Microsoft and UCB Stock Brokerage Ltd announced a strategic partnership with the aim of running UCB Stock Brokerage's entire technology stack on Microsoft Azure.
Companies in the financial services industry often take a conservative approach to technology because they manage and must protect sensitive customer information. UCB Stock Brokerage takes that responsibility seriously. But it also understands that technological innovation can enable better customer service and increased operational efficiency without sacrificing data safety. With the partnership, UCB Stock Brokerage aims to lead at the forefront of technology developments in the financial industry, reads a press release.
"Cloud computing is an enabler for financial institutions to modernize their infrastructure and systems, to gain the agility they need to respond to competitive pressures, regulatory environments, and customer demand," said Mohammed Rahmat Pasha, Managing Director & CEO, UCB Stock Brokerage Ltd. "To realize our digital ambitions, UCB Stock Brokerage has chosen Microsoft as a strategic partner and this partnership marks a major milestone for the brokerage in adopting a cloud-first approach."
UCB Stock Brokerage is one of the largest stockbrokers in Bangladesh and is currently ranked #1 among all the brokers in the Dhaka Stock Exchange. With its strong compliance and top-notch research, corporate access, and execution services, the company is playing a key role in bringing large foreign portfolio investment in Bangladesh from the United States, Europe, and Asia. Expecting the number and scale of partnerships to grow significantly, UCB Stock Brokerage has decided to leverage the Microsoft Cloud to ensure scalability, flexibility, and security in the digital infrastructure.
"The future of financial services is cloud based, and by partnering with Microsoft we take part in shaping this future in Bangladesh," said Mohd. Taneem Hasan, Head of IT, Innovation Lab & Digital Services, UCB Stock Brokerage. "By leveraging the Microsoft Azure and Microsoft 365, we can continue to stay at the forefront of client-focused digitization and support our ambitious growth plans. We like the overall Microsoft vision for cloud computing and the level of data security that these platforms offer."
UCB Stock Brokerage worked with Microsoft partner Tech One Global to implement a solution roadmap that would fit its needs. Tech One Global has been a leading Microsoft partner for over 18 years focusing on content services and modern workplace solutions using Microsoft technologies.
"Our team is grateful for the opportunity to work closely with Microsoft as a key partner for organizations like UCB Stock Brokerage. We continue to stay vigilant in our efforts to secure remote infrastructures and strengthen collaboration between huge teams," said Thamilselvi Jayaraman, General Manager, Tech One Global Bangladesh.
A trusted platform is the foundation for running financial services in the cloud, and organizations that continuously develop to stay at the forefront of technology will become the digital leaders of the future and maintain their competitive edge. Microsoft Azure and Microsoft 365 also provide a holistic approach to security, helping UCB Stock Brokerage to protect identities, data, applications, and devices across on-premises, cloud, and mobile.
"We are excited to help UCB Stock Brokerage shape the future of trading and investment on our cloud platform," said Md Yousup Faruqu, Managing Director, Microsoft Bangladesh. "UCB Stock Brokerage is at the forefront of fintech, and our partnership will enable financial service organizations to securely harness data to better serve their clients." UCB Stock Brokerage Ltd is cataloged as TREC Holder with both the stock exchanges in Bangladesh- Dhaka Stock Exchange Limited (TREC No.: 181) and Chittagong Stock Exchange Limited (TREC No.:015). The company has a forward-looking approach in the Information Technology
arena. The company is in the process of implementing Order Management System (OMS) and complete operational automation through ERP. The company is also implementing a cloud-based
data management system.