Land Bank of Taiwan’s Singapore Branch has partnered with Wolters Kluwer to enhance its regulatory reporting.
The bank said it has chosen the RegTech’s OneSumX for Regulatory Reporting to provide its regulatory reporting software. This will allow the bank to comply with the upcoming Monetary Authority of Singapore (MAS) Notice 610 requirements.
MAS’s overhaul of the 610 reporting regime will see the core set of returns that banks file to the regulator revised to require information at a far more granular level.
As a result, the number of data elements that firms have to report will rise from about 4,000 to approximately 300,000. Consequently, banks active in the country are updating their infrastructure to comply with the regulatory developments.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
“As banks address the ever-increasing complexity and granularity of MAS reporting requirements, regulatory compliance management is now top of mind,” commented Rainer Fuchsluger, managing director for Wolters Kluwer’s finance, risk & reporting business in the Asia Pacific region.
“Wolters Kluwer’s OneSumX for Regulatory Reporting helps banks automate MAS reporting in a manner which not only meets external compliance, but also generates greater transparency internally, allowing for reduction of regulatory risk as well as enhanced management information.”
Major financial services providers that have recently announced their use of Wolters Kluwer solutions include ABN AMRO, SME Development Bank Malaysia Berhad, Bahrain Middle East Bank, China Merchants Bank, China Everbright Bank, LGT and Nordea.
Earlier this week, Bank of Beirut tapped Wolters Kluwer to manage International Financial Reporting Standard (IFRS) 9, while Belgium-based bpost bank partnered with the RegTech for AnaCredit and regulatory reporting.
Wolters Kluwer also recently partnered with Numerated, a FinTech company providing real-time lending and growth automated.
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