OneSumX for Regulatory Reporting will combine the bank data into a single source of data to provide consistency, reconciliation and accuracy
ZA Bank, a Hong Kong-based virtual bank, has selected the Dutch information services provider Wolters Kluwer’s OneSumX suite as its regulatory reporting software.
OneSumX for Regulatory Reporting has been designed to combine the bank data into a single source of data to provide consistency, reconciliation and accuracy.
The solution will include Wolters Kluwer’s Regulatory Update Service, and is maintained by the company’s experts who actively monitor regulation cross 30 countries.
ZA Bank CEO Rockson Hsu said: “While ZA Bank boasts its cost-effective business model and agile product innovation approach as a challenger to the banking industry, we strictly comply with the local regulations as a licensed bank in Hong Kong.
“As such, we are obliged to deliver efficient and reliable reporting when communicating with the regulators. Wolters Kluwer provides us with this important capability.”
ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority
Established by ZA International, ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority. It is the first fully-operational virtual bank in Hong Kong, and its one-stop mobile application will provide users with a full suite of 24/7 services.
OneSumX for Regulatory Reporting is said to provide a wide functional coverage and scalability, what ZA Bank is looking for while exploring options for regulatory software.
Wolters Kluwer FRR, part of the company’s Governance, Risk & Compliance division, is said to provide integrated regulatory compliance and reporting solutions. The division supports regulated financial institutions in meeting their obligations to external regulators.
Wolters Kluwer finance, risk and reporting in APAC 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 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.”