Vietnam's Tien Phong Commercial Joint Stock Bank (TPBank) has chosen Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business to provide software for helping to ensure compliance with International Financial Reporting Standard (IFRS) 9. The bank will use OneSumX IFRS 9, a module of OneSumX for FRR, for managing its obligations around the accounting standard which is set to be implemented in Vietnam in 2023.
OneSumX IFRS 9 offers a solid framework combining lifecycle information on each individual financial instrument with a comprehensive set of IFRS 9 calculators. The resulting numbers are recorded in a transparent, traceable, and auditable contract level IFRS subledger. The solution supports regulatory disclosures from local supervisors across the globe and offers powerful reporting tools. These features are supported by a data management framework that can capture and store relevant contractual information, manage events and transactions, store IFRS calculations, generate accounting, and process up to the delivery of the disclosures.
“TPBank takes its financial and regulatory reporting obligations extremely seriously and, as such, we conducted a through evaluation of the solutions on offer to help us ensure ongoing compliance with IFRS 9,” commented Mr. Nguyen Hung, Chief Executive Officer at TPBank. “We sought out the services of a company with superior domain expertise around the accounting standard, as well and technological prowess and solid track record of implementation. Wolters Kluwer, which has a strong local knowledge, and its OneSumX for FRR software, meets international practices and is fully scalable to launch new and innovative products as we grow, helping us meet today’s reporting requirements today, and those in the future.”
“We are delighted that TPBank has selected our software, further cementing our strong reputation in Vietnam as the partner of choice for leading banks in the country. The ambitious growth plans that TPBank has require market leading technology and OneSumX for FRR, with its data management framework, and its ability to grow and adapt with the customer, makes it the ideal choice to support future ambition,” said Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, Asia-Pacific. “We very much look forward to working with TPBank to implement OneSumX IFRS 9, a holistic, end-to-end solution which will help it ensure compliance in the long-term as it embarks on its strategic growth plan.”
Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) 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 2020. Risk magazine recently awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research. Central Banking, meanwhile, named Wolters Kluwer FRR its 2020 Technology Partner For Regulatory Compliance.