Mauritius central to global information firm Thomson Reuters’ Africa strategy
Bramer Bank intends to make business happen at the customers’ desktop with the help of new products and easy-to-use solutions developed in collaboration with Thomson Reuters. (Image: Cecilia Samoisi)
Thomson Reuters has chosen to partner with the island economy in its Africa strategy as the island’s status as the financial services center for Africa makes Mauritius central to the global information firm’s Africa strategy.
Sneha Shah, Head of Africa, Financial and Risks for Thomson Reuters, made this observation at a recent conference on foreign exchange (FX) markets in Mauritius.
Organized by Mauritius’ financial services major Bramer Bank, the conference provided a consolidated overview of the FX market and terminology; technology used to connect the buy-side to the sell-side, and the challenges faced in trading in an illiquid market.
Held on August 14, 2014 at the Hennessy Park Hotel in Ebene, the conference was marked by the presence of two key guest speakers – both senior executives from Thomson Africa – Sneha Shah, Head of Africa, Financial and Risks, and Malcom Collins, Head of Treasury and Solutions.
Recently recognized by the international finance magazine as the fastest growing bank in Mauritius, Bramer Bank continues to position itself as a financial services major in the island economy by developing and implementing innovative products and services across its retail, business, international, and banking segments.
Tarun Ghulati, Group President and CEO at Bramer Corporation Ltd, stated that Bramer Bank has the fastest growth of around 40% while the market was running at 10%.
“We want to give you the best in-class technologies possible and that is where Thomson Reuters steps in. Many of you want to facilitate your trade and what we intend to do is to offer online trading and facilitate your FX transaction both pre-trade and post trade,” Tarun Ghulati said.
He added that Bramer Bank will make business happen at the customers’ desktop with the help of new products and easy-to-use solutions developed in collaboration with Thomson Reuters.
He ended on the note that Bramer Bank looks at its customers’ business and understands their needs and wants to make sure that their money goes a longer way.
For her part, Sneha Shah stated that Thomson Reuters is pleased to be associated with Bramer Bank because of the need to intervene in the sector over improving liquidity and access to information, not only in the banking sector but for all corporates and all players across sectors in the island economy.
Malcom Collins mentioned that Thomson Reuters allows corporate treasurers to manage risks and he outlined that one of the key drivers of the foreign exchange market is the interest rate market.
In addition, he talked about the key trends in modern financial market which are: Regulation; Compliance, Price
Discovery, Best Execution, and Post Trade Reporting.
He also stated that in the years to come, 20% of Mauritius’ national debt is going to expire.
Finally, Vishal Damree, Head of Trade Finance at Bramer Bank, spoke about trade finance and solutions offered at Bramer Bank.
The trade finance offering of the bank encompasses the cash management side and the trade management side. He also said that if a company is doing trade finance, it needs to have a good insight into the exchange rate.
Some of the risks companies faced when dealing with trade finance are: international payment, global, language, politic, economic and commercial.
Vishal Damree also mentioned the methods of payments under trade finance, which are: cash in advance, letter of credit, documentary collection, and open account.
- By Marie-Lorry Coret and Cecilia Samoisi