Bank of Communications and Bloomberg form global technology and data partnership
by Ben Poole
Bloomberg has announced a strategic global partnership with Bank of Communications (BOCOM), one of China’s top five banks. The partnership includes collaboration in areas including index development, financial data services, market-making and regulatory compliance, as BOCOM seeks to enter new international markets.
As part of the partnership, the two companies will develop a co-branded fixed income index for the China market. In addition, Bloomberg will support BOCOM’s asset management business by providing a full suite of buy-side technology solutions, and explore collaborative projects around artificial intelligence and enterprise data.
“Technology will underpin every aspect of finance in the years to come, and we want to be prepared," commented Tu Hong, chief investment officer of Bank of Communications and chairman of BOCOM Wealth Management. "Bloomberg has a proven track-record of delivering world class financial information, technology and customer service. We are looking to Bloomberg as a trusted partner that can advance our technology journey and connect China to the world.”
“The opening up of China’s financial markets and the inclusion of Chinese bonds into the Bloomberg Barclays Global Aggregate Index have created exciting opportunities for investors," said Bing Li, head of Greater China for Bloomberg. "We look forward to working with BOCOM to develop innovative products, which will ultimately drive investor demand for more sophisticated financial instruments.”
Founded in 1908, BOCOM is one of China’s largest and oldest banks and is listed on the Stock Exchange of Hong Kong and the Shanghai Stock Exchange. BOCOM provides a broad range of corporate and retail banking products and services to state-owned enterprises, corporates, institutional customers and individuals. The bank has been a key client of Bloomberg in China for over 25 years.
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