Bank of East Asia selects Wolters Kluwer’s OneSumX for Regulatory Reporting

Rhea-AI Summary

The Bank of East Asia (BEA) has selected Wolters Kluwer's OneSumX regulatory reporting software to enhance its compliance and reporting processes. This software will aid in automating Hong Kong Monetary Authority banking returns and GDR reports, ensuring data consistency and accuracy. BEA's Deputy Chief Executive emphasized the importance of choosing a provider with proven GDR automation. The collaboration aims to support BEA in meeting its regulatory obligations efficiently.

Positive

• BEA's implementation of OneSumX software enhances regulatory reporting efficiency.
• Automation of HKMA returns and GDR reports improves data accuracy and consistency.

Negative

• None.

HONG KONG--(BUSINESS WIRE)-- 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.

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) 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’s GRC division provides an array of expert solutions to help financial institutions manage regulatory and risk obligations. Wolters Kluwer Compliance Solutions’ OneSumX^® for Regulatory Change Management tracks regulatory changes and organizes them to create structured, value-added content through a single data feed that is paired with an easy-to-use software solution. Compliance Solutions’ iLien Motor Vehicle provides for the processing and management of motor vehicle titles and liens, helping solve the most unique and complicated challenges in title perfection. The division’s legal solutions businesses are Wolters Kluwer CT Corporation and Wolters Kluwer ELM Solutions.

About Wolters Kluwer Governance, Risk & Compliance

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. GRC offers a portfolio of technology-enabled expert 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 the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. 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 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 30^th 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221108005001/en/

Media Contact for Wolters Kluwer GRC

(Including for Wolters Kluwer Finance, Risk & Regulatory Reporting; Wolters Kluwer Compliance Solutions; Wolters Kluwer ELM Solutions, and Wolters Kluwer CT Corporation)

Paul Lyon

Senior Director, Global Corporate Communications: Global Marketing, Communications & Planning

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What software has The Bank of East Asia chosen for regulatory reporting?

The Bank of East Asia has chosen Wolters Kluwer's OneSumX regulatory reporting software.

How will OneSumX benefit The Bank of East Asia?

OneSumX will automate banking returns and GDR reports, ensuring data consistency and accuracy.

What is the significance of the partnership between BEA and Wolters Kluwer?

The partnership aims to improve BEA's regulatory compliance and reporting processes.

What role does the Hong Kong Monetary Authority play in BEA's reporting?

The Hong Kong Monetary Authority's returns are automated using the OneSumX software.

When was the partnership between BEA and Wolters Kluwer announced?

The partnership was announced in November 2022.