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Bursa Malaysia Is Better Prepared To Weather The Storms With Enterprise Data Analytics

 

DSA had the privilege to sit down for an interview with Bursa Malaysia (Kuala Lumpur’s Stock Exchange), Cloudera, provider of the leading global platform for machine learning and advanced analytics built on the latest open source technologies, and Fusionex International, leading international provider specializing in Analytics, Big Data, Artificial Intelligence (AI), and the Internet of Things (IoT). Since Cloudera, Bursa and Fusionex’s partnership to provide services related to Enterprise Data Analytics (EDA), this collaborative platform has enabled highly accessible, accurate, and timely information at the Exchange, providing more strategic insights and applications for improved customer-centric decisions.

We asked Bursa’s director of Technology and Information Management, Leong Chai Kin, what this platform means for them and is benefiting from this.

Leong describes the technology as a way to fulfil a need which will eventually benefit the investor and customers in the long run. However, they will need to understand their data first. He says that they are aspiring to be a data-driven company rather than a reactive one that goes along with market trends.

“We started with an open tender for anyone around the world to fulfil this need to give us insights on our data. It just so happened that Fusionex was the one chosen to provide us with what we call Enterprise Data Analytics (EDA),” Leong added.

This technology will be aimed to assist the general public to gain better insights from the data that is gathered. Right now, people make decisions based on a best guess scenario or ‘gut feeling’ from reading reports from a day or two ago to decide when the market will fluctuate and change. With EDA, the data will be used to provide real-time analysis and hopefully give insights that could create better opportunities for the investor.

Leong mentioned that previously when they needed information, it would sometimes take one month to retrieve the data with everyone scrambling to get the information as fast as they can. By the time the information was retrieved, it was obsolete and new information would be required and even newer data would be available.

Cloudera’s premier partner, Fusionex, uses Cloudera’s open source platform for their Fusionex Giant analytics visualisation tool. With the visualisation and big data tools available by Fusionex, they are able to provide the necessary insights for EDA to be effective.

KC Wong, Senior Vice President at Fusionex says that this was a golden opportunity to create impact within the space of Big Data Analytics, especially as Bursa Malaysia has tremendous amounts of data collected on a daily basis.

“If you’re playing in the big data space, there’s no better place than in the stock exchange. The sheer volume generated by the share market makes the collaboration between Fusionex, Cloudera, and Bursa a really strategic one,” he added. “This will be a testament to the capabilities of big data and analytics.”

Leong believes that data analytics will help provide deeper insights into market trends and will help Bursa provide the best information back to investors.

“We also will look into use cases and how or why certain portfolios have not been attractive to the investors,” he said. Another area they will be looking into is how individual brokers have been performing and whether they have been servicing their clients effectively.

“As a corporation, Bursa needs to look at how have we been performing and if we have been achieving our goals or how we can improve. We need to assess our efficiency and cost-effectiveness as well as our risk factors.”

Cloudera Senior Director of Asia Pacific, Daniel Ng, says that with the government support on Big Data Analytics and Malaysia becoming more connected than ever before, more data points will continue to be added to the Open Data Index.

“Today, nobody wants to know about yesterday’s news. People want to know about the weather forecast for the next few days and not the weather for yesterday and what they can do about it moving forward. Data can be used for people to be more forward looking and make what is impossible today, possible tomorrow.” Cloudera now works with more than 180 leading global financial organizations to achieve this.

The move by Bursa Malaysia to use analytics and predict outcomes in the stock market is for precisely this reason. They are taking these forward-moving steps to be data-driven and powered by analytics as well as to better view company performances, stock prices, and movements in the market, all at a much faster rate and to help them be better prepared and weather the storms that are forecasted not just for today, but for years to come.

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