Avox Limited, the business entity data specialist 75% owned by the Deutsche Borse, and Xinhua Finance (TSE: 9399, OTC: XHFNY), China's premier financial information and media services provider, today announced the signing of an agreement creating an exclusive strategic alliance providing worldwide business entity data to financial institutions in mainland China and Taiwan.
The partnership will allow users in the region to utilize fully verified and timely international business entity data, and in particular meet the increasing demand for reliable data services from China's qualified domestic institutional investors (QDIIs) who are investing overseas.
Avox's timely and complete business entity data is developed through its global network of contributing clients including some of the largest and most respected financial institutions in the world, its first class research team, authoritative sources and global news feed partners. Data is updated daily, complete with an Avox generated audit trail used to verify data accuracy, in line with international regulatory requirements. The Avox-Xinhua Finance partnership enables Chinese financial institutions to enhance the quality and continual availability of their data, which is of significance in operational efficiency, timely compliance, customer service and risk control. Clients are able to freely distribute the Avox business entity data across business units and geographical locations.
"We are delighted to find a partner like Xinhua Finance who shares the same passion and ambition of bridging China's financial markets and the world by promoting transparency," said Ken Price, CEO of Avox. "Moreover, given Xinhua Finance's in-depth knowledge of the Chinese markets, strong sales capabilities, and its impressive clientele of financial institutions and corporations, we will be able to reach more clients in mainland China and Taiwan, and at the same time better understand client demand in the region."
"Business entity data has long been an overlooked area without authoritative sources or generally accepted global standards. Avox offers a compelling proposition filling the gap in the market with its technology, data content and data governance standards," said Dr. Chen Chunghsing, Head of Ratings and Research, Xinhua Finance. "Chinese firms who have gained their QDII 'Foreign Trading' license are facing an increasing challenge to access trustworthy international business entity data. We believe that these Chinese QDII clients will be able to make their investment, trading, partnership, and compliance judgments with more confidence than ever, by leveraging Avox's collaborative industry utility."
As the Chinese markets continue to open and evolve as part of the global economy, the requirement to improve business entity data accuracy and timeliness is intensified by global standards such as Basel II, anti-money laundering (AML) and combating financing of terrorism (CFT) regulations. Financial institutions will be required to prove that they have a documented and auditable data management process as a part of compliance. The Avox-Xinhua Finance partnership addresses these needs.