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Press Release
First Commercial Bank goes live with FRSGlobal’s regulatory reporting solution
Singapore branch of FCB now live with RegPro to address changes specified by local regulator
Singapore – 14th February 2011: FRSGlobal, part of Wolters Kluwer Financial Services, a leading worldwide provider of compliance and risk management solutions for the financial services industry, today announced that the Singapore branch of First Commercial Bank (FCB) has gone live with FRSGlobal’s regulatory reporting offering.
FCB is now better able to address local regulatory and compliance requirements, including those outlined by the Monetary Authority of Singapore (MAS). RegPro provides scalability to FCB to support its overseas branch in Singapore from Taipei. The bank will also be able to control the process from start to finish – from taking data from the originating source systems through to submitting the reports to the regulator. By migrating FCB from its legacy platform, the bank is able to benefit from an increased level of automation and a reduction in complexity when submitting regulatory reports to the MAS.
Lai Jen-Yu, V.P. & General Manager, FCB, said: “As a highly reputable firm it is essential that we conduct our business within a regulatory environment, which is why we only opt for market-leading technology providers like FRSGlobal. With RegPro, we are confident that we will be well-equipped to handle the ever-evolving regulatory landscape.”
Steve Thurley, VP Asia Pacific and Japan (APJ), FRSGlobal, commented: “Despite Singapore’s strong recovery from the economic crisis and the fact that its regulatory environments are some of the most mature and stable in APJ, banks in the city-state still have a number of onerous regulatory reporting requirements to meet. We are very pleased that we can take much of this burden away from FCB and that they can benefit from RegPro’s functionality in order to concentrate on their core areas of business with assurance that their regulatory reporting requirements are taken care of.”
With RegPro, FCB will able to benefit from some of the following features:
- A single repository of data originating from a source system – DataFoundation. One central solution, capable of extracting data from multiple systems into one physical location faces the four data challenges: availability, movement, consolidation and quality;
- Easy-to-use software that automates generation of regulatory reports – ReportGenerator;
- Fully defined regulatory reports for 40+ countries – ReportGlobal – with regulatory update service to keep them in line with Regulators' requirements;
- The ability to define new country or internal management-style reports – ReportBuilder;
- A library of submitted regulatory reports and the ability for audit, with full drill-down/up functionality for quick investigation into how the figures were derived.
About First Commercial Bank
First Commercial Bank has grown strongly and steadily with Taiwan’s economic development over the last 110 years, and is Taiwan’s fifth-largest bank in terms of asset size, with a network of 190 domestic and 26 overseas branches and representative offices. In July 2010, British 'Banker' magazine ranked the world's 1,000 largest banks; First Commercial Bank is ranked 275. The National Rating (AA-, Fitch2010) and IDRs (Stable, Fitch2010) reflect its strong franchise in the Taiwanese banking industry, adequate asset quality and capitalisation, and strong liquidity.
FCB-Singapore Branch has operated under a wholesale banking licence with an Asian Currency Unit granted by the Monetary Authority of Singapore (“MAS”) since 1977, and is the first Taiwanese bank established in Singapore.
About FRSGlobal
FRSGlobal, which became part of Wolters Kluwer Financial Services in September 2010, is an industry-recognised leader in unified global regulatory reporting and risk management solutions. These solutions, which are enriched with content including pre-defined regulatory reports and stress testing libraries, are employed daily across the globe by firms to meet increasingly complex external (regulatory) and internal (management) reporting obligations.
FRSGlobal solutions are a combination of in-depth content and modules from RegPro and RiskPro, sharing a single DataFoundation and CalculationEngine on a unified platform.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services is a comprehensive regulatory compliance and risk management business that helps financial organizations manage operational, compliance and financial risk and reporting, and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include: FRSGlobal, ARC Logics for Financial Services, PCi, Compliance Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services supports its global customers with 30+ offices in 20 countries and is the leading worldwide provider of compliance and risk management solutions for the financial services industry, serving more than 15,000 banking, insurance and securities customers across the globe. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2009) €3.4 billion ($4.8 billion) and approximately 19,300 employees worldwide.
Please visit our website for more information.
COMPANY CONTACTS
FRSGlobal
Lauren Dearmer, PR Manager
Tel: +44 (0) 20 7539 6525
Email: lauren.dearmer@frsglobal.com
