AxiomSL, the global leader of regulatory reporting and risk management solutions, announced today that Bank of China Singapore Branch (BOCSG), the premier bank for RMB service in Singapore, will deploy the AxiomSL liquidity solution to meet the Monetary Authority of Singapore (MAS) 649 liquidity reporting requirements for its Singapore operations.
After a stringent market review, the AxiomSL integrated platform was selected for BOCSG’s strategic liquidity risk management and regulatory reporting. The implementation spans a comprehensive suite of asset classes and will cover all key functions of the liquidity risk management cycle; from data management to cash-flow generation, asset classifications, liquidity calculations, integrated management and regulatory reporting.
Ng Woon Kong, Deputy Head of Financial Management Department, Bank of China Singapore Branch added, “We chose AxiomSL because of its integrated Basel III liquidity calculation and regulatory reporting platform. We value their platform's flexibility and ability to address our needs to set up a solid foundation that can integrate with BOC’s source data given the limited time frame. Allan Chin, AxiomSL’s Country Manager, together with his team have demonstrated how AxiomSL has infused their knowledge of MAS regulation into their proven MAS 649 reporting solution, and the ability to assist us to meet the MAS 649 reporting mandate. The implementation of AxiomSL's solution exhibits Bank of China Singapore Branch’s determination to commit resources to strive towards further enhancement of our liquidity risk management processes to cope with our increased business presence in Singapore.”
Olivier Kamoun, CEO of AxiomSL APAC, stated: “AxiomSL is proud to be chosen as Bank of China Singapore Branch’s strategic technological partner. We believe that regulators across Asia have exercised prudence in assessing the liquidity levels in their jurisdictions. The opportunity and onus is now with banks to explore strategic solutions to tackle the increasing cross-jurisdictional reporting requirements. AxiomSL’s integrated platform addresses these requirements and Bank of China Singapore Branch will implement AxiomSL’s strategic platform for Singapore, and hopefully it will lead to the adoption of our suite of solutions for its operations in other regions. We are also happy to indicate the positive growth for our liquidity coverage ratio (LCR) footprint globally, which presently covers the requirements of 10 regulators around the globe.”