[2009/03/11]

Capital market IT solutions are boosting the Korea's vision to be a International Financial Center in Asia

Korean government is spurring her International Financial Center policy by appointing Seoul and Pusan as Financial Center on Jan. 22 2009. The reputation on Korean financial IT solutions, especially in Islamic financial market plays a vital role in getting Korea's leading status in Asian financial industry.

Malaysia, major Islamic financial market and previous OIC (Organization of the Islamic Conference) presidency country, is the best practice using Korea's IT solution. KRX(Korea Exchange) and IT subsidiary Koscom took over Bursa Malaysia’s ETP(Electronic Trading Platform) project to develop the bond trading system on 2007 outbidding other international competitors.

Bursa Malaysia’s ETP was operated successfully on March 2008 by customizing the KRX’s bond trading system, and upgraded successfully on 19th of last month after 8 months of additional development, by the request of Bursa Malaysia to expand the trading and market management functions. The ETP was received favorable comments by lots of the Malaysian market participants.

Now, Koscom is putting great efforts on the CMH(Commodity Murabahah House) project of developing the Islamic commodity trading system since last November. CMH targets to be launched by the end of June this year.

The CMH project was started to transfer the Murabahah, the general Islamic financial trading method, from over-the-counter market into exchange market. And it will be the first Shariah-compliant Islamic commodity trading system in the world.

The success in Malaysian project will not only boom the Islamic financial market, but play an important role in supporting Korea to become global leading IT powerhouse. This project will also align to International Financial Center policy of Korea.(The End)