Refinitiv, a financial data company co-owned by Blackstone Group and Thomson Reuters, said it is introducing its risk-management business to South Korea this year for financial risk control and crime prevention.
The company highlighted its World-Check risk intelligence database and due diligence services as its key business agenda items for Korea this year.
“An increasingly important consideration for developed markets worldwide is regulation and compliance, as businesses want to operate legally in markets around the world without facing regulatory hurdles and sanctions,” said Refinitiv Korea’s Representative Director Kim Suk-joon during a press conference Tuesday. “In line with this global trend, Korea’s financial institutions and businesses will soon be facing increasing risk management concerns,” Kim said.
The World-Check database provides organized information on politically exposed persons and heightened-risk individuals and organizations in an effort to help identify and manage financial, regulatory and reputational risks, according to the firm.
Such “know your client” services will allow Korea’s banks and financial institutions to better prepare for regulatory risks, it said, especially with US regulators demanding stricter anti-money laundering protocols and compliance from Korean entities.
In addition to risk management, Refinitiv also seeks to become a reliable data partner for Korean companies looking to develop new artificial intelligence programs and other tech-driven products in the finance sector.
Refinitiv is pooling financial data, such as news, asset data, economic indicators and research, so that it can be easily accessed and used by client companies, the firm said. Refinitiv’s dataset formed the backbone of the Treasure Island Project by Korea’s Shinhan Bank last December. The project, which analyzed 30 years worth of finance data from global markets, led the bank to set up an AI-based investment advisory firm utilizing IBM’s AI solution Watson. The US financial data firm has also partnered with Koscom, the information technology unit of the Korea Exchange, the country’s bourse operator.
Refinitiv provides financial market data and infrastructure for over 40,000 institutions in over 190 countries. Its services deal with trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.
Source: The Korean Herald