Hang Seng Indexes Company, an index compiler covering the Hong Kong and mainland China markets, has partnered with Google Cloud to provide data-driven, technology-enabled investment index services.
The partnership will see the company “establish its data backbone” on Google Cloud and apply Google’s data analytics and artificial intelligence (AI) functions to “power the rapid creation of new and innovative indexes”.
Additionally, Google Cloud’s global network and its Hong Kong Cloud Region will enable the company to “securely streamline” its data management and dissemination business capabilities, to secure data distribution at scale and on-demand, the company said in a statement.
A wholly owned subsidiary of Hang Seng Bank, Hang Seng Indexes Company currently manages more than 1600 real-time and daily indexes.
The most well-known is the Hang Seng Index, which is the main indicator of the overall market performance in Hong Kong.
As of the end of 2021, assets under management in products passively tracking indexes in the Hang Seng Family of Indexes had reached a total of about US$44 billion (S$63 billion).
Hang Seng Indexes Company chief executive officer Anita Mo said the move to Google Cloud “reflects [our] determination” to be a client-centric, technology-enabled index company.
“Adopting the cloud-first strategy is a major milestone that will help uplift our clients’ experiences and assist them in the formulation of their investment strategies,” she added.
Mo said operating a highly scalable index platform on Google Cloud will “drive future business growth” and “new services development”.
Google Cloud managing director in Greater China, Kathy Lee, said that working together, “we will help spur Hang Seng Indexes Company’s data-driven innovation to accelerate its digital transformation, and deliver exceptional customer experience to meet the widening spectrum of investor demand for index investment solutions."