Singapore/Hong Kong, 9 December 2021 – Vizor by Regnology was awarded Best RegTech Initiative in Regulatory Reporting, and was Highly Commended in the Regulatory Reporting solutions category, in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021.
The Best RegTech Initiative award recognises Vizor’s work with key APAC regulators over the last two years to implement new data collection platforms. The new platforms allow for the collection of more granular sets of data, better administration and tracking of submissions, and improved visualisation and analysis of data, while also providing a better user experience.
MAS (Monetary Authority of Singapore) started working with Vizor since early 2019 as it sought to develop machine-readable reporting rules and replace its legacy data collection system. Vizor now underpins Singapore’s new Data Collection Gateway (DCG), a fully automated platform through which MAS can manage and consolidate all reporting activity from regulated financial institutions.
APRA (Australian Prudential Regulation Authority) has also leveraged Vizor’s expertise in its own data collection system overhaul. The new platform, APRA Connect – which is now live in Australia and in use by some reporting entities – improves data collections, support evolving regulatory needs, enhances APRA’s analytical capabilities, and reduces the reporting burden placed on regulated entities.
Vizor’s recognition in the Regulatory Reporting category acknowledges its reporting software developed specifically for financial institutions, leveraging the same technology and rules engines used by regulators. The API-powered platform delivers “perfect” return data and ensures “immediate compliance”, bringing immediate benefits to financial institutions by way of faster time-to-market, a significant decrease in manual errors, and reduced administrative burden and compliance risk.
“The machine-to-machine communication enabled by Vizor’s APIs provide allows for greater automation to be layered on to existing processes and technology systems at financial institutions,” noted one judge on the awards panel. “This makes them more efficient and helps to streamline the process of validating regulatory data and preparing files for submission. There are also added scalability benefits as financial institutions will not need to undergo large scale and complex system upgrades when regulations change.”
Vizor’s regulatory reporting solution includes a detailed status dashboard, editable forms and allows for customisable management approvals at any stage of the process. No infrastructure or installation is required, and the solution eliminates manual effort and errors by automatically converting Excel data to a regulator-ready submission file. It does this by automatically consuming machine-readable regulatory rules and data models directly from the regulator.
The solution is in use across 30 Singapore banks as well as clients in Australia who have started reporting to the new APRA Connect. Vizor has customers in more than 30 countries – including regulators, software vendors and financial institutions.
About the Regulation Asia Awards for Excellence 2021
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help to ensure the highest standards for regulatory compliance are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2021 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.