Markit/Genpact Utility Expands to Asia Pacific

Kyc.com, the joint venture between Markit and Genpact, has announced the expansion of its service to Hong Kong and Singapore. The roll-out is in addition to jurisdictional coverage in the US, UK and Australia, which launched in 2014. 

Standard Chartered, the UK-headquartered bank with a large footprint in Asia, is joining the service, while Deutsche Bank, HSBC, Morgan Stanley and UBS are already signed up and will be using it to support their due diligence in the region. 

Kyc.com is a centralized service enabling investment managers, corporates and banks to streamline the KYC process by collecting the required documentation and data once, to create a reusable profile.

"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," says David Fleet, managing director of client onboarding and management, Standard Chartered. "For us, it's about establishing best practice and mutualizing efforts to remove some of the regional anomalies. Kyc.com supports this and provides a more cost-effective way to conduct our business."