The Bank of East Asia, Limited (“BEA”), a leading Hong Kong-based financial services group listed on The Stock Exchange of Hong Kong, has chosen to implement award-winning regulatory reporting software from Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR).
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. BEA will specifically use the software to aid its automation of Hong Kong Monetary Authority (HKMA) banking returns and GDR (Granular Data Reporting) reports.
“With its local expertise and global strength, Wolters Kluwer provides us the regulatory reporting solution that meets our needs,” said Mr. Tong Hon-shing, Deputy Chief Executive & Chief Operating Officer of BEA. “Regulators are looking to build better data-driven insights, and encourage evidence-based, objective decision-making, and so choosing a provider with proven GDR automation, in particular, is key.”
Rainer Fuchsluger, Vice President, Global Strategy, and APAC Managing Director of Wolters Kluwer FRR, commented: “We are excited to be working with BEA and its talented team on this important project, helping the bank to meet its all-important regulatory reporting obligations. The OneSumX GDR component contains many out-of-box features that provide fast system rollout and early automation, which will help BEA and other clients save in internal development and operational effort. Notably, the solution provides extensive data lineage capabilities, catering to critical data validation and audit needs.”
The OneSumX solution suite, along with the company’s Professional Services offerings in the region, has recently won a number of APAC focused awards, which follow a record 2021 when it comes to industry recognition for the business with prestigious accolades from the likes of Regulation Asia and RegTech Insights.
About The Bank of East Asia, Limited
Incorporated in 1918, The Bank of East Asia, Limited (“BEA”) is a leading Hong Kong-based financial services group listed on The Stock Exchange of Hong Kong, with total consolidated assets of HK$908.2 billion (US$115.8 billion) as of 30th June, 2022.
BEA provides a comprehensive range of wholesale banking, personal banking, wealth management, and investment services to customers through an extensive network of about 150 outlets covering Hong Kong, the rest of Greater China, Southeast Asia, the United Kingdom, and the United States. For more information, please visit www.hkbea.com.
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.