations provider in Hong Kong and Singapore. Under the mandate, BNP Paribas will provide trade management, collateral management and trade repository reporting in Hong Kong and Singapore.
AIA Regional Director of Investment Management – Operations, Kong Siew Cheong, said: “We have been impressed with the expertise and regulatory knowledge demonstrated by BNP Paribas Securities Services in implementing the OTC derivatives service solution for us. Each of our locations has its unique operational and regulatory challenges and the team is able to partner with us to find flexible and effective solutions”.
“The quality of the support we receive through BNP Paribas’ global operating model is excellent, and the commitment and professionalism of the project team is highly commendable.”
Philippe Benoit, Head of Asia Pacific at BNP Paribas Securities Services, said: “AIA is a leading insurer across Asia Pacific and we are delighted to be supporting such a high quality and forward-thinking business. We look forward to continuing the on-boarding process and partnering with them further in other service areas.”
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and representative offices in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$172 billion as of 31 May 2015.