Hai Cloud Exchange and Thomson Reuters Signed Strategic Cooperation Agreement
On July 26, 2017, in Qingdao, Hai Cloud Exchange, a small company owned by Haier Financial Holdings, signed a strategic cooperation agreement with Thomson Reuters: Hai Cloud Exchange will adopt Thomson Reuters’ seamless foreign exchange trading system solutions, including Thomson Reuters’ global real-time market data source (ERT), Thomson Reuters enterprise data platform (TREP), Thomson Reuters FXall and FX Trading etc. Hai Cloud Exchange has been using Thomson Reuters FXall to achieve 24-hour fluidity of foreign exchange quotation since 2016. With this strategic cooperation between the two sides, Hai Cloud Exchange aims to improve, through Thomson Reuters’ leading foreign exchange trading service, the timeliness, security and compliance of its foreign exchange trade and risk management systems, so that Hai Cloud Exchange can provide a more user-friendly foreign exchange transaction service with rapid transaction and convenient delivery to small and medium-sized enterprises and individual clients.
The internationalization of RMB and the thriving financial technology are bringing an increasingly far-reaching impact and challenges to financial institutions and enterprises. A foreign exchange platform with stable data, transparent process, controllable risk and 24 hours’ fluidity of foreign exchange quotation is an important cornerstone for enterprises to orderly carry out financial business.
Thomson Reuters will provide fair data in the global foreign exchange market. Thomson Reuters’s real time data service can be released to Hai Cloud Exchange’s local system through interfaces, and thus guarantees the stability and timeliness of data. In addition, with this strategic cooperation, Hai Cloud Exchange can optimize the risk management process and compliance review process, ensuring the compliance of its transactions and helping Hai Cloud Exchange reach a balance between cross-border innovations and risk control at the same of simplifying trading process.
Hai Cloud Exchange will build its exchange platform based on Thomson Reuters’s FXall electronic exchange trading platform, and a wide range of flexible execution tools and end-to-end workflow management and direct transaction tools will soon come online。 At that time, users can follow up the price of many counterparties at the same time, automatically pick out the best price, and make a deal efficiently.
Guo Xin, the Director of digital marketing of Hai Cloud Exchange, said that, “we are happy to establish a strategic partnership with Thomson Reuters. As the exchange platform of Haier Financial Holdings, Hai Cloud Exchange has provided all-day foreign exchange trade and exchange rate risk management services for upstream and downstream customers of the industrial chain in recent years. With the strong support of Thomsen Reuters’ foreign exchange solutions, Hai Cloud Exchange will be the first Chinese-invested non-banking institution which offers 24-hour real time exchange trade services between RMB and other currencies. This will better meet the industrial customers’ needs of avoiding risks involved with interest rate and exchange rate, and promote the rapid development of overseas businesses. Since then, Hai Cloud Exchange’s internet strategy in foreign exchange has made a solid step”.
Thomas KIM, the General Manager of Thomson Reuters China, said “the strategic cooperation is a recognition to Thomson Reuters’ expertise in foreign exchange field. We are honored to play a role in the process of Haier Financial Holding’s industrial finance exploration. As a leading foreign exchange trading platform, Thomson Reuters integrates global monetary, commercial and regulatory information. In today’s increasingly fragmented and continuously scrutinized FX trading market, Thomson Reuters’s foreign exchange solution can improve transparency in foreign exchange transactions, prevent transaction risks and improve execution efficiency. Through this cooperation with Hai Cloud Exchange, FXall, which delivers professional foreign exchange transaction services mainly to global banks, will extend its business to customers of entity enterprises. We hope that in the future we can work closely together with Hai Cloud Exchange to create an industrial financial ecological platform, and to become the leader in the field of Internet finance.”
