Singapore/Hong Kong, 15 December 2020 – Vizor Software has won the RegTech Award for API Innovation and has been highly commended in the Regulatory Reporting category in the 3rd Regulation Asia Awards for Excellence 2020 in an online ceremony on 15 December 2020.
Vizor has developed tools that are now being used to replace legacy data collection systems used by MAS (Monetary Authority of Singapore) and APRA (Australian Prudential Regulatory Authority), paving the way for significant automation of current reporting processes.
As part of the deployment, Vizor launched its Reporting API in both Singapore and Australia this year. It allows financial institutions to consume machine-readable reporting rules and data models directly from the regulator, thereby increasing reporting quality, reducing the time and effort required for compliance, and minimising the risk of reporting errors.
Vizor was selected by the judging panel as the winner in the RegTech category for API Innovation, due to the clear benefits associated with the Reporting API. “Vizor’s solutions bring the financial sector leaps and bounds closer to full automation of the regulatory reporting process, which has been an evasive objective for the last few years,” one of the judges said.
Vizor has also launched a return preparation tool known as Reporting Centre in Singapore and Australia this year. The tool helps firms identify and resolve issues in reporting data prior to submissions, further reducing the likelihood of reporting errors, while also ensuring that reported data is always in alignment with regulator-driven changes to data validation rules, data models and reporting rules.
In the hotly-contested Regulatory Reporting category, judges considered the combined effect of Vizor Reporting API and Reporting Centre on regulated entities in both Singapore and Australia, and how this could be replicated across the region.
“Reporting institutions will be making few errors and reporting more efficiently and accurately,” said a judge on the awards panel. “This will provide a huge boost for the industry, which has long been overburdened by complex regulatory reporting obligations that are increasingly requiring more granular data.”
Launched at Singapore Fintech Festival 2019, Vizor’s Reporting API for data pre-validation and preparation of MAS 610 submissions is being rolled out at 30 banks in Singapore through a partnership with Wolters Kluwer under its OneSumX platform.
About the Regulation Asia Awards for Excellence 2020
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges.
The full list of award winners is available here.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 8,500 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.