IMDA Commentary
ComplianceFinanceOctober 27, 2020

Wolters Kluwer FRR receives approved vendor status for Singapore SME GoDigital program

Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has been chosen as an approved vendor for the SME GoDigital program, operated by Infocomm Media Development Association (IMDA).  

IMDA supports small and medium-sized enterprises (SMEs) in their efforts to adopt digital technologies to seize growth opportunities and streamline their operations.  The SME Go Digital initiative enables institutions operating in Singapore to receive a grant to cover the implementation costs of adopting a pre-approved solution. More than 20,000 SMEs have adopted digital solutions from the program since its launch in 2017.

In association with The Monetary Authority of Singapore (MAS), IMDA is rolling out the GoDigital program for the Financial sector. And, Wolters Kluwer FRR has been accorded pre-approved vendor status for its market-leading OneSumX for Regulatory Reporting SaaS solution.

The grant program is open to financial institutions with 200 or fewer Singapore-based staff that are registered or licensed to operate in Singapore. The IMDA program encourages banks to adopt modern digital technologies in support of their regulatory reporting obligations - effectively helping to remove cost as one of the major obstacles to migrating key operational elements to a modern cloud-based infrastructure. 

Qualifying institutions are incentivized to migrate to modern reporting infrastructures and abandon legacy solutions, which are often fragmented, highly manual, and prone to error.

Wolters Kluwer FRR launched its award-winning SaaS Regulatory Reporting solution last year, aligning with the cloud technology strategies the company’s clients are adopting, providing predictability of cost and lower total costs of ownership. The OneSumX for Regulatory Reporting SaaS solution  includes an updated OneSumX Regulatory Engine characterized by its enhanced performance, better user experience, automation and scalability functionalities.

Wolters Kluwer’s OneSumX for Regulatory Reporting SaaS solution offers the same functionality as the company’s on-premise product. The SaaS solution, like the OneSumX for Regulatory Reporting on-premise solution, combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to the company’s unique Regulatory Update Service, which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients’ ongoing compliance. As well as assisting with predictability of cost, the SaaS offering is a secure platform that provides flexibility of infrastructure for banks undergoing growth.

“The news that IMDA, working in association with MAS, has recognized our cloud technology solution and granted us approved status is testament to the superior product functionality that characterizes OneSumX for Regulatory Reporting,” commented Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR, APAC. “We look forward to working with the qualifying financial institutions, IMDA and the regulators to encourage Singapore’s banking sector to adopt cloud strategies.”

Wolters Kluwer FRR, which is part of Wolters Kluwer’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 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.

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.