FinTech service expands to Hong Kong

FinTech service provider has expanded its customer profile creation service to Hong Kong and Singapore., the joint venture between financial information service providers Markit and Genpact, already operates in the US, UK and Australia. is a centralized service enabling investment managers, corporates and banks to streamline the KYC (know your customer) process by collecting the required documentation and data once, to create a reusable profile.

The database combines over 169,000 entities and 350,000 documents across and Markit’s Counterparty Manager platforms.

Deutsche Bank, HSBC, Morgan Stanley and UBS are already signed up and will be using the service to support their due diligence in the region, while Standard Chartered is in the process of joining the service. Internationally, over 1,500 buyside firms and corporations, representing 37,000 legal entities are currently using

A recent survey commissioned by revealed that 63% of financial institutions across Asia believe varying KYC standards across the region is the biggest factor impacting their level of regulatory risk. When conducting due diligence checks on customers, 58% surveyed have either terminated existing customers or refused new customers given due diligence concerns.

“One of the biggest challenges to conducting KYC in Asia is the regional variation for cross border compliance, which adds a layer of complexity to managing our customer relationships,” said David Fleet, managing director of client onboarding and management, Standard Chartered.

“For us it’s about establishing best practice and mutualising efforts to remove some of the regional anomalies. supports this and provides a more cost effective way to conduct our business.”

“We are seeing a coming together of standards for connected due diligence processes, whether it’s client onboarding or meeting tax requirements,” added CEO Jon May.

“This rollout coupled with our support for Australia in this region increases efficiency, utilises repeatable KYC processes and enables our customers to focus on other higher value areas such as innovation to strengthen their competitiveness and compliance in the financial sector.”

FinTech Innovation

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