BNP Paribas Global Markets has announced its investment in Symphony Communications Services, and the appointment of Cyril Cottu, Global Co-Head of Electronic Market Making and Commerce, to the company's board of directors.
The bank has expanded its portfolio of fintech investments with a board position at the digital communications company.
"This investment positions us at the heart of an important development for the industry and signals our commitment to creating stronger and more efficient ways of working, using the latest advances in technology. The Symphony platform brings significant benefits, enhancing connectivity and enriching our ability to serve our customers more efficiently."Cyril Cottu, Global Co-Head of Electronic Market Making and Commerce
The Symphony platform, which is being rolled out globally to staff at the bank, is an innovative, secure and efficient communications and workflow automation tool with over 200,000 users across buy- and sell-side. The platform fosters partnership across business lines, and enables enhanced communication with clients, including media sharing, while meeting the unique security and compliance needs of our industry.
Olivier Osty, Executive Head of Global Markets at BNP Paribas said "Digital transformation is central to BNP Paribas Global Markets' strategy, and collaboration with fintechs is a crucial part that process. Forming agile partnerships with exciting and innovative companies like Symphony helps us deliver an exceptional service to clients, and remain their partner of choice for a changing world."
This venture expands Global Markets' investment portfolio in fintech companies, following the announcement of a stake in Digital Asset Holdings, a blockchain development company, in 2016.