STANDARD Chartered Bank Malaysia Bhd expects RM500mil worth of transactions to be carried out via its newly launched online treasury delivery system by the end of the year.
Its head of global markets, Raymond T.S. Lee, said the bulk of these transactions would consist of foreign exchange dealings in US dollars.
The system allowed one to transact foreign exchange and money market deposits through the Internet, unlike the conventional mode of using a telephone, Lee said after the signing between the bank and its first two customers for the system, Malaysia Smelting Corp Bhd and Lam Soon Edible Oils Sdn Bhd, in Kuala Lumpur yesterday.
Standard Chartered is the first bank in the country to introduce foreign exchange transactions via the Internet. It earlier had introduced a similar facility in Hong Kong, Singapore, Thailand and India.
This delivery system gives customers access to the bank's economic research and technical analysis, immediate deal acknowledgement and real-time access to their deal history as well as receive consistent and real-time prices online.
Lee told StarBiz that the bank was targeting between 20% and 30% of its customers to sign up for the system by year-end. The bank had invested millions of ringgit in the delivery system, he added.
Lee said that among the benefits customers could enjoy using the system were convenience, lower transactional costs and minimum human errors.
On the expected response from this system, he said, it would be good judging from the fact that in other markets such as Singapore, Hong Kong, Thailand and India, close to 80% of the users were already conducting foreign exchange transactions via the system.
Standard Chartered was the first bank in the Asia-Pacific region to provide transactions in treasury products via the Internet in 1999.
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