Singapore/Hong Kong, 9 December 2021 – Wolters Kluwer was awarded Best Solution in Regulatory Reporting in the 4th Regulation Asia Awards for Excellence 2021 at an online ceremony on 9 December 2021.
Through its OneSumX suite of solutions, Wolters Kluwer provides banks and other financial institutions with tools to streamline their finance, risk and reporting workflows and comply with regulatory requirements across jurisdictions. OneSumX Regulatory Reporting enables financial institutions to address increasingly complex regulatory data and reporting requirements, leveraging an upgraded regulatory engine that dramatically improves execution speed and performance.
The solution combines a bank’s data into a single source to ensure consistency, reconciliation and accuracy of reported data. A Regulatory Update Service helps banks to ensure that the solution continually keeps pace with new and changing regulations in 30 countries. Wolters Kluwer has more than 600 clients across the world, making it a “truly global solution”, one judge on the awards panel noted.
In July, more than 30 banks in Singapore went live with the revised MAS 610 reporting requirement, smoothly and without incident, using OneSumX. Wolters Kluwer has also launched, in production mode, an AI-powered predictive analytics solution in Singapore, which has helped several prominent banks to expedite their reconciliation, reclassification and adjustment processes and obtain even greater certainty that their regulatory reports are accurate and free of error prior to submission.
“As more regulators and central banks start to move into Granular Data Reporting like in Singapore and Hong Kong, Wolters Kluwer will be well place to see even greater adoption, given its extensive work in this area and its data analytics capabilities,” said a judge on the awards panel. “It’s exciting to see Wolters Kluwer also leveraging its reporting capabilities for ESG disclosures, a natural extension to the core reporting solution.”
Asia is a key strategic growth region for Wolters Kluwer, which has seen enviable success in signing on tier 1 banks in Hong Kong on the back of its HKMA RegTech Challenge wins. Its regulatory solutions are also popular among digital banks in Hong Kong, Singapore and other Southeast Asian countries. In the past year, Thailand and Vietnam have become two markets where OneSumX is starting to see rapid adoption.
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.