Bloomberg Entity Exchange has been awarded the Best Solution in KYC Data Management in the inaugural Regulation Asia Awards for Excellence 2018 at a ceremony in Singapore on 13 November 2018.
Launched in Asia Pacific in November 2016, Bloomberg Entity Exchange is a web-based platform designed to streamline the exchange of data and documents required for KYC (know your customer) purposes. The solution addresses industry pain points related to the collection and management of KYC information, which often involves cumbersome, inefficient and lengthy processes, not to mention the security concerns relating to the widespread use of email in handling sensitive client data.
Entity Exchange provides users with a flexible private library where client entity data and documents are indexed, digitised and stored securely, allowing users to easily locate required KYC information. Where any client entity data or documents are missing or incomplete, users can interact with each other and request additional information on client entities from within the platform itself. This permission-based, streamlined approach to handling sensitive enterprise data helps trading counterparties avoid the laborious process of completing KYC requests via email, while also ensuring a complete audit trail.
Entity Exchange’s clients include banks, brokers, corporations, hedge funds and asset managers – trading counterparties who benefit from the efficiencies of centralising the document and data exchange process, while also reducing costs through automation.
Brad Maclean, Co-founder and Executive Chairman at Regulation Asia said: “The ever-increasing focus on KYC is one of the most significant friction points for trading counterparties, with clear bottom line impacts for firms. By eliminating the most time-consuming and costly aspects of traditional KYC processes, Bloomberg Entity Exchange is helping firms navigate these frictions and achieve real gains in efficiency and profitability.”
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
Visit www.regulationasia.com or connect via LinkedIn or Twitter.
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