Wolters Kluwer gains new client for OneSumX
Wolters Kluwer’s regulatory reporting platform, OneSumX, will be used by the Chinese branch of Taiwan Business Bank.
With the need for enhanced regulatory reporting to the China Banking Regulatory Commission (CBRC), the bank required “scalable solution to meet the new standards”, the vendor says. These include the CBRC’s requirements for Basel III & Foreign Asset Liability regulatory reporting.
Taiwan Business Bank’s new branch in Wuhan will pilot this solution, and will also use Wolters Kluwer’s Regulatory Update Service (RUS). The service is maintained by the vendor’s specialists “who actively monitor regulation in approximately 50 countries globally, to ensure the solution is current at all times”, Wolters Kluwer explains.
Chris Puype, managing director, Asia Pacific, at the vendor, describes the upcoming regulatory changes in China as “vast” and comments that Wolters Kluwer is “deeply committed to China”.