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Hana Bank and Waybridge signed for Libor development

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Waybridge, a provider of quantitative financial solutions, announced on the 14th that it has signed a contract with Hana Bank for the “LIBOR Market Risk Response Package Development and Upgrade Project.”

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Waybridge is upgrading its market risk management system in preparation for Hana Bank’s LIBOR (London Interbank Interest Rate) transition. The purpose of this is to avoid confusion when Libor, which has served as a standard index for financial products worldwide, is finally discontinued on December 31 and a new interest rate index is introduced.

An order for a project that was primarily handled by financial advisory firms is unusual for a domestic fintech startup. Both companies have continued to discuss and collaborate on the Libo transition since last year, building a lasting relationship. Consequently, Waybridge was selected as the lead operator for this Libo transition response project after it was recognized step-by-step by Hana Bank for its research and technical capabilities.

In addition, Waybridge plans to implement Hana Bank’s Basel III FRTB project at the same time. Waybridge will facilitate an audit of a bank’s FRTB construction project for the second time, and will rebuild the existing Basel 2 market risk assessment system with a standard method of measurement based on FRTB standards to replace it.

Waybridge CEO Oh Jong-wook said, “The selection as the lead operator of this project is a significant contract that validates both Waybridge’s technology and credibility.

A fintech firm, Waybridge, offers IT solutions for financial institutions and professional investors based on quant technology that analyzes financial markets and develops investment and risk models despite the coronary crisis. Waybridge recently completed a Series A investment and is growing rapidly.

For MetaNews.

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Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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