VERMEG, the banking and insurance software solutions leader, today announced that a leading Dutch bank has signed up for its AgileREPORTER solution to assist with its regulatory reporting to the Monetary Authority of Singapore (MAS).
VERMEG has expanded significantly in Singapore with its regulatory reporting and compliance solution AgileREPORTER, due to high demand in the region. This has been mainly driven by sweeping regulatory reforms by the MAS such as the new MAS 610 report.
The changes in MAS 610 reporting requires financial institutions of all sizes to provide more complex, granular and detailed reporting within shorter timeframes. Previously, this could be managed manually but the size and complexity of the new return has led many banks to seek the help of automated solutions.
The new contract signed by one of the largest Dutch banks is an indicator of the increased need for automated solutions. Last year, a group of five Taiwanese banks selected AgileREPORTER for MAS reporting after a comprehensive evaluation spanning several months. This is in addition to more than 30 banks and financial institutions of varying sizes who have taken up the solution in the last 18 months giving VERMEG a majority market share in Singapore.
VERMEG is leading innovation in the market by providing solutions which manage these increasing demands, removing the burden on companies whilst not involving a disruptive implementation process. AgileREPORTER’s taxonomy-based data model is designed for multi-jurisdictional reporting and provides banks with a single repository for cleansed and transformed data that can be submitted to the regulators in the respective templates.
AgileREPORTER’s readiness for the new MAS 610 and its enterprise-wide multi-jurisdictional capabilities have been key factors for banks in choosing the solution for MAS reporting.
Joseph Kubeyka, General Manager, APAC said:
“VERMEG’s AgileREPORTER solution has a majority market share in Singapore for MAS Reporting. Increasingly, financial institutions want to work with a trusted and experienced vendor to ensure they meet the new and increasingly complex regulatory requirements. VERMEG’s established technology is highly beneficial to banks and financial institutions across APAC.
“Our expanding regional presence, leading solution and strong delivery capabilities have led banks to partner with VERMEG in their regulatory reporting journey.”
Nimoh Mohankumar, Managing Director Sales, APAC, said:
”Banks are finding it increasingly difficult to comply with regulatory reporting mandates. Regulators are demanding a lot more data, increased granularity and complex computations within short timeframes.
AgileREPORTER has out of the box coverage for multiple jurisdictions globally. Our ability to understand our customers’ data, deep domain expertise and robust scalable solution are the key reasons that banks trust Vermeg for their regulatory reporting”.