ZA Bank, which claims to be Hong Kong’s first virtual bank has selected Wolters Kluwer’s OneSumX to handle its regulatory reporting needs.
The OneSumX for Regulatory Reporting combines bank data into a single source of data to provide consistency, reconciliation and accuracy, the company claims. It is also capable of monitoring regulation activity in 30 countries, so a company can keep up-to-date with changes in requirements.
ZA Bank launched in March 4 2020 and provides consumers with mobile banking services which are available 24/7. Individuals and businesses can both use ZA Bank for their online banking needs.
Individuals can access a savings account, receive a tax season loan, transfer money, implement direct deposits and access various interest rates through timed saving deposits. The platform also lets a user recall a transfer.
Wolters Kluwer managing director Rainer Fuchsluger said, “The extensive implementation experience of Wolters Kluwer’s experts provides the nimbleness ZA Bank requires. Outsourcing key technology to third parties such as Wolters Kluwer allows innovative banks like ZA Bank to focus on providing customers with an exceptional service.
“Regulators tend to update their requirements frequently so, on a global level many virtual banks are turning to us to help them tackle these requirements effectively.”
Last year, the RegTech company was picked by Israel’s Bank Hapoalim to help with risk management, specifically using the software for managing its credit risk profile.
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