Deutsche Bank and SimCorp extend Dimension partnership in Asia Pacific
Deutsche Bank has extended its partnership with SimCorp in a deal which will see the latter’s Dimension platform continue to cover Deutsche Bank’s fund services in 12 markets.
SimCorp has worked with Deutsche since 2006.
The two firms have been in a 14-year partnership in the Asia Pacific (APAC) region. Anand Rengarajan, APAC head of securities services at Deutsche, says that the bank is confident in SimCorp’s ability to meet its needs “today and in the future.”
He adds: “The fund services business in our region is growing rapidly and customers are demanding higher levels of service. Over the years, we have invested thoroughly in technology that can embrace these evolving needs, and this partnership is in line with this strategy.”
For Oliver Johnson, managing director of SimCorp Asia Pacific, the deal represents “the operational efficiencies that can be achieved through a consolidated platform.”
SimCorp recently signed a deal with BNY Mellon connecting the bank’s custody operations with Dimension. The two firms aim to automate as much of the investment life-cycle as possible.
Deutsche Bank has been making its own in roads into automation, claiming in November 2019 that it had already “massively increased productivity” by introducing robotic process automation.
The bank’s corporate operations had processed five million transactions automatically by the end of the year as it geared up to streamline its workforce.
