SINGAPORE–(BUSINESS WIRE)–Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has been chosen as an approved vendor for the SME GoDigital program, operated by Infocomm Media Development Association (IMDA).
IMDA supports small and medium-sized enterprises (SMEs) in their efforts to adopt digital technologies to seize growth opportunities and streamline their operations. The SME Go Digital initiative enables institutions operating in Singapore to receive a grant to cover the implementation costs of adopting a pre-approved solution. More than 20,000 SMEs have adopted digital solutions from the program since its launch in 2017.
In association with The Monetary Authority of Singapore (MAS), IMDA is rolling out the GoDigital program for the Financial sector. And, Wolters Kluwer FRR has been accorded pre-approved vendor status for its market-leading OneSumX for Regulatory Reporting SaaS solution.
The grant program is open to financial institutions with 200 or fewer Singapore-based staff that are registered or licensed to operate in Singapore. The IMDA program encourages banks to adopt modern digital technologies in support of their regulatory reporting obligations – effectively helping to remove cost as one of the major obstacles to migrating key operational elements to a modern cloud-based infrastructure.
The grant covers almost 100 percent of the cost of initial implementation and is in the form of a package, with each package valid for two years. Qualifying institutions are incentivized to migrate to modern reporting infrastructures and abandon legacy solutions, which are often fragmented, highly manual, and prone to error.
Wolters Kluwer FRR launched its award-winning SaaS Regulatory Reporting solution last year, aligning with the cloud technology strategies the company’s clients are adopting, providing predictability of cost and lower total costs of ownership. The OneSumX for Regulatory Reporting SaaS solution includes an updated OneSumX Regulatory Engine characterized by its enhanced performance, better user experience, automation and scalability functionalities.
Wolters Kluwer’s OneSumX for Regulatory Reporting SaaS solution offers the same functionality as the company’s on-premise product. The SaaS solution, like the OneSumX for Regulatory Reporting on-premise solution, combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to the company’s unique Regulatory Update Service, which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients’ ongoing compliance. As well as assisting with predictability of cost, the SaaS offering is a secure platform that provides flexibility of infrastructure for banks undergoing growth.
“The news that IMDA, working in association with MAS, has recognized our cloud technology solution and granted us approved status is testament to the superior product functionality that characterizes OneSumX for Regulatory Reporting,” commented Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, APAC. “We look forward to working with the qualifying financial institutions, IMDA and the regulators to encourage Singapore’s banking sector to adopt cloud strategies.”
Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance 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 FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running, and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) 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 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 (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.