11 Oct Bank of China’s Singapore Branch Appoints AxiomSL for Basel III Liquidity Risk Management and Reporting Solution in Singapore
Singapore – 11:00am, 12 October 2015 – AxiomSL, the global leader of regulatory reporting and risk management solutions, announced today that Bank of China Singapore Branch (BOCSG), the premier bank for RMB service in Singapore, will deploy the AxiomSL liquidity solution to meet the Monetary Authority of Singapore (MAS) 649 liquidity reporting requirements for its Singapore operations.
After a stringent market review, the AxiomSL integrated platform was selected for BOCSG’s strategic liquidity risk management and regulatory reporting. The implementation spans a comprehensive suite of asset classes and will cover all key functions of the liquidity risk management cycle; from data management to cash-flow generation, asset classifications, liquidity calculations, integrated management and regulatory reporting.
Ng Woon Kong, Deputy Head of Financial Management Department, Bank of China Singapore Branch added, “We chose AxiomSL because of its integrated Basel III liquidity calculation and regulatory reporting platform. We value their platform’s flexibility and ability to address our needs to set up a solid foundation that can integrate with BOC’s source data given the limited time frame. Allan Chin, AxiomSL’s Country Manager, together with his team have demonstrated how AxiomSL has infused their knowledge of MAS regulation into their proven MAS 649 reporting solution, and the ability to assist us to meet the MAS 649 reporting mandate. The implementation of AxiomSL’s solution exhibits Bank of China Singapore Branch’s determination to commit resources to strive towards further enhancement of our liquidity risk management processes to cope with our increased business presence in Singapore.”
Olivier Kamoun, CEO of AxiomSL APAC, stated “AxiomSL is proud to be chosen as Bank of China Singapore Branch’s strategic technological partner. We believe that regulators across Asia have exercised prudence in assessing the liquidity levels in their jurisdictions. The opportunity and onus is now with banks to explore strategic solutions to tackle the increasing cross-jurisdictional reporting requirements. AxiomSL’s integrated platform addresses these requirements and Bank of China Singapore Branch will implement AxiomSL’ s strategic platform for Singapore, and hopefully it will lead to the adoption of our suite of solutions for its operations in other regions. We are also happy to indicate the positive growth for our liquidity coverage ratio (LCR) footprint globally, which presently covers the requirements of 10 regulators around the globe.”
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Notes to Editor:
About Bank of China:
Founded in 1912, Bank of China (BOC) is the only bank in China to consistently operate for more than a century, covering many business areas such as commercial banking, investment banking, direct investment, insurance, fund management and aviation leasing. As China’s most international and diversified bank, BOC provides comprehensive financial services to clients across the Chinese mainland as well as 44 countries and regions. The Bank’s tier 1 capital base became the fourth largest among the world top 1000 banks by the Banker in 2015. The Bank also ranked No.4 in “Forbes Global 2000” in terms of assets, market value and other indicators. On top of that, the bank has been included in “Fortune Global 500” for 27 consecutive years and on the list of Global Systemically Important Financial Institutions (G-SIFIs) for the last four years.
On 26 August 2004 Bank of China Limited was formally incorporated in Beijing as a state-controlled joint stock commercial bank, representing a new chapter in its history. Bank of China was dual-listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in 2006. The listings have further enhanced its strength and influence in the international and domestic markets, bringing additional splendor to its century-old brand.
BOC has the largest business scale and the greatest capacity of banking professional specialising in cross-border RMB transactions. BOC has built a comprehensive RMB product line that covers deposit, loan, settlement, investment and trading products, effectively providing a full range of services to its global clients.
Faced with new historic opportunities, the Bank will meet its social responsibilities, strive for excellence, and make further contributions to striving to become the main financial artery for the “Belt and Road”.
BOC Singapore Branch
Established in 1936, Bank of China Singapore Branch holds Qualifying Full Bank (QFB) license in Singapore. It has over 20 touch points island-wide. With over 80 years of presence in the local banking industry, leveraging on the Group’s extensive global network and team of experienced professionals, the Branch provides a full range of financial services to its customers from Singapore, China as well as the surrounding regions. Over the years, it has demonstrated its long-term commitment to promote bilateral economic and trade relations between China and Singapore. The Branch is the first bank in Singapore to provide RMB services, and is committed to providing its customers with a wide range of RMB services, including RMB Trade Settlement and Finance, RMB Loan, RMB Foreign Exchange, RQFII, RMB Securities, RMB Time Deposit, RMB Remittance, RMB Cash Exchange, RMB Investment Products and RMB Clearing.
Please visit www.bankofchina.com/sg for more details.
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial services industry. AxiomSL’s unique data-driven platform empowers financial institutions in meeting their reporting requirements across multiple regulators and jurisdictions.
AxiomSL’s best-in-class solution integrates clients’ source data from disparate systems and locations, without forcing data conversion, to deliver an end to end flexible, transparent and auditable reporting process. AxiomSL also offers analytical applications in the areas of data risk management, capital reporting.
With this strategic solution, firms can meet the demands of multiple regional and global mandates, including Basel III, liquidity reporting, the Dodd-Frank Act, FATCA, EMIR, COREP, FINREP, CCAR, FDSF, BCBS 239, IFRS 9 Solvency II and AIFMD, as well as market and credit risk management requirements. AxiomSL’s platform supports XBRL submissions natively.
AxiomSL was voted Best Reporting System Provider in the 2015 Waters Rankings and was also recently highlighted as a ‘category leader’ by Chartis Research in its 2015 Sell-side Risk Management Technology report.
Please visit www.axiomsl.com for more details.