ZA Bank, the first virtual bank in Hong Kong as of 24 March 2020, has chosen Wolters Kluwer’s OneSumX for regulatory reporting software.
According to a bank spokesperson, ZA Bank has marked “the beginning of a new era of innovation in the local market,” with its mobile application that provides users with a full suite of 24/7 services “that break conventions and time boundaries”.
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.
Rockson Hsu, CEO of ZA Bank, explained: “While ZA Bank boasts its cost-effective business model and agile product innovation approach as a challenger to the banking industry, we strictly comply with the local regulations as a licensed bank in Hong Kong.”
He continued: “As such, we are obliged to deliver efficient and reliable reporting when communicating with the regulators. Wolters Kluwer provides us with this important capability.”
Rainer Fuchsluger, managing director of Wolters Kluwer’s Finance, Risk and Reporting business in Asia Pacific, said: “Outsourcing key technology to third parties such as Wolters Kluwer allows innovative banks like ZA Bank to focus on providing customers with exceptional service. Regulators tend to update their requirements frequently so, on a global level many virtual banks are turning to us to help them tackle these requirements effectively."
