Amsterdam/Frankfurt, November 14, 2019 – BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions RegTech and RiskTech, has won an Outstanding Project award at the Regulation Asia Awards for Excellence 2019 in Singapore for its implementation of a Tax Reporting solution at a major bank.
In a rigorous selection process involving a judging panel made up of subject-matter experts and the Regulation Asia editorial team, BearingPoint RegTech was selected to be recognised for implementing project a tax reporting solution – known as FiTAX – at a major international bank. A team of BearingPoint experts based in Singapore and Switzerland supported the bank with all aspects of the implementation, from architectural design decisions, through data mapping and set-up, to testing and ultimately go life.
Brad Maclean, Co-founder and Executive Chairman, Regulation Asia said: “This implementation project demonstrated how BearingPoint met the need for a sophisticated solution to meet the challenges of producing high quality QI, FATCA and CRS reports. BearingPoint’s demonstrated deep expertise in large scale transformation of complex operational processes and policy changes, leading to the successful implementation of the solution, on time and in budget”
With FiTAX, financial institutions can cover their reporting needs under more than 130 tax regimes, including CRS, FATCA, QI and DAC6. A sophisticated tax reporting solution, FiTAX allows data to be uploaded directly to encrypted report files from within online portals operated by tax authorities.
In the first six months of 2019, Standard Chartered used the FiTAX to prepare and submit QI, FATCA and CRS reports.
Ronald Frey, Board Member, BearingPoint RegTech said: “We are very proud to have received the Regulation Asia Outstanding Project award for Tax Reporting, as it mirrors the success of this large FiTAX implementation project.”
About the Regulation Asia Awards for Excellence 2019
Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, Regulation Asia’s audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing Regulation Asia to play a key role in the regulatory agenda.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems.
BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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About BearingPoint RegTech
BearingPoint RegTech, a business unit of management and technology consultancy BearingPoint, is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services along the Regulatory Value Chain for financial services. Customers representing 6,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint RegTech’s products and services. BearingPoint RegTech works closely with regulators and, as a member of standardization bodies such as XBRL, actively contributes to the standard-setting process. BearingPoint RegTech combines regulatory know-how with proven, reliable and forward-looking RegTech solution suite, expert consulting capabilities, managed services and training seminars.
For more information, please visit: www.reg.tech
Press contact BearingPoint RegTech
Senior Manager Communications
Phone: +49 69 13022 3666
E-mail: [email protected]