Online Reporter
Martin Kadzere
The Zimbabwe Stock Exchange (ZSE) Holdings has integrated with the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network, a significant stride in its digital transformation.
Chief executive officer Mr Justin Bgoni said in a statement on Tuesday that the move was crucial for enhancing the efficiency and security of financial transactions within the country’s capital markets.
The exchange’s integration into the globally recognised network will enable ZSE and its subsidiaries to securely and efficiently exchange financial messages with local and international institutions, including custodians, settlement banks, brokers and depositories.
Following the upgrade, the Business Identifier Code (BIC) for ZSE has been changed from XZIMZWHI to XZIMZWHA and is now live on the SWIFT network.
Mr Bgoni said the connection to the SWIFT network will unlock a range of benefits, directly benefiting local and foreign investors.
These include faster and more secure settlement of trades, improved connectivity with global financial players, reduced operational risk through standardised messaging and increased transparency and compliance in line with international best practices.
“The integration will directly benefit both local and foreign investors by enhancing the safety and speed in our capital markets, and most importantly, strengthening our operational efficiency,” Mr Bgoni said.
