Hong Kong’s First Virtual Bank Selects Wolters Kluwer’s OneSumX for Regulatory Reporting
- 16.04.2020 10:38 am
ZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
OneSumX for Regulatory Reporting provides the extensive functional coverage and scalability that ZA Bank required when exploring options for regulatory software. “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,” commented Rockson Hsu, CEO of ZA Bank. “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 became Hong Kong’s first fully-operational virtual bank on March 24, 2020, “marking the beginning of a new era of innovation in the local market,” according to a bank spokesperson. Its one-stop mobile application provides users with a full suite of 24/7 services “that break conventions and time boundaries,” the bank adds. Established by ZA International, ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority. “It shares the vision of promoting financial inclusion through harnessing the power of technology, and thus making banking services more accessible to a wider group of population,” the bank spokesperson says.
“We are delighted to be working with ZA Bank, Hong Kong’s first virtual bank, on this major implementation project,” said Rainer Fuchsluger, Managing Director of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in APAC. “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 an 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.”
Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.