Singapore, 21 Feb, 2019 - Bloomberg was named Asian Operations & Technology Provider of the Year at Asia Asset Management’s 2019 Best of the Best Awards for Bloomberg Entity Exchange.
Bloomberg Entity Exchange is a web-based platform designed to streamline the exchange of data and documents required for KYC (know your customer) purposes. A centralized platform, Bloomberg’s Entity Exchange addresses industry pain points related to the collection and management of KYC information, which is often cumbersome, inefficient and lengthy.
“Asia Asset Management congratulates Bloomberg as a first time awardee of the Best of the Best awards; we were impressed by the features and benefits of the firm’s web based platform for KYC reporting requirements for the buy side,” said Publisher and Founder of Asia Asset Management, Tan Lee Hock.
Charlie Thoms, Head of Client Data Solutions, Asia Pacific at Bloomberg said: “Our clients are frustrated with the KYC process, which is often based on email. The process is long, which means opportunities to make trading relationships are often missed. Bloomberg Entity Exchange is a unique approach that considers the buy-side’s on-boarding challenge as well as the sell-side’s information requirements. It offers firms an opportunity to put a more efficient KYC workflow in place, so that they can offer better client service and implement robust risk management practices.”
Supported by Bloomberg’s data intelligence team, Entity Exchange aggregates an investment firm’s information into an entity profile, which can be used to automate the completion of broker forms. Banks, brokers, corporations, hedge funds and asset managers can interact with one another and request additional information on client entities within the platform when data or documents are missing or incomplete. This permission-based, streamlined approach to handling sensitive enterprise data helps trading counterparties expedite KYC requests, while also ensuring there is a complete audit trail.
Bloomberg Entity Exchange was also awarded the Best Solution in KYC Data Management at the inaugural Regulation Asia Awards for Excellence 2018 which recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects that help meet the requirements of a specific regulatory change infrastructure.
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength - delivering data, news and analytics through innovative technology, quickly and accurately - is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit www.bloomberg.com
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