FinanceComplianceApril 14, 2020

Hong Kong’s first virtual bank selects Wolters Kluwer’s OneSumX for regulatory reporting

ZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software.

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. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

ZA Bank became Hong Kong’s first fully-operational virtual bank on March 24, 2020, “marking the beginning of a new era of innovation in the local market,” according to a  bank spokesperson. Its one-stop mobile application provides users with a full suite of 24/7 services “that break conventions and time boundaries,” the bank adds. Established by ZA International, ZA Bank is a licensed bank regulated by the Hong Kong Monetary Authority. “It shares the vision of promoting financial inclusion through harnessing the power of technology, and thus making banking services more accessible to a wider group of population,” the bank spokesperson says.

OneSumX for Regulatory Reporting provides the extensive functional coverage and scalability that ZA Bank required when exploring options for regulatory software. “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,” commented Rockson Hsu, CEO of ZA Bank. “As such, we are obliged to deliver efficient and reliable reporting when communicating with the regulators. Wolters Kluwer provides us with this important capability.”

“We are delighted to be working with ZA Bank, Hong Kong’s first virtual bank, on this major implementation project,” said Rainer Fuchsluger, Managing Director of Wolters Kluwer’s Finance, Risk & Reporting (FRR) business in APAC. “The extensive implementation experience of Wolters Kluwer’s experts provides the nimbleness ZA Bank requires. Outsourcing key technology to third parties such as Wolters Kluwer allows innovative banks like ZA Bank to focus on providing customers with an 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.”

Wolters Kluwer FRR, which is part of the company’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 second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

ZA Bank

ZA Bank Limited (“ZA Bank”), licensed by the Hong Kong Monetary Authority (“HKMA”) on 27 March 2019, is one of the first batch of virtual banks in Hong Kong. On 18 December 2019, ZA Bank conducted the pilot trial under the HKMA’s Fintech Supervisory Sandbox. On 24 March 2020, ZA Bank is officially launching its services to the public, making it the first fully-operating virtual bank in Hong Kong. ZA Bank was established by ZhongAn Technologies International Group Limited (“ZA International”). With its “Community-Driven” approach, ZA Bank encourages users to directly contribute to its product development and design process together, guiding the bank to design and develop innovative products and services that will better serve the needs of Hong Kong customers.

ZA International was established in Hong Kong in December 2017, by ZhongAn Online P&C Insurance Co., Ltd. (HKEX stock code: 6060), an online-only insurtech company in China, to explore international business development, collaboration and investment opportunities in the area of fintech and insurtech in overseas market.

Dorothy Xu
Senior Manager, Public Relations
ZA Bank
Mobile +852 6737 2153
[email protected]

About Wolters kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.