HONG KONG–(BUSINESS WIRE)–The Bank of East Asia, Limited (“BEA”), a leading Hong Kong-based financial services group listed on the Hong Kong Stock Exchange, has chosen to implement the award-winning regulatory reporting software of Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR).
OneSumX for Regulatory Reporting combines banking data into a single data source 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 regulations in 30 countries. BEA will specifically use the software to facilitate its automation of Hong Kong Monetary Authority (HKMA) banking reporting and Granular Data Reporting (GDR).
“With its local expertise and global strength, Wolters Kluwer provides us with the regulatory reporting solution that meets our needs,” said Mr. Tong Hon-shing, Deputy Managing Director and COO of BEA. “Regulators seek to create better data-driven insights and encourage objective, evidence-based decision-making, and so choosing a vendor with proven GDR automation, in particular, is critical.”
Rainer Fuchsluger, Vice President, Global Strategy, and Managing Director APAC of Wolters Kluwer FRR, said: “We are delighted to be working with BEA and their talented team on this important project, helping the bank meet its critical regulatory reporting obligations. . . The OneSumX GDR component contains many out-of-the-box features that enable rapid system deployment and early automation, which will help BEA and other customers save on internal development and operational efforts. Notably, the solution provides extensive data lineage capabilities, addressing critical data validation and auditing needs.
The OneSumX suite of solutions, along with the company’s professional services offerings in the region, recently won a number of APAC-focused awards, following a 2021 record for recognition of industry for business with prestigious accolades such as Asia regulation and RegTech Information.
Wolters Kluwer FRR, part of the firm’s Governance, Risk & Compliance (GRC) division, is a global market leader in providing integrated regulatory compliance and reporting solutions. It helps regulated financial institutions meet their obligations to external regulators and their own board of directors.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. OneSumX from Wolters Kluwer Compliance Solutions® for Regulatory Change Management tracks regulatory changes and organizes them to create value-added structured content through a single data feed combined with an easy-to-use software solution. Compliance Solutions’ iLien Motor Vehicle provides motor vehicle title and lien processing and management, helping to solve the most unique and complex title perfection challenges. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and deliver better results commercial. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.8 billion in 2021. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
About Bank of East Asia, Limited
Established in 1918, The Bank of East Asia, Limited (“BEA”) is a leading Hong Kong-based financial services group listed on the Hong Kong Stock Exchange, with total consolidated assets of $908.2 billion HK (US$115.8 billion) as of 30e June 2022.
BEA offers a full range of wholesale banking, personal banking, wealth management and investment services to its customers through an extensive network of approximately 150 outlets covering Hong Kong, the rest of the Greater China, Southeast Asia, United Kingdom and United States. For more information, visit www.hkbea.com.